Green Automotive Company (OTCPK:GACR) acquired Newport Coachworks Inc. from Carter Read for $11.9 million on October 12, 2012. As part of consideration, Green Automotive will issue 5 million shares at the time of closing and an additional 22 million shares. The additional 22 million shares shall be issued upon Newport Coachworks obtaining bona fide, binding purchase orders, with cash down payment standard in the industry, from third party purchasers requiring Newport Coachworks to manufacturer Sixty buses with compressed natural gas engines at Newport Coachworks' manufacturing facility within the first twelve months following the payment of one-half of the initial forecasted funding. The additional shares would be held in escrow. The terms of the transaction include Green Automotive providing certain financing to Newport Coachworks which will be used over the next 12 months to establish and expand Newport Coachworks's manufacturing facilities and to invest in new product development.

At closing, Newport Coachworks shall enter into the employment agreement with Carter Carter Read, where in will Carter Read serve as the Chief Executive Officer of Newport Coachworks. The transaction is subject to approval by Green Automotive's Board of Directors, federal and state governmental regulatory agency approvals, and third parties approval. Craig V. Butler of Lebrecht Group acted as legal advisor for Green Automotive.

Green Automotive Company (OTCPK:GACR) completed the acquisition of Newport Coachworks Inc. from Carter Read on October 12, 2012.