Leo Motors Entered Into a $ 6 Million Dollar Deal
Leo Shares Its 56 Patents With Shenzhen Rui Li Da Shebei Ltd. in China
(firmenpresse) - LAS VEGAS, NV -- (Marketwire) -- 07/26/11 -- Leo Motors, Inc. (PINKSHEETS: LEOM) entered a Memorandum of Understanding (MOU) with a Chinese Company named Shenzhen Rui Li Da Shebei (SRLDS) Limited. According to the MOU, Leo will share its 56 patent technologies with SRLDS, and SRLDS in return will pay around US$ 6 million to Leo.
Using Leo's technology, SRLDS will set up an Electric Vehicle (EV) manufacturing plant in Beijing by initially investing approximately US$ 25 million. Leo will also invest approximately US$ 3 million to the new plant after receiving the payment of US$ 6 million. When the new plant is rolling, Leo will supply all major solutions of the Electric Vehicle (EV) power train including high power electric motors, battery power packs with battery management system, and power controllers.
According to Mr. John Lee, CEO of Leo Motors, "This MOU has great significance to our business. This deal means that our EV technology was acknowledged in China. With the new venture, Leo has a chance to demonstrate its technology in China and an opportunity to capitalize on its technology."
The Chinese government makes great efforts in promoting EVs as it pays approximately US$ 17 billion to subsidize the EV buyers and EV industry. Since last year, the Chinese government has subsidized around US$ 10,000 to each EV buyer. Also, the Chinese Governmental electricity supplier plans to make 6,200 charging stations in 27 major cities in China.
LEO MOTORS is a US public company based outside of Seoul, Korea, engaged in the development, manufacture and sale of Electric Vehicle (EV) power trains and components. Leo has developed many original EV power trains and has converted many models of existing internal combustion engine (ICE) vehicles into EVs, including scooters, motorcycles, highway speed sedans, buses and trucks. Leo Motors has also developed a Zinc Air Fuel Cell Generator (ZAFCG) which will free EVs from range limitation with zero emissions.
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.
Mike King
Princeton Research, Inc.
(702) 650-3000
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Datum: 26.07.2011 - 05:00 Uhr
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News-ID 37540
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