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Green Automotive Reports Annual Financial Results for 2011


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NEWPORT BEACH, CA--April 12, 2012: Green Automotive Company (OTC: GACR) announced today that it timely filed with OTCMarkets.com its Un-Audited Annual Consolidated Financial Statements For The Two Years Ended December 31, 2010 and 2009, which included its three subsidiaries, GAC Automotive Services Inc, GAC EV Motors Inc. and Matter of Time I Inc.

“Now that the audit and filing of the Annual Report on Form 10-K have been completed”

In separate filings with the Securities and Exchange Commission and OTC Markets, the Company filed the Annual Report on Form 10-K for its wholly-owned subsidiary, Matter of Time I Inc. and filed a Notification of Late Filing as to its Annual Information Statement for the year ended December 31, 2010.

As announced earlier this year, the Company entered into a Merger Agreement and Plan of Reorganization with its subsidiary, Matter of Time I Inc., which it expects to close at the conclusion of the audit of the Company's financial statements currently under review.

According to Mr. Fred Luke, President of Green Automotive, the merger of the two companies will result in Matter of Time I Inc. dissolving into Green Automotive, with Green Automotive becoming the surviving corporation and reporting issuer under the Securities Exchange act of 1934. The details of the merger transaction will be available in the Company's Form 8-K within four days following the closing of the merger, which the Company expects to be able to file on the Securities and Exchange Commission's (SEC) web site, SEC Company Search within the next few weeks.

"Now that the audit and filing of the Annual Report on Form 10-K have been completed," said Mr. Luke, President of Green Automotive, "the only thing left to do to raise the Company to 'reporting issuer' status, and make it eligible for listing on the OTCBB, among other advantages, is the completion of the Company's audit and the filing of the 'Super 8-K' which will include full registration statement level disclosure of the combined business and financial statements, most of which has already been prepared awaiting finalization of the Company's audit."

As announced by Mr. Luke last February, as a reporting issuer the Company can move the "Pink Sheet" trading platform to the OTCBB or higher market trading platform and, as a current "non-shell reporting issuer," the Company's shareholders will be able to utilize Rule 144 for legend removal.

About Green Automotive Company: Green Automotive Company is a US public company involved in two areas of the automotive industry: the import and distribution of Eco-friendly vehicles -- passenger vehicles, Municipal Buses, School Buses, Limousines, and Airport and Hotel Shuttle Vans - and the conversion of conventional internal combustion engine driven vehicles into all-electric powered vehicles. For the first two years of its operations the Company has been and assessing the safety and US marketability of an All-Electric Sport Utility Vehicle (SUV) and currently has plans to perform the same assessment of an all-electric Multi-purpose Van (MPV). The Company maintains its Corporate Office in Newport Beach, California and its shares are traded on the OTC Market Tier--OTC Pink Current under the symbol "GACR." For more information visit USA Electric or write to info@usaelectricauto.com.

Safe Harbor Statement - This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Green Automotive Company incorporates by reference its disclosure and financial statements posted on www.otcmarkets.com, and does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

GREEN AUTOMOTIVE COMPANY
(A Development Stage Company)
Consolidated Statements of Operations
For the Years Ended December 31, 2011 and 2010 and for the Development
Stage Period April 28, 2009 Through December 31, 2011
Development
Stage Period
April 28, 2009
Through
December 31, December 31,
2010 2010 2011
Revenues $ - $ - $ -
Cost of Goods Sold - - -
Gross Profit - - -
Operating Expenses
Depreciation and amortization 325,220 176,701 505,438
General and administrative 1,390,355 1,823,668 3,287,057
1,715,575 2,000,369 3,792,495
(Loss) before other expenses (1,715,575 ) (2,000,369 ) (3,792,495 )
Other (Expenses)
(Loss)/Gain on disposal of vehicle 9,784 (13,871 ) (4,087 )
Interest expense (63,058 ) (10,428 ) (74,561 )
(53,274 ) (24,299 ) (78,648 )
(Loss) before income taxes (1,768,849 ) (2,024,668 ) (3,871,143 )
Income taxes - - -
Net (Loss) $ (1,768,849 ) $ (2,024,668 ) $ (3,871,143 )
(Loss) per share $ (0.01 ) $ (0.01 ) $ (0.02 )
Weighted average shares 272,380,247 268,734,081 245,369,635