Whistler Investment (NASDAQ:WHIS)
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Whistler Investments (WHIS) releases new corporate update
LAS VEGAS, NV, May 13 /PRNewswire-FirstCall/ -- Whistler Investments Inc.
(http://www.whistlerinvestments.com/) subsidiaries, R-Electric Car Company
(http://www.r-electriccar.com/) Global Electric Corporation,
(http://www.globalelectric.com/) and Solium Power Corp
(http://www.soliumpower.com/); are emerging leaders in the development and
marketing of lithium ion vehicles and lithium ion powered products worldwide
would like to take this opportunity to provide an update on recent corporate
developments.
Due to major advancements within the corporate structure as well as recently
acquired government contracts the board of WHIS has provided the following
information for release. A detailed press release can be viewed on our web site
http://www.whistlerinvestments.com/media_pr_051304.html
CHAZ HABA
Pursuant to a previously announced agreement with Mr. Chaz Haba, WHIS continues
to retain the services of Mr. Chaz Haba to provide technical advice to
Whistler's Board of Directors. Mr. Haba was one of the engineers involved in
the beginning of Intel, and one of the early investors in Apple Computers in
the 1970's. Known as the "Thomas Edison" of the new millennium, together with
his associate engineers and physicists, he's changing the world, as we know it.
Advancement in product development, market readiness and lithium development
has taken place in all 3 wholly owned subsidiaries of WHIS Whistler Investments
(WHIS). The newly formed divisions:
Global Electric Corp holds the licensing rights for all product
development other than four-wheeled vehicles.
R-Electric Car Co holds the licensing rights for product development for
all four-wheeled vehicles.
Solium Power Corp holds the rights for the advanced Lithium/Solar Power
System technology developed by Mr. Chaz Haba, for application to
residential and commercial properties.
QUARTER 3 UPDATE
INVESTMENT
10 million dollar equity line documents files with the SEC
On January 20, 2004, WHIS announced an agreement for a $10 million equity line
with Boston-based Dutchess Private Equities Fund, LP. Whistler has made all
necessary filings to the SEC and is awaiting final comments on those filings
prior to making filing of the registration documents required for Dutchess. We
anticipate a rapid response, and expect to receive clearance to access the $10
million dollar equity line. The funding will be used for product development,
marketing and on-going lithium-ion development
$3 Million working Capital received by Whistler Investments (WHIS)
On February 24, 2004, we announced receipt of $1 million dollars of a $3
million dollar non-recourse loan to be collateralized by stock. As an update to
the last announcement all funds have been received and are currently part of
the working capital of Whistler Investments (WHIS)
Stock Split Completed
On February 25, 2004, we announced a three-for-one forward stock split.
Stockholders of record will be entitled to three post-shares of common stock
for each pre-split share of common stock held on that date. The closing stock
price on February 25th, 2004 was $9.30. And at the time of this release May 12,
2004 the closing stock price is $5.10 (post split $15.30) or an increase per
share of 64.5%.
International News
Geely delivers prototype vehicles to Southern California development
site.
China
Executives from Global Electric and Mr. Chaz Haba traveled to China on March 6,
2004, at the invitation of Geely Corp, to finalize the terms of production and
joint venture. In December, an initial trip was made where the foundation was
laid for this joint venture. Pursuant to that trip and subsequent negotiations,
Global Electric has received prototype units for lithium-ion conversion. A
number of prototype motorcycles, scooter and an ATV development unit were
received last month. Global has announced a completion date of June 2004 for
all Geely Corporation lithium-ion conversations. Currently, pre-production for
the direct to market infomercial has been initiated and the development team
has determined that by the end of quarter 3, 2004 products converted from Geely
prototypes will be accessible in the marketplace. The announcement of the
market readiness of the Geely converted products is far ahead of the original
delivery date and will place Global in a competitive stance in preparedness for
the Asian market electric vehicle boom.
Whistler Investments (WHIS) signs agreement with British Embassy to
provide world's first lithium powered embassy vehicle.
British Government (Embassy)
Whistler Investments (WHIS) announced a formal agreement with the British
Embassy was reached. The British Embassy in Mexico City, DF, and Mexico will
receive the worlds first lithium powered embassy vehicle. The British Embassy
in Mexico City and Global has selected a MINI COOPER (BMW AG) as the embassy
vehicle. The vehicle will be used for daily embassy use as well as
international promotion and education. Initial development for this high
profile vehicle has begun under the direction of Mr. Chaz Haba and delivery to
the embassy is expected by the end of Quarter 3, 2004. The vehicle will be
unveiled in Mexico City, Mexico to a delegation of international dignitaries
and worldwide media.
Military Sector
United States Naval Project near Completion ahead of schedule
United States Navy
On February 5, we announced the initiation of a lithium-ion conversion project
with the United States Navy. Although details of this project are classified,
development for this naval vehicle is advancing rapidly and is near completion.
Upon completion the lithium-ion vehicle will undergo testing at United States
Navy faculties. Upon successful completion of the testing phase the lithium-ion
product will receive naval certification. Post Naval certification executives
anticipate sizable contacts with the US Military.
R-Electric Car Corp.
"R" car hits the market to rave reviews
The R-Car
The highly anticipated R-car is completed and is now in attendance at trade
shows across North America. The unprecedented R-car is serving as a working,
highly visible example of functioning lithium-ion vehicle products.
Most recently the R-car was unveiled to an audience of investors, investment
professionals and the general public in Las Vegas, Nevada. The MoneyShow was a
platform in which to highlight that this vehicle is ready for market. The
Moneyshow ends on Thursday May 13th, 2004.
As the R-car is a core product a reiteration of the historical advancements of
this product are provided below:
In Quarter 1, 2004 Whistler Investments (WHIS) engaged California based Cinema
Vehicles http://www.cinemavehicles.com/ to develop and build the highly
anticipated neighborhood electric vehicle (NEV) which was unveiled, along with
a number of two wheeled prototypes, at the Cinapsys Micro cap Conference in
Newport Beach, California in November of last year. Cinema Vehicles is the
oldest and one of the largest motion picture vehicle service companies in the
world. They have worked on major Hollywood productions such as T3, Austin
Powers, Gone in 60 seconds and XXX. The design element of the NEV was developed
and implemented by the highly qualified staff at Cinema Vehicles.
On November 19, 2003, we announced that production had been initiated on the
highly anticipated R-Car project in collaboration with Cinema Vehicles. The
anticipated use for the R-Car is for medium to long-range trips, as well as
neighborhood use.
The motor was balanced, matched to a 6-speed transmission, and tested on March
4th, 2004. Mr. Haba and his engineers have been working closely with Cinema
Vehicles regarding the mechanical aspects of this development - we are
optimistic that we will be able to unveil this much anticipated car at Green
2004 in Vancouver, British Columbia March 31 - April 2, 2004. We are
anticipating that this vehicle will be able to travel at speeds up to 90 mph
with a range of over 100 miles.
Quoting Mr. Haba, "When the motor was spun it was beautiful. I have never seen
a motor interface so smoothly and perfectly with the system. It was the result
of precision engineering, with no sound between the motor and the frame. The
drive also works very well."
Government Projects
Austin Energy project underway. Austin Texas municipal government to
receive lithium-powered PT Cruiser
Austin Energy
Pursuant to a press release and announcement dated March 01, 2004 whereby,
Whistler Investments (WHIS) announced an agreement with the CITY OF AUSTIN,
TEXAS.
The agreement outlined the conversion of a CHRYSLER PT cruiser to lithium-ion
for the use of municipal officials in Austin, Texas. Development has been
initiated for this vehicle project and testing will commence by the end of May
2004. This vehicle will be a first for both Whistler Investments (WHIS) and the
City of Austin. Cities from across North America and internationally will be
presented with the trial data and a government division will look at fleet
conversion for these government bodies.
ATV project complete and ready for market
ATV (ALL TERRAIN VEHICLE)
Pursuant to a previous press announcement regarding the ATV project it is now
completed. An independent suspension model is now completed and marketing
executives are developing a marketplace action plan for this revolutionary
unit. Military applications are being addressed as well customs and border
protection uses. The vehicle will also be marketed to both government
organizations such as police, public safety and private sector industry such as
construction and the recreational vehicle markets. Please visit
http://www.r-electriccar.com/ to view pictures of these prototypes.
Solium Power Corp.
The house of the future is underway in Southern California
Solar House
The "livable" house of the future is now in full development stage and is
slated to serve as a showcase of a grid free residential unit. The house
located in Southern California is under the technical direction of Chaz Haba
and architectural direction of LNV TOMALEVSKI. As construction has been
initiated this quarter a completion date has been targeted at End of Quarter 3,
2003
The Lithium Solar House ("LSH") project is to provide a test bed for an
alternative source of power to the home not connected to the Power Grid. The
power source will be Solar Panels for charging of the Lithium Ion Batteries,
which are used for storage of the power. The system will supply DC power for
the home and all appliances (using from 12 volts to 48 volts), lighting, heat,
air, etc., and will involve a site in Van Nuys, California.
"Our project will have two main aspects: the designing of the house using the
most efficient current building materials and the most efficient use of Solar
Panels as a charging source for the Lithium Batteries, and designing and
testing the various combinations of Solar Panels and batteries in connection
with the various appliances, lighting and other power needs of the house".
President's comments
Holly Roseberry, President of Whistler Investments (WHIS) told the board of
directors on May 12th, 2004 that "We have quickly moved from a development
stage corporation with leading edge technology to a market ready advanced
technology leader. We now have the R car and the ATV completed and are
finishing a highly advanced naval project this quarter. We have not only hit
our targets we have beat them. It has always been the focus of our executives
to get our products into the marketplace, thus allowing us to be both first to
market as well as technologically ahead of the competition"
SOURCE: Whistler Investments, Inc.
Holly Roseberry
President
Investor Relations
Contact
(888) 669-1808
(604) 681-2799
http://www.whistlerinvestments.com/
Forward Looking Statement
This press release may include forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are based on the Company's current
expectations as to future events. However, the forward-looking events and
circumstances discussed in this press release might not occur, and actual
results could differ materially from those anticipated or implied in the
forward-looking statements.
DATASOURCE: Whistler Investments, Inc.
CONTACT: Investor Relations Contact, (888) 669-1808,
(604) 681-2799, , http://www.whistlerinvestments.com/