ALTe LLC Announces the Addition of Simon Ahn to Its Board of Directors

AUBURN HILLS, Mich., Nov. 1, 2010 /PRNewswire/ -- ALTe LLC, the Michigan-based technology company and mass producer of hybrid and electric powertrains, is proud to announce the addition of Simon H. Ahn, Esq., to its Board of Directors.

Ahn is an attorney with 20 years of business law experience and has been managing partner and counsel for the law firm of Ahn and Associates, LLC since 1996.

In addition to being the largest investor of ALTe, Ahn is also the Principal and owner of Green Detroit Regional Center and represents the investors' interest of SMS Investment Group, LLC.  

ALTe has partnered with the Green Detroit Regional Center (GDRC), a United States Citizenship and Immigration Services (USCIS) approved regional center, to provide exclusive EB-5 investor visas to qualified foreign investors. ALTe qualifies for TEA, a Targeted Employment Area, and the project is pre-approved by USCIS. GDRC and ALTe have authorized SMS Investment Group, LLC to capitalize ALTe for an amount up to $20 million in two phases.

"We are proud to have Simon Ahn as a member of our Board," Thomas said. "His significant investments directly and through SMS has taken ALTe to the next level. Additionally, his global reach has proven very valuable."

"I have committed my funds and network to the cleantech sector," Ahn said. "ALTe came to my attention as one of the most significant plays in that space while offering very attractive returns. Further, I found the management team and Board are excellent, the business model is scalable globally, and somebody had to break the chicken or the egg syndrome plaguing the industry."

ALTe is the developer of a Range Extended Electric Powertrain used to Repower Light Commercial Vehicles. The system is retrofitted into existing fleet vehicles and used in "glider" applications to dramatically increase their fuel economy and lower emissions. Designed to replace a base V-8 internal combustion engine powertrain, the system's patented technology improves fuel economy from 80% to 200%.

ALTe is currently in development testing of their systems and are taking advanced orders for vehicle shipments.

About ALTe LLC

ALTe LLC is a Michigan-based technology company and mass producer of Range Extended Electric Powertrains. ALTe is committed to leading the evolution of the automobile industry from gasoline-powered vehicles to electric technology. With a unique combination of Detroit and Silicon Valley automotive engineering experience, ALTe is dedicated to innovation, excellence in engineering and operations, while advancing sustainable mobility, energy security and environmental stewardship. For more information, visit www.altellc.com.

SOURCE ALTe LLC