ORLANDO, Fla., Sept. 24, 2010 (GLOBE NEWSWIRE) -- General Automotive Company (OTCBB:GNAU), a North American provider of aftermarket parts and advanced technology for the automotive industry, today announced a joint venture agreement with Taichi Automotive of China.
General Automotive continues to expand its manufacturing and supplier base in China with this partnership. Taichi currently has presence across Asia including the cities of Shanghai, Beijing, Hong Kong, Taipei and Weihai. Taichi currently works with some of the largest automotive parts companies within China.
The General Automotive-Taichi Partnership in China will have a strong focus in the development and sourcing of quality automotive parts while cultivating new manufacturing and distribution opportunities. With a growing client base in its U.S. and Export markets, the China operation will not only help support existing manufacturing relationships which insure quality and on time delivery but also enhance logistical support.
"We strongly believe our expansion into the China market will allow us to better serve our customers, helping them to achieve a more economical and higher quality product while also being able to leverage our existing relationships to expand our revenue and customer base both here and in China," explains Dan Valladao, Chief Executive Officer and President at General Automotive.
"The timing for the opening of General Automotive China is right – General Automotive needed to be able to deliver consistent service and strong leadership in the region and our team is ideally experienced to achieve this," says Xiodong Han, Founder and President of Taichi.
About General Automotive Company
General Automotive Company provides original equipment and aftermarket automotive parts, and automotive technology in the United States and internationally. It focuses on automotive parts sales and distribution through its subsidiary, OE Source L.C. General Automotive is also a partnered in GreenCell Inc., a joint venture with SenCer Inc., a New York based ceramic technology company. Greencell, Inc., has created "Ultra-Temp", a proprietary technology and a potential game changer for the manufacturing of multiple automotive products including oxygen sensors, brakes and SOFC fuel cells for powering automobiles. General Automotive Company ("GAC") is also focused on expanding its operating growth platform through multiple and ongoing acquisitions of successful automotive parts companies. General Automotive Company is based in Orlando, Florida.
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About Taichi.
Taichi was established in 2007 by Xiaodong Han, founder of China operations of United Components Inc.; Yubing Wang, founder and Chairman of Beijing Oriental Zizhi Cultural Communications Co., Ltd; S.S. Liu, co-founder of Framedia; and Tom Zeng. Taichi Automotive is a China sourcing and market entry service provider based in Shanghai, China. Taichi has assisted many market leaders from $20 million annual sales to $60 billion in discovering and engaging China resources including sourcing over $500 million worth of products ranging from auto parts to consumer products.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. Specifically, the Company's ability to raise additional capital, execute its business plan and strategy, sustain or increase gross margins, achieve profitability and build shareholder value are forward looking statements. A more extensive listing of risks and factors that may affect the Company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: General Automotive Company Investor Relations Paula Bausman 407-363-5633 [email protected]
