Elio Amazed
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Paul Elio, founder and CEO of Elio Motors, discussed the latest on his company's operations May 11. District 12 Caddo Commissioner Louis Johnson's office had said that the gathering would be at 10:30 a.m. May 4 in Wheless Auditorium in Regions Center, 333 Texas St. in downtown Shreveport. BUT, it began at 10:00, today! "Per Commissioner Johnson, there was a miscommunication on his part regarding the date of Mr. Elio's visit to Shreveport," parish spokeswoman Krystle Grindley said. "Commissioner Johnson inadvertently provided the wrong date and apologizes for the misinformation." On April 25, Elio Motors and Overstock.com Inc. announced that Overstock would buy $2.5 million worth of newly issued shares of Elio Motors' common stock at $2.75 per share. Elio Motors said it intends to use proceeds from the sale to "fund capital expenditures and repay certain outstanding debt and accounts payable An Elio that was brought to Manhattan drew a crowd just parked against the curb," Overstock founder and CEO Patrick M. Byrne is quoted as saying in a statement announcing the deal.He continued, "I sat in it for five minutes and was in awe. It is really comfortable and feels like great fun. I am confident that this will become my car for at least two-thirds of the days I drive." On the same day it announced the Overstock deal, Elio Motors also announced that it expects to launch a security token offering to help fund production of its three-wheel vehicles. The news conference May 11 was not officially sponsored by the parish or Caddo Commission. It was being arranged at Johnson's request and in response to inquiries from people in his district. The last time Elio was in Shreveport, he made a commitment to continue communicating with Caddo Parish residents about his company's progress toward starting operations in the former General Motors plant in west Shreveport. Questions linger concerning the viability of the Elio project, but as stated by one commissioner, off the record, "We do get a million annually in revenue from what was a non-revenue generating asset." --Marion Marks
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