Echo Automotive, Inc. Announces Completion of Voluntary Share Exchange Agreement
SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Echo Automotive, Inc. (OTCQB: ECAU), formerly Canterbury Resources, Inc. (OTCQB: CTBX), is pleased to announce that it has completed a voluntary share exchange agreement with Echo Automotive, LLC ("Echo").
"The completion of the share exchange transaction was a key step in our strategic plan of executing Echo's business plan," said Dan Kennedy, CEO and co-founder of Echo. "This permits us to scale our business and bring to market our tremendous technology."
One of Echo's leading solutions is EchoDrive™, a bolt-on easy-install system to convert existing fleet vehicles to electric assists, reducing their operating expense. The EchoDrive™ platform aims to provide a quick return on investment through easy-to-understand and attainable cost-saving performance.
EchoDrive™ is targeted to the fleet vehicle truck market, which is estimated to be over 11 million truck vehicles (class 1-5) totaling an $11+ billion industry domestically (U.S. market only).
The transaction was led by Patrick van den Bossche, Echo Automotive COO/Managing Director, and included Greenberg Traurig, Merritt Watson, LLP, and Snell & Wilmer.
About Echo Automotive, Inc.
Echo Automotive, Inc. develops technologies and products that allow the cost-effective conversion of existing vehicles into highly fuel-efficient hybrids and plug-in hybrids. Echo Automotive, Inc. is a publicly traded company listed on the OTCQB with the ticker symbol ECAU. For more information, please visit www.echoautomotive.com.
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