Wednesday, 21 October 2015 11:15 AM
Product Announcements
SEOUL, SOUTH KOREA / ACCESSWIRE / October 21, 2015 / Leo Motors Inc. (OTCQB: LEOM) entered into a Memorandum of Understanding ("MOU") with the city of Puerto Princesa, to jointly establish citywide Electric Taxi (EV) businesses. The MOU is the first in conjunction with and arising from LEO's alliance with the BRUNEI DARUSSALAM BIMP-EAGA BUSINESS COUNCIL (BDBEBC).
Under the MOU, Leo Motors begins a project intended to retrofit over 4,000 Puerto Princesa internal combustion engine (ICE) tricycle taxies converting them into electric tricycle taxis. The MOU was signed at the city hall offices of Mr. Lucilo Bayron, the mayor of Puerto Princesa, along with other signatories, Mr. Pg Yura Kesteria PSN Pg Yusuf, chairman of BIMP-EAGA BEBC (Brunei, Indonesia, Malaysia and Philippines-East ASEAN Growth Area BIMP EAGA Business Council) (www.bimp-eaga.org), and Dr. Shi Chul Kang, CEO of Leo Motors.
Dr. Shi Chul Kang, CEO of Leo commented, "Previous e-taxi projects in Southeast Asian countries have not been successful because of the limited range and long charging time of taxi-owned batteries. With LEO's battery rental system, the tricycle taxi drivers will be back in service in a matter of minutes instead of waiting 3~4 hours daily for battery recharging."
The Joint Venture will establish battery rental centers around the city. Then tricycle taxi drivers can quickly swap depleted batteries for fully charged ones within minutes. The price of Leo's electric tricycles will be lower than ICE tricycles because they'll be sold without batteries. Taxi drivers will then rent the fully charged batteries at a cost substantially lower than fueling with gas.
Mr. Yusuf, chairman of BDBEBC said, "After successful deployment of the innovative battery rental e-taxi system in PPC, Leo and BDBEBC intend to expand the system to all major cities in Southeast Asian countries."
This press release includes "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. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission.
For more information please call:
Mike King 702 650 3000
SOURCE: Leo Motors