ORLANDO, Fla., May 20, 2008 -- General Automotive Company (OTC BB:GNAU.OB) (``GA''), a provider of original equipment and aftermarket automotive parts, mobile electronics and related products, today announced it has entered into a partnership with Edgetek Co., Ltd. to expand its OEM business.
Under the new agreement, GA will serve as the exclusive distributor for Edgetek's next-generation rear vision and navigation systems in North America. The combined systems, currently under development, will offer instant rear visibility to help prevent back-over or collision accidents while providing GPS navigation and Bluetooth hands-free functionalities using a single-touch panel LCD monitor. These systems can also accommodate a second camera that can be used for other purposes such as an in-cabin baby monitor or front-view parking assistance.
``Our partnership with Edgetek will help us bring an exciting new product with strong growth potential to our customers,'' said Joe DeFrancisci, President and CEO of General Automotive. ``Edgetek has been working with one of our operating subsidiaries, Global Parts Direct, since 2004 and both our companies are dedicated to providing innovative, high-quality products, so it was an easy choice for our companies to partner.''
Based in Suwon, South Korea, Edgetek is a developer, manufacturer and distributor of automotive electronic parts and game players. Established in 2004, the company is also a leading supplier of engine control unit products in Korea. Edgetek specializes in creating new value through technological innovation.
About General Automotive
General Automotive Company (``GAC'') is a provider of original equipment and aftermarket automotive parts, mobile electronics, and related automotive products at multiple levels of distribution throughout the United States and internationally. Through its two wholly owned subsidiaries, Global Parts Direct and OE Source, the company focuses its efforts on utilizing its relationships with manufacturers in China, Korea and Japan to bring state-of-the-art automotive parts, accessories and products to automobile manufacturers and major parts distributors in the U.S. For more information on GAC and its products, please visit: http://www.generalautomotive.com.
Safe Harbor Statement
This press release contains 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 forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Lippert/Heilshorn & Assoc.
Investor Relations Contact:
Elric Martinez
212-838-3777
emartinez@lhai.com
General Automotive Company
Joseph L. DeFrancisci
President & CEO
407-363-5633
jdefrancisci@generalautomotive.com
