Saleen Automotive Inc (OTCBB:SLNN), a leading name in the automotive industry, has decided to expand its licensing agreement with GreenTech Automotive, Inc. The announcement from Saleen Automotive has come right after having a wonderful debut at the Shanghai Auto Show.
As per the reports, both the companies have an existing distribution and marketing agreement running, which has helped them growing at an amazing pace. They have entered into a new intellectual property license agreement to extend their association. The current agreement comprises of an exclusive Saleen technology and brand licensing agreement covering the entire Asian market.
Road So Far:
The initial distribution and marketing agreement was signed in March 2014, after which GreenTech Automotive campaigned for Saleen Automotives’ vehicle lines in various markets. Some of these locations are Beijing, Guangzhou, Chengdu, and Shanghai. With the help of GreenTech’s excellent marketing techniques and branding activities, Saleen Automotive got excellent results at all of these locations.
Senior Management Backs This Decision:
Senior management of the company is delighted to renew the agreement deal with GreenTech and hopes that it will bring desired results to the company. According to Steve Saleen, CEO, Saleen Automotive, it’s not easy for an automotive company to get established in any new market, thanks to GreenTech Automotive that helped Saleen on multiple occasions.
The entire management team of GreenTech Automotive has done exceptionally well in establishing Saleen in the Chinese market. Not only it made the launching of Saleen Automotive vehicle line in China easy but also ensured that branding and advertisement activities got executed in an effective way. Saleen Automotive hopes that it can expand in other Asian Countries and earn a prominent place with the help of GreenTech Automotive.
GreenTech will use its wholly owned subsidiary Saleen Motors International to distribute Saleen brand vehicles in China and other Asian countries to get desired results.
Saleen Automotive Inc (OTCBB:SLNN) ended the last trading session with a big loss of 23.53% that took the stock dangerously close to the 52 week low of $0.0007. The volume of 78 million was considerably higher than the daily average of 57 million, adding to the bearishness of the situation. A bear market of this magnitude demands a long basing action in the form of a sideways phase as a V-shaped recovery is not that frequently seen. The stock may be stuck in the range of $0.0005-$0.0020 for a few more weeks and only a break on the upside can change the state.