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Bright Automotive Names New CEO

ANDERSON, IN (April 14, 2010) – Bright Automotive today announced that company Chairman Reuben Munger has been named Chief Executive Officer as the company explores strategic partnerships. John E. Waters, who served as CEO and President since founding the company in 2008, continues in a leadership role, serving as Vice Chairman. Under Waters’ leadership, Indiana-based Bright Automotive has developed the IDEA – a revolutionary plug-in hybrid electric vehicle for government and commercial fleets.
“As has been publicly discussed, Bright Automotive is pursuing strategic partnerships that will allow it to move into production,” Munger said. “Our conversations with potential partners have confirmed that our business strategy is correct and our vehicle is truly revolutionary. Our goal now is to find the right third-party alliance that will allow us to quickly bring the Bright IDEA vehicle to market and meet the significant customer demand.”
Munger commented, “We believe it strategic to adjust the leadership team during this period to place a greater focus on identifying, closing and integrating the appropriate partnership. John Waters will continue to offer the vision and technical know-how that has allowed the company to do amazing things in just two years. As CEO, my focus will be on taking the financing steps needed to move forward with building and selling our vehicles.”
Waters added, “Reuben’s deep background in investment and finance makes him the obvious choice to lead the company at this time. He has been intimately involved in company decision making since the beginning, so this will be a seamless transition. I look forward to continuing to work to achieve our company vision of creating innovative solutions that reduce oil use and emissions. As Vice Chairman, I will focus on vehicle strategy and will bring leadership to our advanced propulsion efforts.”
Reuben Munger has been Chairman of Bright Automotive since its founding. He is a seasoned investment professional, and Founder and Managing Partner of Vision Ridge Partners. Munger previously served as Managing Director at The Baupost Group, L.L.C., a $20 billion investment firm. During his decade long tenure at Baupost, the firm grew from under $1 billion in assets under management to over $12 billion. Earlier in his career, he was a consultant to Texas Pacific Group and an investment banker with James D. Wolfensohn, Inc. He serves as a director of a number of non-profit organizations including Stand for Children, EdVestors and the Rocky Mountain Institute and is a founding member of the Electrification Coalition.
Bright Automotive has developed the first purpose-built light plug-in hybrid electric vehicle for commercial and government fleets. The IDEA delivers a positive total cost of ownership to fleet customers by providing 5 to 10 times greater fuel efficiency than current fleet vehicles in its class. The IDEA operates in electric mode for 40 miles before switching to an estimated 36-mpg hybrid mode for 100+ mpg potential based on daily driving behavior. The IDEA provides long life aluminum construction, improved functionality and ergonomics, larger payload and dramatic fuel efficiency improvement over comparable vehicles. Bright Automotive provides details on the IDEA at www.brightautomotive.com.