AMP's 100% Electric GM Saturn Sky Finalist in $10 Million Progressive Insurance Automotive's International X PRIZE Competition

BLUE ASH, Ohio, July 1 /PRNewswire-FirstCall/ -- AMP Holding Inc. (OTC Bulletin Board: AMPD), a company engaged in the all-electric, emission-free conversion of GM vehicles,  announced today that the AMP electric car has advanced to the finals of the Progressive Insurance Automotive X PRIZE worldwide competition after passing the most recent "knockout" qualifying stage.  

After beginning with a field of 111 teams from 11 countries who applied for entry, AMP is among a select group of only eight teams remaining in the Automotive X Prize alternative side-by-side finals.  The competition boasts a virtual who's who of the most fuel efficient vehicles in the world today, all of which will be going head to head in a quest to win their share of the $10 million prize.

Steven Burns, CEO of AMP, said, "This competition validates the excitement and international interest surrounding consumers' desire to reduce dependency on oil.  We are particularly proud of our entry in the competition, as the AMP'd 100% electric GM Saturn Sky is the only production vehicle in the final round of competition."  

As electric powered car companies are coming of age and becoming truly mainstream, a few have debuted on the public markets.  AMP began trading in early June (OTC Bulletin Board: AMPD), followed by another major electric car company with their IPO earlier this week.

The AMP'd electric Sky is a GM Saturn Sky converted by AMP, and powered by REMY International motors.  As part of AMP's current offering of converted electric vehicles, the AMP'd Sky, as well as the full-size AMP'd Electric GM Equinox crossover, can be ordered by visiting the AMP website: www.ampelectricvehicles.com.  Initial deliveries are expected to reach the market this year, by the end of summer.

The X Prize Final Stage of the Competition will take place at the Michigan International Speedway from July 19 – 30, 2010.  It will include dynamic safety checks, and on-track challenges, gaining key performance information about aerodynamics and rolling resistance.  The winner will be announced after validation in August.

For a complete list of the eight alternative side-by-side finalist teams click here:  http://www.progressiveautoxprize.org/team-central

About AMP Holding Inc.:

AMP was founded in 2007 by automotive industry veterans who have created several hi-tech companies.  Currently, the AMP team is comprised of top engineers and business executives, as well as two key pioneers of GM's EV1 project.  AMP's first conversions to all-electric are the GM Saturn Sky and the Pontiac Solstice, and most recently, the Chevrolet Equinox.  Since its inception, the AMP converted all-electric GM Saturn Sky has proven itself to be an idea that has generated an extreme amount of interest, with inquiries coming from around the world.  AMP will be converting a wide range of GM vehicles to all-electric, and expects to announce new model conversions in 2010.  The Company expects its vehicle conversion technology will provide new solutions to America's energy demands.

To learn more, visit the AMP website at www.ampelectricvehicles.com.

About the Progressive Insurance Automotive X PRIZE:

The goal of the Progressive Insurance Automotive X PRIZE is to inspire a new generation of viable, super fuel-efficient vehicles that offer more consumer choices. Ten million dollars in prizes will be awarded to the teams that win a stage competition for clean, production-capable vehicles that exceed 100 Miles per gallon or energy equivalent (MPGe). The Progressive Insurance Automotive X PRIZE will place a major focus on efficiency, safety, affordability, and the environment. It is about developing real, production-capable cars that consumers will want to buy, not science projects or concept cars. This progress is needed because today's oil consumption is unsustainable and because automotive emissions significantly contribute to global warming and climate change. The ten million dollar purse and partial funding for prize operations was provided by Progressive Insurance.  Additional major funding for education, outreach, and technical operations was provided by $9 million in grants from the U.S. Department of Energy. Additional funding for prize operations was provided by Cisco and private donors. For more information about the Progressive Insurance Automotive X PRIZE, please visit www.progressiveautoxprize.org or email [email protected].

Forward-Looking Statements:

Certain statements contained in this press release may constitute "forward-looking statements".  Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov).  In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes.  The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change.  However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so.  These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.

Information: www.ampelectricvehicles.com

SOURCE AMP Holding Inc.

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