CarCharging's Proposed Acquisition of 350Green Moves Ahead
Proposed Acquisition Would Create the Largest Electric Vehicle (EV)
Service Provider in the U.S. With 1,000+ EV Charging Locations Across
MIAMI BEACH, FL -- (Marketwire) -- 10/18/12 -- Car Charging Group,
Inc. (OTCQB: CCGI) ("CarCharging"), a nationwide provider of
convenient electric vehicle (EV) charging services, continues towards
closing its acquisition of 350Green LLC, an owner and operator of EV
charging stations throughout the United States. As announced in its
July 16, 2012 press release, CarCharging signed a term sheet to
While the 350Green deal is subject to the negotiation of the final
terms of the definitive agreement, it continues to move forward.
Through the due diligence process, a few issues have been identified
by CarCharging and they are actively being a
ddressed and/or resolved
"As the proposed highly synergistic acquisition of 350Green
progresses, our excitement increases," said Michael D. Farkas, CEO of
CarCharging. "We are methodically resolving outstanding matters as
quickly as possible in order to close the transaction, and then
consolidate the operations of both companies."
"Both 350Green and CarCharging continue to be committed to the
proposed acquisition," said Mariana Gerzanych, CEO of 350Green. "We
believe that the partnership of the two companies will not only
benefit the EV charging industry, but will significantly contribute
to the overall growth of the market."
The acquisition of 350Green would position CarCharging as the largest
public EV service provider in the United States with more than 1,000
EV charging service locations installed to date. Furthermore, the
acquisition would expand CarCharging's partnership with major
municipalities, including the City of Chicago, and further extend the
company's penetration into the West Coast market where EV adoption is
expanding quickly. If the acquisition of 350Green is completed,
CarCharging will have EV service contracts with nearly every major
mall operator in the country.
Both CarCharging and 350Green have existing agreements with
Walgreen's, operating EV charging stations at stores across the
country. 350Green has a partnership for EV charging services with
erty Group, Inc., the largest real estate investment trust
in the United States, with interests in 339 commercial real estate
properties in North America, Europe and Asia.
About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB:
CCGI) is a pioneer in nationwide public EV charging services,
enabling drivers to easily recharge anytime, anywhere throughout the
United States. CarCharging provides a comprehensive turnkey electric
vehicle charging service to commercial and residential property
owners. Employing the most advanced technology, CarCharging is
committed to creating a robust, feature-rich network for EV charging.
Headquartered in Miami Beach, FL with offices in San Jose, CA and
Barcelona, Spain, CarCharging's business model is designed to
accelerate the adoption of public EV charging services. CarCharging
pays for all installation, maintenance and related services;
therefore, eliminating capital costs for property owners.
CarCharging has more than 40 strategic partnerships across multiple
business sectors including multi-family residential and commercial
properties, parking garages, shopping malls, retail parking, and
municipalities. CarCharging's partners include, but are not limited
to Ace Parking, Central Parking, Equity One, Equity Residential, Icon
Parking, Rapid Parking, Related, USA Parking, Walgreens, the
Pennsylvania Department of Environmental Protection, the City of
Miami Beach, Florida, the City of Hollywood, Florida and the City of
Norwalk, Connecticut that manage or own a total of 6.5 million
For more information about CarCharging, please visit
350Green is a project developer that designs, builds
and operates scalable networks of plug-in electric vehicle (EV)
charging stations across the US. The company distributes its stations
by partnering with retail hosts at select, high-traffic shopping
centers and other places near where EV drivers live and work, to
create an expansive and convenient network of EV charging locations.
Current projects totaling several hundred chargers are underway in
Chicago, the State of Pennsylvania, and the San Francisco Bay Area.
More information on 350Green and its projects can be found at its
Forward-Looking Safe Harbor Statement:
This press release contains
forward-looking statements as defined within Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. By their nature, forward-looking
statements and forecasts involve risks and uncertainties because they
relate to events and depend on circumstances that will occur in the
near future. Those statements include statements regarding the
intent, belief or current expectations of Car Charging Group, Inc.,
and members of its management as well as the assumptions on which
such statements are based. Prospective investors are cautioned that
any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual
results may differ materially from those contemplated by such
forward-looking statements. The Company undertakes no obligation to
update or revise forward-looking statements to reflect changed
Investor Relations and Media Contacts:
CarCharging Media Contact:
(305) 521-0200 x 214
CarCharging Investor Relations:
Constellation Asset Advisors, Inc.
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