LAS VEGAS--(BUSINESS WIRE)--
Headline of release dated October 21, 2008 should read: Leo Motors Signs a Major Contract with the Philippines Government to Supply $15 Million in Electric Vehicles, Parts and Batteries (sted Leo Motors Signs a Major Contract with the Philippines Government to Supply $5 Million in Electric Vehicles, Parts and Batteries)
The release reads:
LEO MOTORS SIGNS A MAJOR CONTRACT WITH THE PHILIPPINES GOVERNMENT TO SUPPLY $15 MILLION IN ELECTRIC VEHICLES, PARTS AND BATTERIES
Leo Motors, Inc. (OTC: LEOM) announced today that it has signed a major contract with the city government of Puerto Princesa, of the Republic of the Philippines, to form a company to produce electric vehicles to sell in Puerto Princesa, and also throughout Asia.
The agreement includes minimum numbers of vehicles to be produced, as well as monetary contributions of up to $5 million by the government of the Philippines. The city government of Puerto Princesa, the capital of the province of Palawan, agreed to form a joint company to set up an assembly plant to supply the electric taxis and help manage the program financially. Leo Motors will supply knock-down parts and batteries for minimum 2,500 electric taxis to the joint company, and the city will subsidize 200 million Pesos (approximately $5 million U.S.). Before selecting Leo Motors, Mayor Hagedorn visited Leo Motors' factory in Seoul, and selected the model over other competitive models for being able to drive long distances and maintain peak power without losing battery power, in addition to ease of recharging.
Puerto Princesa is seeking to eliminate the pollution emitted by numerous tricycles, which emit carbons and pollution 15 times more than a typical passenger car. The city decided to create a tricycle that would make the air more breathable.
Leo Motors CEO & President Mr. John Lee said, "I am very proud that Leo Motors has signed this major agreement with the government. This contract will serve as the momentum for Leo Motors to be the leader of EV industry."
Electric vehicles to be produced by Leo Motors are 100% battery powered, and are fueled by recharging, rather than refueling at a petrol station. In the Leo Motors program in Puerto Princesa, to lower the initial E-Taxi purchasing cost, Leo Motors, together with the city in a joint venture, will operate the Fresh Battery Station, which is a battery swap center. When completed, drivers will not need to buy expensive batteries. Recharging is a simple process, which involves swapping a discharged battery for a fully charged battery, or plugging in the innovative quick charger to top up the battery at the battery swap center. Leo Motors’ advances in cutting-edge battery and charger technology are dramatically improving vehicle recharge times. Battery swaps will not take more than five minutes. When completed, the center would always be available for drivers with freshly and fully recharged batteries.
Leo Motors enjoys many technical advantages over existing better known companies in acceleration, mileage and shorter charge time. Leo Motors extends the longevity of the expensive Lithium Polymer Battery through new inventions, called Omni BMS and PCM, which digitally manage and control the battery charging. Leo Motor’s Super Lithium Polymer Battery Pack has the highest energy density and longest life ever developed. Such technologies are not found easily, even in the most expensive electric vehicles in the market. Lead Acid Batteries are not being used for this project because of their lower life, huge weight and contamination of the lands where disposed.
Electric cars are in the news almost daily. Large manufacturers and startups appear to be responding aggressively to changing circumstances and customer preferences. In the Philippines alone, there are 2.2 million tricycles. Neighboring countries like Vietnam, Thailand, Malaysia and Indonesia have more than 10 million tricycles contaminating the air. Leo Motors will have vast business opportunities in this region.
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.