Car Charging Group Continues to Partner With Real Estate Developers to Facilitate Widespread Adoption of Electric Vehicles by Meeting Needs of Sizable Urban Resident Market
MIAMI BEACH, Fla., July 1, 2010 (GLOBE NEWSWIRE) -- As automakers prepare to introduce the first mass-market electric cars this year, some real estate developers, like those behind Artech, an innovative luxury condominium complex in Aventura, FL, are getting ahead of the trend by installing car-charging stations from Car Charging Group, Inc. (OTCBB:CCGI), in their apartment complexes. Car Charging Group, Inc. now provides Artech, the 232-residence luxury condominium, with electric car charging services in their 800-foot-long, 5-story parking garage. Artech is located on the Intracoastal at 2950 NE 188 Street in Aventura, FL.
Artech residents who own electric vehicles will now be able to conveniently charge their vehicles at the charging stations located on site. Under the agreement, Artech will share a percentage of the revenue derived from the charging stations.
"Electric cars are coming. A driver might want to purchase an electric car, but if they don't have a private garage, where can they charge them?" said Michael D. Farkas, Chief Executive Officer of Car Charging Group, Inc. "If we want electric vehicles to be successful on a large scale, we can't rely on the government to do it all. We need big-box retailers, office buildings, malls, stadiums and fast-food franchises to participate in this movement -- not only because it's good for the environment, but also because it makes good business sense."
"The developers behind Artech, Shefaor Development LLC, along with world-renowned architect Carlos Ott and co-developer Fortune International, envisioned not only a beautiful building but a smart building -- a technologically advanced residence designed to bring your living space up to speed with the rest of your modern life," said Gilbert Benhamou, Principal of Shefaor Development, LLC. "Installing a car charging station is a natural extension of our technological vision for the property."
About Car Charging Group, Inc.
Car Charging Group, Inc. is an owner and provider of electric vehicle (EV) charging stations with the mission to build-out a nationwide infrastructure, enabling EV and PHEV owners to charge their EVs anytime, anywhere. As part of its strategy, the Company owns, provides, installs and maintains electric vehicle charging units and works with various landowner partners to identify appropriate locations for its charging stations. The Company seeks to provide convenient, safe and affordable charging stations away from home in customer-friendly public locations, including municipalities, shopping malls and parking garages.
An estimated 40 million plug-in electric vehicles are predicted to be on the road by the year 2030. This estimate includes models from auto industry leaders, such as the Nissan Leaf, the GM Chevy Volt, the Fisker Karma, and the Tesla Model S. Car Charging Group, Inc. and other companies in the EV industry such as ECOtality and Better Place, realize the need to establish charging networks throughout the transportation infrastructure to provide easy access to charging stations everywhere drivers live and work. By investing at the forefront of the electric car revolution, Car Charging Group, Inc. seeks to become the leading provider of electric car charging services. The Company has launched its service in the South Florida market and is expanding its operations both nationally and internationally.
Car Charging Group, Inc. is based in Miami, Florida. The Company's website can be viewed at www.carcharging.com.
About Artech
Artech breaks the mold of traditional luxury condominiums. Fashioned more after an aerodynamic vehicle than a building, Artech's stunning design celebrates the aesthetics of the 20th century's finest machines, with slopes and lines that are similar to the contours of cars, planes and boats. The boomerang-shaped Artech features curvilinear floorplans that give every unit a spectacular view of the surrounding bay. Located along the coveted street known as "Thunder Alley," the historic hub of the world's most prominent powerboat manufacturers, Artech's 232 residences spans seven acres along the Intracoastal Waterway in Aventura, FL, along 900 feet of unobstructed waterfront.
Forward-Looking Safe Harbor Statement:
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act. The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. 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.
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