Under the terms of the merger agreement, the shareholders of EV Parts will exchange 100% of their stock for shares of Techalt. The closing of the merger is contingent on Techalt providing EV Parts with $300,000 for working capital needs by March 18, 2008. Techalt has also agreed to use it best efforts to provide EV Parts with an additional $300,000 by May 19, 2008.
Dave Moore, Techalt’s President stated, “We are very excited about building our corporate portfolio with this cutting edge alternative ‘green’ company. EV Parts has influence and much respect in the alternative energy/automotive sector. EV Parts has successfully demonstrated its technology in the marketplace.”
EV Parts is one of the largest online suppliers of parts and components to the electric vehicle market and is one of the pioneer companies in the custom electric vehicle world. The Company has begun selling products in the Robotic/Electrathon, Industrial, Personal Mobility, Marine/RV, and Renewable Energy markets. EV Parts has already developed a reputation as being a dependable source of electric vehicle parts and components and is looking to grow its market share and expand its reach into additional markets through targeted marketing and sales efforts.
This release contains ‘forward-looking statements’ within the meaning of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be ‘forward-looking statements’. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Contact Information: For Techalt, Inc., Seattle Media & Investor Relations: Joseph J. Malone, 786-375-0556 http://www.EquityDigest.com