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Elio Motors Names Board of Directors

Troy, MI April 18, 2014

Elio Motors, Inc., today named nationally renowned business leaders to its Board of Directors, providing expertise in automotive design, manufacturing, marketing and finance that will help the company launch its enclosed, three-wheeled vehicle in 2015.

The board members include James Holden, former DaimlerChrysler CEO; Ken Way, former Lear Corporation CEO; Hari Iyer, CEO of Pamban Energy Systems; and, Stuart Lichter, founder and Chairman of the Board of IRG, LLC.

Elio Motors’ vehicle is engineered to achieve the highest safety rating, get 84 miles per gallon and sell for $6,800.00. The vehicle is already creating a groundswell of customer enthusiasm, as 13,000 people have paid for a vehicle reservation, the company has 100,000 Facebook fans and averages 250,000 monthly unique visitors to its web site. Currently, the vehicle prototype is on a 33-city nationwide tour, introducing the vehicle to potential customers.

Elio Motors will create more than 1,500 jobs at its manufacturing facility in Shreveport, LA., help reduce the country’s dependence on foreign oil and provide a more environmentally friendly transportation solution for American drivers.

“It is energizing to me and to our team to have so many industry icons as Directors who understand our vision, recognize the importance of transforming the American transportation industry and passionately support our development and success,” said Paul Elio, CEOof Elio Motors. “We look forward to the strategic input of all our board members as we fulfill our mission of low-cost, high-mileage vehicles for American drivers.”

James Holden
Mr. Holden is the former Chief Executive Officer of DaimlerChrysler, where he worked in various leadership positions for 19 years. His roles included Executive Vice President of Sales and Marketing responsible for directing all of the automaker’s sales, fleet and marketing organizations in the United States, Mexico and Canada, including Mopar parts operations. In addition, he serves as a director of Sirius XM Radio, Inc., Snap-on, Inc. and Speedway Motorsports. Mr. Holden was a director of Motors Liquidation Company until its dissolution in December 2011. Formerly, Mr. Holden served as a director for Meridian Automotive Systems, Inc. Mr. Holden earned a B.S. in political science from Western Michigan University and a M.B.A. from Michigan State University.

Ken Way
Mr. Way served as the Chief Executive Officer of Lear Corporation from 1988 to September 2000 and Chairman of the Board from 1988 to December 2002. Mr. Way served with Lear Corporation and its predecessor companies for 37 years in various engineering, manufacturing and general management capacities. During his career he has served as a Director for several organizations, including Wesco International Inc., Wesco Distribution, Inc., CMS Energy Corporation, Consumers Energy Company of Consumers Gas Group, North American Rubber Inc., Cooper-Standard Holdings Inc. (formerly, Cooper-Standard Automotive Inc.), Cooper-Standard Automotive NC L.L.C. and Cooper-Standard Automotive FHS Inc., United Way Cancer Institute, Business Leaders for Michigan, RP Scherer Corporation, Lear Corp., Comerica Inc. (Holding Company of Comerica Bank), Catalent Pharma Solutions Inc., and Detroit Renaissance, He is a Trustee of Kettering University and Henry Ford Health Systems.

Stuart Lichter
Mr. Lichter is founder, President and Chairman of the Board for IRG, LLC. He oversees all critical aspects of the business, including acquisitions, leasing, and property management at IRG. Mr. Lichter has held positions with General Services Administration of the United States Government, Mortgage Loan Department of New York Life Insurance Company, Marine Midland and started Quadrelle Realty Services, Inc. In recent years, he has acquired, in various forms and partnerships, over 100 industrial and commercial properties with a total size in excess of 100,000,000 square feet-making the portfolio the largest private holding of industrial and commercial real estate in the nation. Mr. Lichter is a national leader in transforming former military bases and industrial sites into thriving retail, residential and business.

Hari Iyer
Mr. Iyer is Chairman & CEO of Pamban Energy Systems, a company specializing in enhanced oil recovery using advanced simulation tools. He has nearly 25 years of business strategy, product development and operations experience in the automotive industry.

Before Pamban Energy, Mr. Iyer was Executive Vice President at Envia Systems. At Envia, he led all customer-facing commercialization and scale-up efforts. Prior to Envia, Mr. Iyer was Vice President, Engineering at Next Autoworks Company, a Kleiner Perkins funded automotive startup. At Next Autoworks, he led the creation of a North American auto industry first vehicle development process, which involved true supplier collaboration of more than 65 major Tier-1 and Tier-2 suppliers. Before that, Mr. Iyer was co-founder and Chief Operating Officer at Elio Engineering, a product development firm specializing in automotive and clean tech applications. Prior to Elio, Mr. Iyer was an engineering analyst at Johnson Controls, working with the various automotive component groups and their OEM customers. He received his M.S. in Mechanical Engineering from Penn State and his M.B.A. from Stanford.

About Elio Motors: Founded by car enthusiast Paul Elio in 2008, Elio Motors Inc. represents a revolutionary approach to manufacturing an ultra-high-mileage vehicle. The 3-wheeled Elio will attain a highway mileage rating of more than 80 mpg while providing the comfort of amenities such as power windows, power door lock and air conditioning, accompanied by the safety of multiple air bags and an aerodynamic, enclosed vehicle body. Elio’s first manufacturing site will be in Shreveport, LA., with plans for the first production vehicle to roll off the assembly line in 2015 and significant production, sales and distribution during the next two years. For more information, visit or

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