Seoul, South Korea / ACCESSWIRE / July 10, 2014 / Leo Motors, Inc ( OTCQB: LEOM ) signed a memorandum of understanding with Beijing Sanxing Automotive to establish a joint venture in China. Government owned Sanxing manufactures specialty trucks and vehicles. The joint venture will manufacture and market public vehicles such as electric buses, taxis and garbage trucks using advanced patented technology from Leo.
For the joint venture company, Leo’s Chinese partner has secured a manufacturing facility with about 400,000 square feet in Shan Hai guan, a harbor city located in the East of Beijing. The discussions of this joint venture have been ongoing since 2011. Sanxing has already chosen the body and chassis of existing vehicles which will be outfitted with the new power train developed by Leo.
Leo has developed a smart EV management system employing its own unique operating system (OS) developed with android platform. It interacts with EV’s, and knows EV’s location and status on the roads to assist their safety, and to alert battery exchange. The new OS will be connected with mobile internet utilizing, and analyzing data from the cloud instantaneously and predictively.
Also, Leo is developing new battery exchange system using its patented cartridge battery exchange system which will solve the cost barriers of the electric vehicle to make them less expensive than their Internal Combustion Engine (ICE) counterparts and to help solve battery charging problems. With evolutionary batter exchange system, Leo EV’s can exchange battery within one minute using simple and low cost equipment, which is far different from battery exchange systems used in ‘Better Place Project.’ This technology can be best used in fleet managed vehicles such as city buses, taxis, and garbage trucks. Drivers of Leo’s EV’s will less worry about the depletion of battery in the middle of the roads because battery exchange services can be also provided at any road sides by battery exchange service trucks in emergency situations.
The newly established joint venture will purchase intellectual properties made by Leo with limitation in the territory of China by giving up 20 percent of its equity to Leo. Leo is able to obtain 49% of the new joint venture. All new development costs will be paid by the new joint venture to Leo.
Dr. Robert Kang, CEO of Leo Motors said “Leo has been a research and development company for almost ten years. Now, with the new joint efforts with the Chinese Auto maker, it will turn into a complete EV manufacturing company. You will see a true break-through for electric vehicles.” Leo Motors has in excess of 50 EV patents and has developed many fast driving, safe vehicles including passenger cars, buses, trucks, bikes, and electric boats.
For More Information Please Call
Mike King, Princeton Research 702.650.3000
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.
Source: Leo Motors, Inc.