CarCharging Successfully Wins Bid to Purchase ECOtality's Blink Assets
Leading Electric Vehicle Charging Service Provider Intends to Purchase Blink's
More Than 12,000 EV Charging Stations and Operating System
MIAMI BEACH, Fla., Oct. 10, 2013
MIAMI BEACH, Fla., Oct. 10, 2013 /PRNewswire/ -- Blink Acquisition, a
wholly-owned subsidiary of Car Charging Group, Inc. (OTCQB: CCGI)
("CarCharging"), a nationwide provider of convenient electric vehicle (EV)
charging services, announcedtoday that it has successfully won the bid to
purchase the Blink related assets of ECOtality, a clean electric
transportation and storage technology firm.
The assets included in the transaction are all of Blink's inventory, the more
than 12,450 installed electric vehicle Level II charging stations, the 110 DC
Fast charging stations, and the Blink network, which is the turnkey operating
system for EV drivers, commercial businesses, and utilities, that services the
"Since our inception, CarCharging's intent has been to grow our business
organically and through acquisitions, and with the purchase of ECOtality's
Blink assets, we believe that it will solidify our position as the leader in
the electric vehicle charging industry," stated CarCharging's Chief Executive
Officer, Michael D. Farkas.
The deal does not include Minit-Charger, which manufactures and distributes
fast-charging systems for material handling and airport ground support
vehicles; or ETEC LABS, ECOtality's research and testing resource for
governments, automotive OEMs and utilities. The transaction is anticipated to
About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB: CCGI) is a pioneer in nationwide public EV
charging services, enabling EV drivers to easily recharge at locations
throughout the United States. Headquartered in Miami Beach, FL with offices in
San Jose, CA; New York, NY; and Barcelona, Spain; CarCharging's business model
is designed to accelerate the adoption of public EV charging services.
CarCharging provides a comprehensive turnkey program to commercial and
residential property owners for EV charging services. CarCharging owns and
operates the EV charging equipment; pays for all installation, maintenance,
and related services; and shares the EV charging revenue with the property
owner. Thereby, eliminating capital costs for the property owners, and
providing a potential additional stream of revenue.
CarCharging has 87 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 Walgreens, Simon Property Group, Equity One,
Equity Residential, Forest City, Ace Parking, Central/USA Parking, Icon
Parking, Rapid Parking, Parking Concepts, CVS, Related Management,
Pennsylvania Turnpike Commission, Pennsylvania Department of Environmental
Protection, City of Miami Beach (FL), City of Hollywood (FL), and City of
Norwalk (CT), that manage or own a total of over 8 million parking spaces.
CarCharging is committed to creating a robust, feature-rich network for EV
charging and is technology agnostic. CarCharging's EV charging network
includes equipment manufactured by Aerovironment, ChargePoint, Efacec, General
Electric, Nissan, and SemaConnect. The Level II charging stations are
compatible with EVs sold in the United States including the Tesla Model S,
Nissan LEAF, Chevy Volt, Mitsubishi i-Miev, Toyota Prius Plug-In, Honda Fit
EV, and Toyota Rav4 EV, as well as many others scheduled for release in the
next few years.
For more information about CarCharging, please visit www.CarCharging.com.
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:
Media Contact: Investor Relations:
Suzanne Tamargo Constellation Asset Advisors, Inc.
(305) 521-0200 x 214 (775) 771-5808
SOURCE Car Charging Group, Inc.
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