ECOtality Reports Fourth Quarter and Fiscal 2012 Results

ECOtality Reports Fourth Quarter and Fiscal 2012 Results

Full Year 2012 Revenue Up 93% to Record $54.7 Million

SAN FRANCISCO, April 15, 2013 (GLOBE NEWSWIRE) -- ECOtality, Inc.
(Nasdaq:ECTY), a leader in clean electric transportation technologies, today
reported results for the fourth quarter and year ended December 31, 2012.

"Our strong financial performance for the year reflects the health of the
company and our continued execution upon our business model," stated Ravi
Brar, ECOtality's President and Chief Executive Officer. "We have established
three complementary lines of business – Blink®, Minit-Charger and eTec Labs –
that provide us with a stable, diversified and expanding revenue base. 2012
was marked by substantial growth as we more than doubled the size of the Blink
network, validated our business model with the introduction of access fees,
and successfully executed upon the objectives of the EV Project. We ended the
year with more than 10,000 Blink charging stations and 55 DC fast chargers
installed making ECOtality the nation's largest DC charging network."

Q4 and Full Year 2012 Financial Results Summary

Revenue in the fourth quarter of 2012 increased 60% to $13.6 million from $8.5
million in the fourth quarter of 2011. Revenue for the full year of 2012
increased 93% to a record $54.7 million, compared to $28.4 million in 2011.
The increases in revenue were largely attributed to the continued roll out of
ECOtality's Blink network of charging stations.

Sales and marketing expenses in the fourth quarter of 2012 were $1.1 million,
compared to $1.0 million in the same year-ago quarter. Sales and marketing
expenses for the full year of 2012 totaled $4.6 million, compared to $3.3
million in 2011, with the increase primarily due to promoting the sale of
chargers to commercial hosts and industrial operations, and securing Blink
Network membership to EV drivers.

General and administrative expenses in the fourth quarter of 2012 decreased to
$4.5 million from $4.8 million in the same year-ago quarter. General and
administrative expenses for the full year of 2012 were $20.3 million, compared
to $17.0 million in 2011. The annual increase in general and administrative
expenses was primarily due to an increase in the company's professional
services and incremental headcount.

Net loss for the fourth quarter of 2012 was $2.3 million, or $(0.10) per basic
and diluted share, an improvement from a net loss of $6.7 million, or $(0.28)
per basic and diluted share, in the same year-ago quarter. Net loss for the
full year of 2012 was $9.6 million, or $(0.40) per basic and diluted share, an
improvement from a net loss of $22.5 million, or $(1.20) per basic and diluted
share, in 2011. Combined cash, restricted cash and cash equivalents at
December 31, 2012 totaled $6.6 million.

2012 Operational Highlights

  *Annual revenue up 93% to a record $54.7 million.
  *Signed $5 million licensing agreement with ABB Technology Ventures Ltdto
    utilize the Blinknetwork.
  *Received $1 million Minit-Charger order from Southwest Airlines.
  *Became the first charging network that instituted access fees at all
    publically available Level 2 public charging locations.
  *Installed more than 1,800 Blink chargers during the fourth quarter,
    bringing the total number of charging stations to more than 10,000 by
    year-end.
  *Installed 55 Blink DC Fast Chargers in 2012, establishing ECOtality as the
    largest DC fast charging network in the nation.
  *By the end of 2012, the Blink network had recorded more than 1.6 million
    charging events and delivered more than 14 gigawatts of electricity, with
    EV drivers contributing more than 60 million miles of performance and
    activity data to the EV Project.

Management Commentary

"ECOtality has established a dominant market position in the EV industry and
is continuing to expand its footprint with the company's strategic national
accounts that host its Blink chargers," continued Brar. "Additionally, the
recent formation of Collaboratev, LLC, apartnership with ChargePoint, is a
milestone for the industry and parallels the growth of the banking industry by
allowing customers to access all charging networks with one access card and
one bill. Blink's robust market presence, combined with the increasing market
penetration of plug-in electric vehicles, well positions the company for
continued growth.

"This January, we unveiled the Minit-Charger 12, a product that targets the
sweet spot of the market and serves as the foundation of our next generation
of industrial fast charge solutions. The company has a renewed focus on our
Minit-Charger business and is committed to substantially expanding its market
presence in the industrial sector to capitalize on increasing electrification
trends.

"Looking ahead, we will continue to build upon our three core lines of
business, Blink, Minit-Charger and eTec Labs with an emphasis on expanding our
Blink Network across the country and launching our next generation of charging
products. With our interoperability partnership, strong product lines and
extensive consulting activities, ECOtality is focused on expanding our
position as the leader in electric transportation technologies and solutions."

Conference Call

ECOtality President and CEO Ravi Brar and CFO Susie Herrmann will host the
presentation, followed by a question and answer period.

Date: Monday, April 15, 2013
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Dial-In number: 1-877-941-1427
International: 1-480-629-9664
Conference ID#: 4612139
Webcast: http://public.viavid.com/index.php?id=104129

The conference call will be webcast simultaneously and available for replay
via the Investor Relations section of the company's website at
http://investor.ecotality.com/.

Please call the conference telephone number 5-10 minutes prior to the start
time. An operator will register your name and organization. If you have any
difficulty connecting with the conference call, please contact Liolios Group
at 1-949-574-3860.

A replay of the call will be available after 7:30 p.m. Eastern time on the
same day through April 22, 2013.

Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay ID#: 4612139

About ECOtality, Inc.

ECOtality, Inc. (Nasdaq:ECTY) is a leader in clean, electric transportation
technologies. The company operates three complementary lines of business:
Blink, Minit-Charger and eTec Labs. ECOtality offers electric vehicle charging
stations under the Blink brand and provides a turnkey network operating system
for EV drivers, commercial businesses and utilities. Minit-Charger
manufactures and distributes fast-charging systems for material handling and
airport ground support vehicles. eTec Labs is a trusted research and testing
resource for governments, automotive OEMs and utilities. For more information
about ECOtality, please visit www.ecotality.com.

The ECOtality, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=13434

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All forward-looking statements
are inherently uncertain as they are based on current expectations and
assumptions concerning future events or future performance of the company.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which are only predictions and speak only as of the date hereof.
In evaluating such statements, prospective investors should review carefully
various risks and uncertainties identified in this release and matters set in
the company'sSECfilings. These risks and uncertainties could cause the
company's actual results to differ materially from those indicated in the
forward-looking statements. The company assumes no duty or obligation to
update or revise any forward-looking statements for any reason.

ECOTALITY, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
                                                                
                                                    December 31, December 31,
                                                     2012        2011
ASSETS                                                           
CURRENT ASSETS:                                                  
Cash and cash equivalents                            $6,414     $9,591
Restricted cash                                      200         587
Receivables, net of allowance for bad debts of $96
and $81 as of December 31, 2012 and 2011,            966         2,010
respectively
Receivables, other                                   1,207       1,114
Inventory                                            20,966      15,497
Prepaid expenses and other current assets            1,235       732
                                                                
Total current assets                                 30,988      29,531
Property and equipment, net                          21,790      16,630
Other assets                                         37          147
Goodwill                                             -           3,496
Intangible assets, net                               971         709
                                                                
TOTAL ASSETS                                         $53,786    $50,513
                                                                
LIABILITIES AND STOCKHOLDERS' EQUITY                             
CURRENT LIABILITIES:                                             
Accounts payable                                     $2,659     $10,939
Accrued legal fees                                   161         125
Accrued payroll                                      1,128       793
Unearned revenue, current portion                    23,812      11,078
Warranty reserves                                    578         577
Current portion of capital lease obligations         116         1,359
Current portion of long term debt                    -           288
Accrued liabilities, other                           5,896       2,439
                                                                
Total current liabilities                            34,350      27,598
Long term portion of unearned revenue                631         121
Convertible note, less unamortized discount of $62   4,938       -
as of December 31, 2012
Capital lease obligations                            101         109
Other long term debt                                 188         -
                                                                
TOTAL LIABILITIES                                    40,208      27,828
                                                                
Stockholders' equity:                                            
Series A convertible preferred stock, $0.001 par
value, 200,000 shares authorized, 6,330 shares       6           6
issued and outstanding as of December 31, 2012 and
2011
Common stock, $0.001 par value, 1,300,000 shares
authorized, 23,754 and 23,915 shares issued and      24          24
outstanding as of December 31, 2012 and 2011,
respectively
Additional paid-in capital                           127,987     127,488
Accumulated deficit                                  (114,340)   (104,759)
Accumulated other comprehensive loss                 (99)        (74)
                                                                
TOTAL STOCKHOLDERS' EQUITY                           13,578      22,685
                                                                
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY           $53,786    $50,513


ECOTALITY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)

                              Three Months Ended      Twelve Months Ended
                              December 31,            December 31,
                              2012        2011        2012        2011
                              (Unaudited)                        
                                                               
Revenue                        $13,623   $8,525    $54,729   $28,409
Cost of goods sold             9,310      8,868      36,031     27,718
                                                               
Gross profit (loss)            4,313      (343)      18,698     691
                                                               
Operating expenses:                                             
Sales and marketing            1,089      1,038      4,582      3,251
Research and development       872        260        2,168      622
General and administrative     4,540      4,777      20,323     17,035
Impairment losses              -          -          3,496      -
Warrant expense                -           -          -          1,784
                                                               
Total operating expenses       6,501      6,075      30,569     22,692
Loss from operations           (2,188)    (6,418)    (11,871)   (22,001)
Interest income                1          4          166        22
Interest expense               (85)       (278)      (278)      (489)
Other income, net              (6)        (8)        2,426      5
                                                               
Loss before income taxes       (2,278)    (6,700)    (9,557)    (22,463)
Income tax benefit (expense)   21         (9)        (24)       (9)
                                                               
Net loss                       $(2,257)  $(6,709)  $(9,581)  $(22,472)
                                                               
Net loss per share:                                             
                                                               
Basic                          $(0.10)   $(0.28)   $(0.40)   $(1.20)
                                                               
Diluted                        $(0.10)   $(0.28)   $(0.40)   $(1.20)
                                                               
Weighted-average common shares                       
outstanding:
                                                               
Basic                          23,719,333 23,857,182 23,673,859 18,733,953
                                                               
Diluted                        23,719,333 23,857,182 23,673,859 18,733,953

CONTACT: Media:
         Kim Setliff
         Antenna Group for ECOtality
         kimberly@antennagroup.com
         Tel: (415) 977-1942
        
         Investor Relations:
         Ronald Both
         Liolios Group
         ecty@liolios.com
         Tel: (949) 574-3860

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