ECOtality, Inc. Announces Revenue of $2.8 Million for First Quarter 2008.* Exceeds management's previous revenue guidance by 22% * Completes Integration of all subsidiaries * Total assets of $10.1 million SCOTTSDALE, Ariz. -- ECOtality, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ETLY), a renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. company that acquires and commercially advances clean electric technologies and applications, today announced revenue for the first quarter ended March 31, 2008, of $2.8 million. This represents ECOtality's highest single quarter of revenue and is approximately $500,000 higher than management's previously stated guidance of $2.3 million. The overall revenues include the first full quarter of earnings for all ECOtality subsidiaries, including the recent acquisitions of Electric Transportation Engineering Corporation (eTec), Minit-Charger and Innergy Power Corporation. "Our strong first quarter results provide us with a stable platform for continued organic growth and increasing revenues," said Jonathan Read, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , ECOtality. "In the first quarter, we successfully completed the integration of all subsidiaries and achieved an all-time high in revenue as we transitioned into a revenue generating company. As the sales and revenues of our subsidiaries have historically experienced steady and continual growth each quarter, we are confident about the direction of the company and expect to be cash flow positive this year." KEY OPERATIONAL HIGHLIGHTS FOR 2008 * Electric Transportation Engineering Corporation (eTec) announced it will conduct baseline and fleet testing on two 2008 Chevrolet Tahoe The Chevrolet Tahoe (and similar GMC Yukon) is a full-size SUV from General Motors. Chevrolet and GMC sold two different-sized SUVs under their Blazer/Jimmy model names through the early 1990s. This situation changed when GMC rebadged the full-size Jimmy as the Yukon in 1992. Hybrid vehicles This is a list of hybrid vehicles in chronological order of production: Early designs
INL Inner Nuclear Layer INL Instituut voor Nederlandse Lexicologie INL Integral Non-Linearity INL International Narcotics and Law Enforcement Affairs Bureau (US Department of State) ). * The Company unveiled the eTec Hydrogen Internal Combustion Engine Internal combustion engine A prime mover, the fuel for which is burned within the engine, as contrasted to a steam engine, for example, in which fuel is burned in a separate furnace. (HICE HICE Highly Interactive Computing in Education ) Silverado truck in Aiken, South Carolina Aiken is a city in Aiken County, South Carolina and is part of the CSRA. The population was 25,337 at the 2000 census. It is the county seat of Aiken CountyGR6, and is the site of the University of South Carolina at Aiken. . Purchased by the Center for Hydrogen Research, the eTec HICE Silverado is the first hydrogen vehicle A hydrogen vehicle is a vehicle that uses hydrogen as its on-board fuel for motive power. The term may refer to a personal transportation vehicle, such as an automobile, or any other vehicle that use hydrogen in a similar fashion, such as an aircraft. to be registered in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. and will be used to publicly demonstrate the viability of using hydrogen in transportation. * ECOtality completed the integration of Minit-Charger and announced that the eTec SuperCharge su·per·charge tr.v. su·per·charged, su·per·charg·ing, su·per·charg·es 1. To increase the power of (an engine, for example), as by fitting with a supercharger. 2. line of fast-charging systems for airport ground support equipment, neighborhood electric vehicle “NEV” redirects here. For other uses, see NEV (disambiguation). A Neighborhood Electric Vehicle (NEV) is an American term for a speed limited battery electric vehicle (25-35 miles per hour in the U.S.A. operations, marine and transit applications will operate under the Minit-Charger brand. The Minit-Charger line of battery fast charging systems was acquired by ECOtality in December 2007. ACQUISITION INTEGRATION UPDATE ECOtality's integration of Fuel Cell Store, Innergy Power, eTec and Minit-Charger is substantially complete. All operations of Fuel Cell Store have been consolidated into the Innergy Power facility in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. . eTec, which operates Minit-Charger, has consolidated all operations into eTec's Phoenix, Arizona Phoenix /ˈfiːˌnɪks/ (English: Phoenix, Navajo: Hoozdo, lit. "the place is hot", Western Apache: Fiinigis) is the capital and the most populous city of the U.S. headquarters, except for the manufacturing and assembly of Minit-Charger products, which has been consolidated to Low & High Power Group Inc. of Mississauga, Ontario. eTec has also completed the rebranding of all fast-charge products, including the eTec SuperCharge system, under the Minit-Charger brand. 2008 FIRST QUARTER RESULTS Revenue for the first quarter ended March 31, 2008 was $2.8 million, compared to $0 revenue for the period ended March 31, 2007. Gross profit for the first quarter 2008 was $1.2 million compared to $0 in the previous year. As of March 31, 2008, ECOtality had total assets of $10.1 million, an increase of 53% compared to total assets of $6.6 million at March 31, 2007. The increase in revenue and total assets were a result of the recent fully integrated acquisitions. Operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the quarter ended March 31, 2008 was $1.4 million, an improvement of 50% when compared to the operating loss of $2.8 million for the same period in 2007. Net loss for the first quarter ended March 31, 2008 was $2.0 million, an improvement of 65% compared to the net loss of $5.7 million for the quarter ended March 31, 2007. Loss per share was $.02 per share, an improvement of 60% when compared to the loss per share of $.05 for the same period in 2007. General and administrative expenses totaled $2.4 million for the first quarter 2008, when compared with $.5 million the same period 2007. These results are consistent with our transition from a developmental stage company to a revenue generating company. "Through our strategic acquisitions, we have created a diversified portfolio of clean electric technologies that minimize our market risk, provide strong revenues and positions us for continued expansion in rapidly growing market segments," continued Mr. Read. "Management will continue to focus on organic growth, synergistic acquisitions, and the optimization of operations in order to increase profit margins. We believe these efforts will improve bottom-line results and ultimately increase shareholder value." SHAREHOLDER CONFERENCE CALL Management will host a conference call with the investment community on May 20, 2008 at 4:15 p.m. Eastern time. Interested parties may participate in the conference call by dialing 800-762-8795 or 480-629-9039 for international callers. Please call 5 to 10 minutes prior to 4:15 p.m. When prompted, ask for the "ECOtality First Quarter Earnings Conference Call." A telephonic replay may be accessed approximately two hours after the call through May 27, 2008, by dialing 800-406-7325 or 303-590-3030 for international callers and entering the replay access code 3879733. The teleconference will be webcast simultaneously on the ECOtality website at www.ecotality.com/investors. About ECOtality, Inc. ECOtality, Inc. (OTCBB: ETLY), headquartered in Scottsdale, Ariz., is a renewable energy company that acquires and commercially advances clean electric technologies and applications. ECOtality aggressively accelerates the development of companies and technologies that address today's global energy challenges. Through strategic acquisitions, partnerships and technology innovations, ECOtality strives to advance the market applicability of clean electric technologies to become accepted alternatives to carbon-based fuel technologies. For more information about ECOtality, Inc. please visit www.ecotality.com. Forward-Looking Statements This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements. |
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