Hey Makemoney. Maybe this will help you in your investment decision. Although I don't remember you ever selling.
From the BAAT auditors comments:
"This subsidiary was formed in 1996 through the issuance of stock options to B.A.T. International, Inc. in exchange for the technology and rights to manufacture electric and hybrid electric vehicles and development of low emission diesel engines for the East Coast. There were no operations during 1997 or 1996."
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BAAT Press Release of September 13, 1996:
PRESS RELEASE
For immediate release:
Sept. 13, 1996
BAT Subsidiary Coming to Advanced Vehicle Technology
Center in Rome, New York to Build Electric Vehicles
A subsidiary of B.A.T. International, (OTC: BAAT), BAT Northeast will be establishing an
initial production site at the Advanced Vehicle Technology Center at Griffiss Business &
Technology Park in Rome, NY. BAT recently spun off numerous subsidiary companies to
pursue development of cutting-edge electric transportation technologies including electric
vehicles (EVs), hybrid-electric vehicles (HEV's), super-efficient engines, electric bicycles
& mini-cars. BAT's Northeast subsidiary is planning to introduce to Northeast markets these advanced transportation technologies while simultaneously forging strategic partnerships to accelerate product introduction to fleets & consumers. Several battery technologies developed by BAT are very well suited for colder Northeast climates.
The Advanced Vehicle Technology Center (AVTC) has been established to bring together
advanced transportation technology companies and to make New York the center of
transportation solutions for the future. This will ease New York's dependence on foreign oil, clean the air, reduce street noise and provide a new industrial base for job growth. Governor Pataki has introduced a $1.75 billion bond fund that will be voted on in November that includes $75 million dollars for alternative fuel vehicle economic development programs. BAT has been working closely with Congressman Boehlert's office and numerous other
Northeast auto, air quality and environmental interests. This collaboration has resulted in various activities at the AVTC including setting up an international advanced high performance cold climate battery consortium.
BAT Northeast (BATNE) will initially be leasing space at the AVTC to convert 5 U.S.
Postal Service (USPS) vehicles to electric power. Plans are also underway to convert other fleets to electric power, including a courier van demonstration program, additional USPSvehicles in the Northeast and various state and municipal fleet vehicles. Other projects on the horizon include hybrid electric vehicles and buses and various technologies for export markets. BATNE also plans to work closely with AVTC to develop and test cold climate
batteries and integrate advanced batteries in cutting edge EV's & HEVs. BATNE is investigating possible sites for a large production facility at AVTC or other locations in New York State or in the Northeast. |
