Ecologic Transportation hires agent to conduct $50 million financings

$20 million debt financing and $30 million public offering are planned

By Devika Patel

Knoxville, Tenn., Sept. 19 - Ecologic Transportation, Inc. said it has hired a New York-based investment banking firm as its agent for a $20 million debt financing and a $30 million public offering, which will be conducted on a firm-commitment basis.

The public offering is conditional on the company acquiring ACE Rent A Car, Inc., a Chicago-based car rental business.

"We are exceedingly pleased to establish this relationship with such a prestigious New York Stock Exchange member firm, which validates our business plan," chief executive officer William B. Nesbitt said in a press release.

"We expect the assistance of this well established investment banker will accelerate our growth. We have launched an aggressive acquisition program, beginning due diligence on several acquisition targets. Our management believes we can satisfy the conditions in both investment banking agreements."

Based in Santa Monica, Calif., Ecologic Transportation is dedicated to creating environmentally friendly transportation products and services.

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