Green Automotive names interim president, CFO

Riverside, California – Green Automotive Co. has appointed Carter Read as its Interim president and secretary, and Alan Bailey as its CFO. The appointments of Mr. Read and Mr. Bailey follow the company's closure of its European subsidiaries and operations earlier this year and signal the company's focus on the operations of Newport Coachworks Inc.

With the end of the company's overseas operations, Ian G. Hobday resigned as the company's CEO, CFO, and secretary, effective October 8, 2014. Hobday also resigned from his position on the company's board of directors.

Carter Read has been the president of Newport Coachworks Inc. since its inception in 2012. Read said, "I am delighted the Green Automotive Board of Directors has elected to focus on Newport Coachworks and its strong growth potential. I believe with the proper efforts, Newport Coachworks can grow its brand recognition and add to its bottom line. There is work to be done to meet these goals and I look forward to meeting the upcoming challenges."

In response to the Securities and Exchange Commission's recent entry of an order that alleges that Green Automotive failed to properly and timely disclose certain stock and financing transactions, the company has taken steps to improve its corporate filing responsibilities in this regard and intends to appropriately report such actions on a timely basis in future.

Source: Green Automotive Co.