FOR IMMEDIATE RELEASE
CONTACT: Hank Waida
ELECTRIC MOBILE CARS, LLC FILES MOTION TO RETAIN
HERITAGE EQUITY PARTNERS
February 17, 2014 – Portland, ME – Danny Astin of Ciardi, Ciardi & Astin, counsel for Electric Mobile Cars, LLC (EMC), has filed a motion to retain Heritage Equity Partners to seek an immediate sale of the company’s assets.
EMC was formed in 2010 to manufacture battery powered electric vehicles (BEVs) in Dallas, Texas. A pre-production car was developed by modifying “off-the-shelf” chassis and drive train components, and using a nickel sodium battery, which is considered to be much safer that the typical lithium ion batteries used in other BEVs. Numerous structural, body and chassis modifications/reinforcements were made to the vehicle (known as a glider in the battery powered vehicle industry) as per USA government crash test requirements. The final product (a BEV) is named EMC Model E36.”
The company filed for ch11 bankruptcy in September of 2013, however due to lack of funding to continue development of the project, a decision was made to close the Dallas operation, and all assets have since been moved to Portland, Maine. These assets include 2 BEVs and a fleet of 43 gliders in various stages of modification, drive train components, a crash test study, and an assortment of miscellaneous production materials.
Hank Waida, a Managing Director at Heritage Equity Partners, says that “This is a unique opportunity to purchase assets that can be used to create a fleet of battery powered electric vehicles, or for research and development in the battery powered electric vehicle space. Key personnel are available to walk a buyer through acquisition and assembly of all components needed to complete modifications.”
Company Secretary, Stephen Rasche explained “The team of Ciardi, Ciardi and Astin and Heritage Equity Partners was selected based on the reputation Astin and Waida have in the private equity and angel investor community, and their ability to maximize value for creditors in bankruptcy”.
EMC is seeking court approval for an auction to be held on or about April 18, 2014.