LAS VEGAS, NV--(Marketwire -02/14/12)- Leo Motors, Inc. (Pinksheets: LEOM.PK - News) announced today that it has entered into an agreement with Mastretta Cars to co-develop the electric version of their 2012 Mastretta MXT.
The Mastretta MXT was recently recognized by Road & Track Magazine "10 Best Cars"; L.A. Auto Show on Nov. 17, 2011, and was also well received at the Paris Auto Show.
The development of this high performance electric sports car will use the body and chassis of the Mastretta MXT and the electric power train, electric motor, battery power pack and other electric vehicle (EV) components from Leo Motors.
Additionally, Leo has entered into a Memorandum of Understanding (MOU) with Beverly Hills Exotic Motors in Los Angeles to promote and sell the MXTE once the development is complete.
Deloss Pickett of Beverly Hills Exotic Motors added, "The combination of Leo Motors' proven technology and Mastretta's design and production capability is a stunning combination that will be the envy of Hollywood and to be sought from around the world while at a reasonable price.
"The MXT is already a wonderful gas powered street legal race car powered by a Turbo Ford-sourced engine.
"I recently test drove the MXT at Mastretta's home track outside of Mexico City and it is a thrill to drive. The car is eye-popping on the freeway as well. I'm honored to have the opportunity to work with these two innovative companies."
Leo claims that the MXTE will perform higher speed and longer distance than any other EV's ever developed for the road using MXT's light weight aluminum and carbon fiber body and Leo's high power electric power train and battery management system (BMS).
According to John Lee, CEO of Leo Motors and a pioneer in the EV industry, "Leo has already been developing an electric super car named as LZ-1 since last year and by adding the MXT to its portfolio, Leo will be specialized in the high speed premium EV market."
John Lee noted that Mexico is Korea's 10th largest trading partner posting $11.3 billion in 2011.
About Leo Motors
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 Zinc Air Fuel Cell Generator (ZAFCG) which will free EV's from range limitation with zero emissions.
About Mastretta Cars
MASTRETTA CARS is a division of Tecnoidea SAPI de CV, a Mexican design and engineering consulting firm based in the Mexico City area with more than 20 years experience in the transportation industry. Through creativity, innovation and technology, Tecnoidea helps businesses create products from the initial concept all the way to successful product development. Tecnoidea effectively becomes an extension of its clients' product development team. Backed by a solid reputation in providing world-class design and engineering services, Tecnoidea enables visions to become commercial success.
Tecnoidea drew upon all areas of its business to develop the MXT, which clearly demonstrates the capabilities of the company.
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.
Princeton Research, Inc.
For Commercial Interests:
Beverly Hills Exotic Motors