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Eco City Vehicles - Contract Win

RNS Number : 7536W Eco City Vehicles PLC 16 June 2008 EXCLUSIVE CONTRACT TO LAUNCH NEW MERCEDES 'LONDON CAB' EcoCity Vehicles plc ('EcoCity' or 'the Company') is pleased to announce today that it has signed an exclusive contract with Mercedes Benz to launch a new Mercedes 'London cab' through its KPM-UK Taxis subsidiary. The new lower emission six-seat taxi is based on the Mercedes Vito Traveliner. Its rear wheel system, designed and engineered in Britain by EcoCity's associate company One80 Limited, enables the vehicle to comply with London's famous statutory 25 foot turning circle. The new vehicle will be primarily aimed at London's approximately 25,000 licensed taxi drivers. The new vehicle will be able to be hailed in the street or from one of over 500 designated ranks in London. In keeping with all London cabs, the new vehicle is 100 per cent wheelchair accessible. KPM-UK will become the Multi-Franchise Dealer with exclusivity in Greater London and will run the new Mercedes Taxi Dealership in separate premises alongside its London Taxi International (LTI) Dealership, which it has held since 1989. It is intended to launch the vehicle in London on the 26th of June, at the Society of Motor Manufacturers & Traders, and the vehicle will go on sale shortly afterwards. Peter Da Costa, EcoCity's Chief Executive, commented: 'I am delighted to have been part of the comprehensive team that has worked tirelessly on this project for the last three years and I am very proud to now represent two of the world's finest taxi manufacturers. 'Cab drivers and passengers in London will now have a choice of vehicle, and we as a company will continue to look after the driver's needs, something we have done successfully since 1975.' - ENDS - For further information: Peter Da Costa, Chief Executive, EcoCity Vehicles plc, 0207 377 2182 Alex Mackey, Catullus Consulting, 07773 787 458 David Poutney/Stuart Skinner, Numis Securities, 020 7260 1000 Notes to Editors: About KPM: Background In 1975 the founders of KPM identified an opportunity to provide vehicle servicing and repairs for the owner-drivers of the London Taxi market and so established KPM as a specialist one-shop repair service. This was driven by the founders' view that fleet operators dominated the London Taxi market and frequently took precedence over owner-drivers for vehicle servicing by the manufacturer. KPM grew significantly over the next 13 years. The Directors believe, based upon the growth of KPM that during this period the number of London Taxi owner-drivers increased as a proportion of overall London Taxi ownership and today believe that the majority of the approximately 21,000 cabs operating in Greater London and the suburbs are now owner-driven, with the total number of licensed cab drivers being approximately 25,000. In 1987 KPM UK and UK Taxi Services, a London Taxi cab dealer, merged to create a company providing both distribution and after sales services. Today, the Company recognises the need of a sustainable transport system and plans to become a leading player in the provision of environmentally sustainable transportation to London and the South East for both businesses and consumers. As part of this strategy, it is in contract talks for exclusive, multi-year sales, service and distribution agreements with various complimentary, zero emission vehicle manufacturers. As a consequence, The Company plans to be the leading player in the provision of environmentally sustainable transportation to London and the South East for both businesses and consumers. In addition, EcoCity's core business continues to be its black cab dealership, which has traded and grown successfully for the past 32 years - making it the UK's largest independent black cab dealership - and one of the most established and respected. EcoCity's 'blue-chip' Board comprises Tim Yeo MP, Chairman; Peter Da Costa, Chief Executive, Keith Marder and Michael Troullis (co founders of KPM with Peter Da Costa), and Non- Executives Guy Saxton, John Swingewood and Jeremy Fenn. Tim Yeo is MP for South Suffolk and Chairman of the House of Commons Environmental Audit Select Committee. Previously he has been a Minister in both the Thatcher and Major Administrations, serving in the Home Office, Foreign Office, Department of Health and Department of the Environment - latterly as Minister of State with responsibility for climate change and energy efficiency policy. He has also been a member of the Shadow Cabinet, shadowing Agriculture, Trade & Industry, Health, Education, Environment and Transport. He is currently on the boards of four other companies, three of which are environmentally related and two of which are AIM listed. Peter Da Costa is the founder and Chairman of KPM-UK Taxis Plc, the UK's largest independent taxi dealership established in 1975. He was responsible for London Taxi International making KPM a main dealer in 1989, which was the first time an independent dealer had ever been appointed. Peter continues to advise on many issues relating to changes within the transport industry in London, especially environmental matters. Guy Saxton, Non-Executive Director of KPM, is well known in The City of London; having started his career at AXA and then moved to Fidelity. He sits on a number of boards and is CEO of First London Securities PLC. Fellow Non Executive Director, and former Director of Pannal PLC, John Swingewood has 30 years' experience in the telecommunications, broadcast and multimedia industries. Previously he was Director of New Media at BskyB plc and had responsibility for developing Sky's interest in Internet, E-Commerce, and Online TV applications, Telephony, WAP, Mobile and Broadband. This information is provided by RNS The company news service from the London Stock Exchange END CNTEAKKKFSFPEEE

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