CarCharging Completes Acquisition of 350Green
Electric Vehicle Charging Service Provider Continues to Consolidate Market and
Acquires Third EV Charging Station Owner and Operator
MIAMI BEACH, Fla., May 2, 2013
MIAMI BEACH, Fla., May 2, 2013 /PRNewswire/ --Car Charging Group, Inc.
(OTCQB: CCGI) ("CarCharging"), a nationwide provider of convenient electric
vehicle (EV) charging services, announced the closing of its acquisition of
350Green LLC, an owner and operator of EV charging stations throughout the
United States. This is the third acquisition in 2013 for CarCharging as the
company recently acquired Beam Charging and EVPass. With the acquisition of
350Green, CarCharging is now the owner of the largest independent public EV
charging station network in the United States and the world.
CarCharging and 350Green operate EV charging stations at locations across the
country. Both companies are partners with Simon Property Group, Inc., the
largest real estate investment trust in the United States, and Walgreen's, the
nation's largest drugstore chain. The acquisition of 350Green expands
CarCharging's partnerships with major companies, retailers, municipalities,
and universities, including Intel, Whole Foods, Sears, Supervalu, City of
Chicago, and the University of Chicago at Illinois. This acquisition also
further extends CarCharging's penetration in California, Illinois, and
"After nearly a year of working diligently to acquire 350Green, we are pleased
to announce that the acquisition is finally complete," said Michael D. Farkas,
CEO of CarCharging. "We are confident that this is a step forward in
strengthening the EV charging industry, and we will work as quickly as
possible to consolidate operations and ensure that all of 350Green's stations
are working properly."
350Green's EV charging service locations offer Level 2 stations manufactured
by AeroVironment, ChargePoint, and Sema Connect. Additionally, many of
350Green's locations include DC fast charging stations manufactured by
Efacec. DC fast chargers drastically reduce charging times for compatible
Michael Bernstein of The Bernstein Law Firm represented CarCharging in the
completion of the acquisition of 350Green.
About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB: CCGI) is a pioneer in nationwide public
electric vehicle (EV) charging services at accessible and convenient
locations. Headquartered in Miami, Florida with offices in California, New
York, Canada, and Spain, CarCharging is committed to creating a robust,
feature-rich network for EV charging. CarCharging typically pays for all
hardware, installation, maintenance and related services; therefore,
eliminating initial capital costs for all property owners.
CarCharging has 85 strategic partnerships across various business sectors.
CarCharging's partners manage or own a total of more than 8 million parking
spaces, and include, but are not limited to City Park, Ace Parking, Central
Parking, Equity One, Equity Residential, Forest City Enterprises, Walgreens,
Simon Property Group, Pennsylvania Turnpike Commission, City of Miami Beach
(FL), and the City of Santa Clara (CA). CarCharging's services utilize EV
charging stations manufactured by ChargePoint®.
For more information about CarCharging, please visit www.CarCharging.com.
350Green operates a scalable network 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
where EV drivers live and work, to create an expansive and convenient network
of EV charging locations.
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 conditions.
Investor Relations and Media Contacts:
CarCharging Media Contact: CarCharging Investor Relations:
Suzanne Tamargo Constellation Asset Advisors, Inc.
(305) 521-0200 x 214 (415) 524-8500
SOURCE Car Charging Group, Inc.
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