Wednesday, 25 July 2018 05:00 AM
Company Update
SEOUL, SOUTH KOREA / ACCESSWIRE / July 25, 2018 / LGM Co., Ltd., a subsidiary of Leo Motors Inc. (OTC PINK: LEOM) announced that its consortium with Research Institute of Medium and Small Shipbuilding (RIMS) won 798 million Korean Won (around $800,000) for the Sail Drive development project from the public contest called "2018 Leisure Equipment Industry Development Grants" hosted by the Small and Medium Business Corporation (SBC) in Korea.
The Korean government organization, SBC announced that it selected the LGM consortium because the development of Sail Drive which earned a grant as a breakthrough for eco-friendly technology in water leisure. LGM’s Sail Drive will use wind power generated from sailing to recharge batteries eliminating conventional charging processes. Using hydraulic power, it generates electricity of more than 10kW per hour depending on the wind speed.
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.
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SOURCE: LGM Co., Ltd.