W270, Inc. Completes Merger With Saleen Automotive, Inc.
CORONA, CA--(Marketwired - Jun 27, 2013) - W270, Inc. (OTCBB: WSTY) today announced that it has completed its merger to acquire 100% of Saleen Automotive, Inc. and SMS Signature Cars ("Saleen" or "the Company"), a performance automotive company that manufactures, upgrades, and sells high-end sports cars and related parts. W270, Inc. changed its name to Saleen Automotive, Inc. on June 17, 2013.
Concurrent with the merger, Saleen Automotive, Inc. raised an aggregate principle amount of $3,000,000 (including the conversion of $500,000 of existing notes) via a securities purchase agreement with accredited investors.
Founded by Steve Saleen, renowned race driver and high-performance automaker, Saleen Automotive designs, develops, manufactures and sells high-performance cars that include the Saleen Mustang, Saleen Challenger and Saleen Camaro. The Company's products include a complete line of upgraded muscle cars, performance cars, automotive aftermarket specialty parts and lifestyle accessories. Also in development are the next generation of supercars, as well as electric and zero-emission vehicles for the commercial and consumer markets.
"Since 1983, I have been developing some of the world's most advanced high-performance street cars with special aerodynamics, highly functional cockpits, and precise handling suspension," said Chairman and CEO Steve Saleen. "We are excited to become a publicly-traded company and enter into the next stage of our growth, as we bring these automobiles into the mainstream and grow our retail presence into new markets in the U.S. We are also developing high-performance electric vehicles targeting the zero-emissions segment."
For more information, please see the Company's associated 8-K filing made with the U.S. Securities & Exchange Commission ("SEC").