Echo Automotive, Inc. Announces Completion of Voluntary Share Exchange Agreement

SCOTTSDALE, Ariz.--()--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.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new technologies and development stage companies. These forward-looking statements are made as of the date of this news release and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our current report on Form 8-K filed October 15, 2012, our quarterly reports on Form 10-Q and other periodic reports filed from time to time with the Securities and Exchange Commission.

Contacts

The Artigue Agency
Ray Artigue, 480-664-0780
ray@artigueagency.com
or
Echo Automotive, Inc.
855-ECHO-AUTO
info@echoautomotive.com

Website

Echo Automotive