Car Charging Group Applauds California for Paving Way to Increase Electric Car Charging Capabilities
MIAMI BEACH, Fla., Aug. 2, 2010 (GLOBE NEWSWIRE) -- Car Charging Group, Inc., (OTCBB:CCGI), an owner and provider of electric vehicle (EV) charging stations with the mission to build-out a nationwide infrastructure, commends California regulators who voted to make it easier for electric car charging companies to resell power in California at the recent California Public Utilities Commission Meeting held this week. This vote will allow EV charging companies, such as Car Charging Group, to operate without being regulated as an investor-owned utility.
"For years, California has set the standard in green technology. It is great to see the state pave the way for electric vehicle charging companies and allow them to sell power in the state," said Car Charging Group CEO Michael D. Farkas. "This opens up the gateway to bring revenue from EV charging stations and helps our company fulfill its mission. Furthermore, if other states follow in California's footsteps, the national initiative would allow our company to price the cost of our services competitively benefiting property owners and consumers."
Through the decision the state aims to:
- Eradicate a barrier on reselling electricity at charging stations
- Expedite the adoption of electric vehicles
- Meet greenhouse-gas reduction targets
"The state government's commitment to ensure the longevity of the clean technology industry will not only help electric vehicle charging companies move ahead but will also provide investor confidence in these projects breathing new life into the EV industry," added Farkas.
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.
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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