Nevcar Corporation Receives Press Retractions and Corrections from AP and Local Press Over Exaggerated Stories of Fraudulent Investor

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The President and CEO of NEVCAR Corporation (http://www.nevcarcorporation.com) is pleased with the retractions by the Associated Press and Portland News Sources over exaggerated headlines claiming a fraudulent Investor was a partner in the company. The News Media unfairly portrayed a criminal, who was pretending to be an investor, as an owner, financial backer, partner, or shareholder of NEVCAR Corporation, which was not true. NEVCAR continues to push ahead with plans on building an Electric Car plant in Sutherlin Oregon with the cooperation of their U.S. and Korean counterparts in 2009.

This is a big project that requires a lot of patience with many difficult variables, but, Douglas County needs jobs, good jobs, and we continue to work toward our goals.

Roseburg based NEVCAR Corporation has received copies of Corrections from AP News and other local news agencies who have retracted statements erroneously reporting that Mr. Randell Foshie's April 2007's arrest derailed plans to build an electric car plant in Sutherlin, Oregon. According to KPIC in Roseburg Oregon, "58-year old Foshie was sentenced (January 3, 2008), by U.S. District Judge Morrison England in Sacramento, to 46 months in prison". (Read full story of the conviction here: http://www.kpic.com/news/local/13287747.html)

The news sources have retracted the headlines and statements that indicated Mr. Foshie was a partner in the business of NEVCAR Corporation or used NEVCAR Corporation for fraudulent activities. "It is unfortunate that the News Media felt the need to willing exaggerate headlines to defame the name NEVCAR to obtain notoriety and sales in the local market." says James Hart, Chairman of the board, CEO and founder of NEVCAR Corporation. "The News Media unfairly portrayed a criminal, who was pretending to be an investor, as an owner, financial backer, partner, or shareholder of NEVCAR Corporation, which was not true, NEVCAR has its own sources of funding and is often solicited by potential investors as a result of networking in the EV business. NEVCAR checks the background of all investors who approach the Corporation. In this case the proof of capability was provided by Foshie's attorneys who vouched for Mr. Foshie's financial capabilities. It is unlikely that any other party could have discovered Mr. Foshie's misrepresentations while law firms and bankers were vouching for Mr. Foshie's credibility."

The Corrections from Portland News Sources, September 7, 2007, include statements as follows:
"The charges filed against Foshie, however, were unrelated to NEVCAR's efforts. Foshie had no formal business relationship with NEVCAR."

The Corrections from The Associated Press, 2007-05-03 include statements as follows:
"Roseburg, Ore.- In an April 29 story and headline, The Associated Press erroneously reported that a Californian arrested on federal wire charges was raising money to build an electric car manufacturing plant in Sutherlin. The charges in the criminal complaint did not involve financing a plant. Instead, according to the complaint, Randell Bert Foshie was accused of defrauding investors by promising real estate loans and in one case a car dealership in exchange for up-front fees."

Futurecars.com also provides a link to the new story referencing KPIC Dan Bain's question: "In the race to develop greener vehicles, are well-meaning investors at a greater risk to get swindled?" (http://www.futurecars.com/news/man-gets-four-years-for-electric-vehicle-fraud123.html)

Mr. Hart wholeheartedly agrees with this assessment, "We hope we don't run into any more characters as polished and orchestrated as Mr. Foshie. For it seems like alternative companies such as ourself tend to be sitting ducks for such tactics. Big oil doesn't care for competition. These erroneous reports about Mr. Foshie have made it difficult for NEVCAR to maintain its relationships with its foreign suppliers as American/Korean business ventures grow through performance and trust. However, we will continue to seek out serious investors for the demand for electric vehicles NOW cannot be overlooked."

According to the NEVCAR website, Mr. Hart has managed, directed and prepared business models for the successful sale of electric vehicles and environmentally friendly products in the United States since 2002. He has developed business plans with investors, suppliers, VS Composites and has traveled throughout Europe to build relationships with International Banks and organizations to negotiate credit facilities, arrange securities and secure loans used to finance electric vehicle sales, manufacturing and research in the United States.

"We continue to push ahead!" says Hart. "We just completed a successful two month road tour showing our electric vehicles from coast-to-coast and our partner in Korea, ATT R&D, still supports the sale of an electric vehicle in the United States. We continue to develop business relationships and financing plans that will support our goals of importing or assembling low speed and high speed vehicles in 2008 and we are organizing a Grass Roots Business to get things started. We continue to develop our technology to provide affordable electric vehicles, gas-to-electric conversion kits and solar charging stations this year and we are working hard to enter into the market place as-soon-as-possible."

Hart concludes, "This is a big project that requires a lot of patience with many difficult variables, but, Douglas County needs jobs, good jobs, and we continue to work toward our goals."

NEVCAR stands for Neighborhood Electric Vehicles and is committed to bringing its innovative, attractive, practical and earth-friendly vehicles to neighborhoods in the U.S.

NEVCAR continues to invite forward-thinking, private investors to be a part of this exciting and groundbreaking enterprise. Serious investor inquires can be made by contacting James Hart, 741 SE. Jackson Street Roseburg, OR 97470 (541) 229-0366

PRESS RELEASE INQUIRIES CAN BE MADE AT NEVCARPR(at)YAHOO.COM

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