Saleen Automotive Inc (OTCBB:SLNN) has signed a progressive licensing agreement for cars and car parts. Not long ago, Saleen model lineup was launched successfully at the Shanghai Auto Show. Now, this licensing agreement is another stepping stone for Saleen Automotive Inc that will help it enhancing reach in other markets.
As per the reports, Saleen Automotive has signed a licensing agreement with GreenTech Automotive, Inc. to expand its existing distribution and marketing agreement. The current licensing agreement comprises of extended distribution of company’s products and services in the Asian market.
Road So Far:
The initial distribution and marketing agreement was signed in March 2014, after which GreenTech Automotive made its efforts and campaigned a wide range of Saleen vehicles at the Shanghai, Chengdu, Beijing and Guangzhou Auto shows. It not only helped the company generating customer support, but also resulted in increased revenues.
The senior management of Saleen Automotive is delighted to sign this agreement and hopes that it will help the company achieving various targets. According to Steve Saleen, CEO, Saleen Automotive Inc, it has been an easy journey for the company. Last year, it got exposure of different markets and experienced a high level of competitiveness. Saleen Automotive looks forward to touching newer heights in the coming months as well.
With the help of GTA team, Saleen Automotive has got excellent response in the Chinese market. Had the GTA team not supported Saleen Automotive in branding and other marketing initiatives, this wouldn’t have been possible for the company. Now, as both the companies have executed another licensing agreement, Saleen Automotive hopes that GTA will help the company spreading its roots in the rest of the Asian markets.
GTA will distribute Saleen branded products through its wholly owned subsidiary Saleen Motors International. Further updates will be made public from time to time by both the companies.
Saleen Automotive Inc (OTCBB:SLNN) has been in a bear market for a long time now and suffers the same fate as the other bearish stocks, which is the rejection of every attempt to rally. In an established downtrend, every rise or bounce is taken as another opportunity to sell at the higher levels. This stock tried to break above the short term range on the last day of the previous week but the following session turned that breakout to be a false one as it lost 5.56%. The volume of 76 million, much higher than the daily average of 53 million, didn’t help the bulls.