Car Charging Group, Inc. Announces International Expansion and Formation of Car Charging International, LLC
MIAMI BEACH, FL--(Marketwire - 02/10/10) - Car Charging Group, Inc. (OTC.BB:CCGI), a company dedicated to a clean and sustainable environment through the development of an Electric Vehicle (EV) charging infrastructure that will be compatible with all electric vehicles, today announced its intention to expand into the International market via the formation of Car Charging International, LLC. This International expansion will augment the Company's aggressive domestic rollout of electric car charging stations.
"We believe it is very clear that electric vehicles will play an increasing role on the international scene. While significant strides have been made in the International EV market relative to standardization and battery performance, the lack of a pre-existing operational infrastructure for charging systems remains a major obstacle to mass-market adoption. This creates an excellent opportunity for our new subsidiary Car Charging International, LLC," commented Andy Kinard, President of Car Charging Group, Inc. "With electric vehicle production at the head of auto manufacturers' plans to comply with new emissions regulations as well as the exorbitant cost of fuel, we believe the market for charging stations will be especially robust over the coming years."
Car Charging is anticipating the arrival of electric vehicles and believes that it is at the forefront of the electric vehicle revolution. The Company is at the head of the transition period from gas-powered automobiles to electric vehicles. The arrival of electric vehicles requires the construction of a network of geographically dispersed charging stations that will provide ready access to electricity and alleviate consumers' "range anxiety" fears.
About Car Charging Group, Inc.
Car Charging Group, Inc. is an owner and provider of electric car charging stations with the mission to build-out a nationwide infrastructure, enabling vehicle owners to charge their electric cars anytime, anywhere. As part of its strategy, the Company owns, provides, installs and maintains electric vehicle car charging units and works with its 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, parking garages and grocery stores.
With an estimated 40 million plug-in electric vehicles on the road by 2030, the need to establish charging station networks throughout the transportation infrastructure is critical to providing easy access to energy everywhere drivers live and work. By investing at the forefront of the electric car revolution, Car Charging Group seeks to become the leading provider of electric car charging stations. The Company initially plans to launch its service in the South Florida market and expand nationally and internationally over time. 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 forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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. There are a number of factors that could cause actual results and developments to differ materially from forecasted results. These risks and uncertainties include product demand, market competition, fluctuations in advertising payouts, delays in website & application development, technical issues beyond our control, reliance on the various platforms that we build applications on, and risks inherent in our operations. For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.
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