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”).
“This permits us to scale our business and bring to market our tremendous technology.”
“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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