ECOtality, Inc. Announces Year-End 2007 Financial Results and Business Outlook for...

ECOtality, Inc. Announces Year-End 2007 Financial Results and Business Outlook for 2008

-- Revenue of $2.6 M includes partial fourth quarter revenues of
acquired subsidiaries

-- Management expects to be cash flow positive in 2008

-- Completed several acquisitions that would provide $13.7
million in base revenue on a pro forma trailing twelve month
period

-- Total assets for 2007 increased 47% to $11.7 million
SCOTTSDALE, Ariz.--(Business Wire)--
ECOtality, Inc. (OTCBB: ETLY), a renewable energy company that
acquires and commercially advances clean electric technologies and
applications, today announced financial results for the quarter and
year ended December 31, 2007.

Revenue for the fourth quarter and year ended December 31, 2007,
was $2.3 million and $2.6 million, respectively. As the acquisitions
of Innergy Power Corporation, Electric Transportation Engineering
Corporation (eTec), and Minit-Charger were completed at separate times
during the fourth quarter of 2007, only revenues that were derived
from these subsidiaries after their respective acquisitions were
closed are reflected in the financial statement. The overall increase
in revenues reflects the successful execution of the Company's
strategies to transition from a development-stage company to a
revenue-generating and diversified renewable energy company in 2007.

"2007 was a year of significant transition for ECOtality, as we
now have a solid platform of diverse revenue-generating companies that
are positioned to substantially expand our market presence in several
burgeoning alternative energy markets," said Jonathan Read, president
and CEO, ECOtality. "We began 2007 as a developmental company that was
purely focused on advancing our hydrogen generation system, Hydrality.
Now, through several key acquisitions, we have diversified our
technology portfolio to mitigate the risks of being solely dependent
upon the hydrogen technology sector and have a variety of
electrocentric products and technologies that are positioned for
strong and immediate commercial growth in various rapidly growing
alternative energy markets."

KEY OPERATIONAL HIGHLIGHTS FOR 2007

-- Completed several acquisitions that provide ECOtality a pro
forma revenue-base of companies with combined trailing
twelve-month revenues of $13.7 million for 2007; acquired
companies are engaged in several alternative energy markets
that diversify ECOtality's technology portfolio.

-- Obtained more than $11.5 million in sales contracts as a
result of the acquisitions.

-- The acquisitions of eTec and Minit-Charger established a
leadership role for the Company in providing infrastructure
solutions for the current transportation industry shift to
plug-in hybrid electric vehicles (PHEV) and electric vehicles
(EV).

-- Acquired manufacturing facilities in Mexico that are operated
under a Maquiladora program with Innergy Power, with
capabilities to expand production and manufacturing of solar
module systems and energy storage products.

-- Announced working relationship with Arizona Public Service
(APS) and the U.S. Department of Energy (DOE) on their
Advanced Hydrogasification Project (AHP) that will investigate
the use of Hydrality(TM) for large-scale utility applications
that support efforts to deliver clean electricity to the
public.

-- NASA's Jet Propulsion Laboratory (JPL) reported significant
performance advancements have been made with regard to the
Hydrality, which include: An increase in hydrogen storage and
output by 70 to 90 percent; Meets or exceeds DOE 2010 goals
for hydrogen storage and weight; Reduced temperature,
resulting in lower cost of materials; Reduced system
complexity, which lowers system cost and size; Regeneration
efficiency increased by approximately 400 percent.

2007 ACQUISITION INFORMATION

-- Electric Transportation Engineering Corporation (eTec)
specializes in the research, development and testing of
advanced transportation and energy systems, and holds
proprietary rights to an advanced battery fast-charge system
for airport ground support equipment, neighborhood electric
vehicle operations, and marine and transit applications.

-- Minit-Charger is an advanced battery monitoring and
fast-charge system that is used in mobile material handling
applications.

-- Innergy Power Corporation is the only North American
manufacturer of both renewable energy solar modules and
thin-sealed rechargeable lead batteries.

-- Fuel Cell Store is the leading international online
marketplace for fuel cell related products and technologies
and has active international operations in the United States,
Japan, Russia, Italy, and Portugal.

ACQUISITION INTEGRATION

ECOtality's integration of Fuel Cell Store, Innergy Power, eTec
and Minit-Charger is substantially complete. All operations of Fuel
Cell Store have been consolidated into the Innergy Power facility in
San Diego, California. eTec, which operates Minit-Charger, has
consolidated all operations into eTec's Phoenix, Arizona headquarters,
except for the manufacturing and assembly of Minit-Charger products,
which has been consolidated to Low & High Power Group Inc. of
Mississauga, Ontario. eTec has also completed the rebranding of all
fast-charge products, including the eTec SuperCharge system, under the
Minit-Charger brand.

2007 FULL-YEAR RESULTS

Revenue for the twelve-month period ended December 31, 2007 was
$2.6 million, compared to $0 revenue for the twelve-month period
ending December 31, 2006. Gross profit for the 2007 fiscal year was
$1.2 million compared to $0 in the previous year. At December 31,
2007, ECOtality had total assets of $11.7 million, an increase of 47%
compared to total assets of $7.9 million at December 31, 2006. The
increase in revenue and total assets were a result of the several
revenue-generating acquisitions the Company completed in 2007. In
addition to increasing top-line growth, the attained companies have
expanded ECOtality's market footprint into additional clean and
renewable technology markets for hydrogen systems, fuel cell products,
photovoltaic (PV) solar modules, energy storage systems, advanced
battery monitoring and fast-charge systems, and advanced vehicle
infrastructures.

Operating loss for the year ended December 31, 2007 was $12.4
million, an improvement of 12% when compared to the operating loss of
$14.1 million for the same period in 2006. Net loss for the
twelve-month period ending December 31, 2007 was $13.7 million, an
improvement of 5.5% compared to the net loss of $14.5 million for the
year ended December 31, 2006. General and administrative expenses
totaled $6.1 million for 2007, an increase of 30% when compared with
$4.7 million for 2006. The increase in general and administrative
expenses is primarily related to the post-acquisition integration
costs, the hiring of key management, an increase in professional fees
for legal and accounting services, and one-time settlement and
impairment expenses. Excluding the one-time settlement and impairment
expenses totaling $5.9 million, operating loss for the year ended
December 31, 2007 was $7.6 million, a 54% improvement over the same
period in 2006.

2008 OUTLOOK

In 2008, ECOtality plans to achieve the following:

-- Continued Revenue Growth: Leverage the newly attained
subsidiaries in order to organically expand ECOtality.

-- Cash Flow Positive: Based on our strong top-line growth,
ECOtality expects to be cash flow positive in 2008 as the
Company continues to expand its product offerings.

-- Electrocentric Expansion: Continue to evaluate joint venture
opportunities and profitable acquisition candidates that align
with the Company's clean electrocentric strategy and increase
overall market presence.

-- Enterprise Resource Planning (ERP): Implement a Company-wide
ERP system to support more automation, tight inventory
controls and more cost-effective operating procedures.

-- Opportunistic Development: Focus research and development
expenditures towards advancing technologies with immediate
market potential, while also seeking to significantly
subsidize development efforts through joint development
projects or federal funding.

-- Optimize Operations: Utilize senior management's expertise and
experience to reduce overhead and unnecessary costs of
subsidiaries in order to increase margins and improve
earnings.

"We have established a strong foundation of revenue-generating
companies that are poised to flourish in 2008," continued Mr. Read.
"As major automotive manufacturers aim for mass production of PHEVs by
2010, eTec is immediately positioned to play a leading role in
providing infrastructure solutions for this next generation of
electric vehicles. Additionally, with increasing international demand
for solar products, we will look to aggressively expand Innergy's
solar operations and further capitalize on their manufacturing
capabilities. Through robust organic growth, streamlined operations,
strategic technology development, and continued execution of our
electrocentric growth strategy we are confident that we can support
our internal capital needs, increase shareholder value and achieve
strong financial results in 2008."

About ECOtality, Inc.

ECOtality, Inc. (OTCBB: ETLY), headquartered in Scottsdale, Ariz.,
is a renewable energy company that acquires and commercially advances
clean electric technologies and applications. ECOtality aggressively
accelerates the development of companies and technologies that address
today's global energy challenges. Through strategic acquisitions,
partnerships and technology innovations, ECOtality strives to advance
the market applicability of clean electric technologies to become
accepted alternatives to carbon-based fuel technologies. For more
information about ECOtality, Inc. please visit www.ecotality.com.

Forward-Looking Statements

This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
forward-looking statements are inherently uncertain as they are based
on current expectations and assumptions concerning future events or
future performance of the company. Readers are cautioned not to place
undue reliance on these forward-looking statements, which are only
predictions and speak only as of the date hereof. In evaluating such
statements, prospective investors should review carefully various
risks and uncertainties identified in this release and matters set in
the company's SEC filings. These risks and uncertainties could cause
the Company's actual results to differ materially from those indicated
in the forward-looking statements.

Media Relations:
Blanc & Otus Public Relations for ECOtality
Lisa Goodwin, 415-856-5113
lgoodwin@blancandotus.com
or
Investor Relations:
Alliance Advisors for ECOtality
Thomas Walsh, 212-398-3486
twalsh@allianceadvisors.net

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