Saleen Automotive Inc (OTCBB:SLNN)recorded a successful debut of its Saleen model line up at the much esteemed and popular Shanghai Auto Show. After the recent success, the company has expanded its marketing and distribution deal with GreenTech Automotive, Inc. by signing a new Intellectual Property License deal. The new deal covers expanded distribution and exclusive Saleen brand and technology deal for the Asian market.
The original marketing and distribution deal was executed in March, last year. Since then Green Tech has handled the line-up of Saleen automobiles at the Beijing, Guangzhou, Chengdu, and Shanghai Auto shows at a much larger scale to get local market brand acceptance.
Saleen Automotive CEO, Mr. Steve Saleen said that it can take decades of persistence to attract market’s attention on new products. However, Green Tech and it team have performed a stellar job by bringing Saleen brand on the forefront in Chinese market. They have proven that they are dedicated in their efforts to expand the Saleen brand and associated distribution activities in the rest of Asian market.
Green Tech formed a new subsidiary firm known as Saleen Motors International to distribute Saleen branded products. Here, it is vital to highlight that SMI is a wholly owned subsidiary firm of Green Tech and not affiliated with Saleen Automotive.
The new Progressive Licensing Deal coincides with the launch of the new 2015 Mustang model, which is available internationally for the first time in its fifty-year history. The Chinese automotive market is largest in the world. Nearly 20 million new cars were sold in 2015 and with worldwide automotive sales slated to cross 117 million annually by year 2020, this progressive licensing alliance couldn’t have made at a better time.
Saleen Automotive Inc (OTCBB:SLNN) had an excellent week as it finished the last trading session with a mammoth gain of 63.64%. Quite obviously, the volume exploded to reach 221 million, more than 4 times higher than the daily average of 50 million. Interestingly, though the Friday price action crossed the highs made in the previous week, it failed to close above the 3 week long range high of $0.0020. Still, the price action coupled with the recent volume pattern gives an initial signal of accumulation by the smart money but that must be confirmed with more volume even if the price remains in a range for a few more days.