BANGKOK, THAILAND--(Marketwired - Jun 25, 2013) - World Moto, Inc. (
World Moto is continuing on the aggressive execution of the strategies outlined in its business plan. The Company has completed assembling an optimal number of highly capable staff including experienced engineers in its R&D division at the Thailand Science Park. The development focus is simultaneously devoted to the revolutionary advertising product, Wheelies, as well as the Company's flagship product, the Moto-Meter.
The introduction of the Wheelies product to the market will occur in 3 phases. First, a demonstration video of the prototype product is anticipated to be available within a few weeks. The Company recently received the prototype printed circuit boards back from manufacturing, and is working rapidly to qualify the design and develop the firmware necessary to demonstrate its potential. This demonstration video will be used to attract media attention and secure high profile advertising for the next phase of the project. Phase 2 is slated to begin September 2013, and will consist of more than 100 motorcycle taxis showcasing the Wheelies product in several busy upscale areas around Bangkok. This novel advertising channel is already drawing interest from multiple premium Thai and international brands interested in this fresh medium for accessing their customers. This initial implementation will also function as the engineering trials in preparation for the product's commercial release. The final phase, full commercial release, is expected to commence in mid November 2013. The company intends to release the Wheelies product to interested parties through joint ventures with advertising agencies and exclusive licensing agreements with established moto taxi fleet operators. The global advertising industry is worth nearly $600 billion annually and with over 20 million motorcycle taxis globally, Wheelies could generate huge revenue streams for World Moto.
In parallel with this, the Company is working to adapt the Moto-Meter so that it can pass all current and anticipated regulatory requirements of INMETRO, the National Institute of Metrology for Brazil, as well as other international regulatory agencies. The Company is working with its associates in Brazil to prepare the Moto-Meter for its introduction in this lucrative market, where municipalities are already working on legislation to mandate its use. The Brazilian association of motorcycle manufacturers, Abraciclo, estimates that there are more than 1.8m motorcycle taxis operating throughout Brazil which presents a potential market to World Moto of approximately $300m on the sales of meters alone. A fully revised version of the Moto-Meter suitable for certification and sales is expected in December 2013. Note that saturation of the Moto-Meter is projected to reach 100% within three years of introduction in any given moto-taxi market and its life expectancy/repurchase cycle is estimated at three years.
To date, World Moto has received hundreds of unsolicited purchase requests from 42 countries for the Moto-Meter, including fleet operators of moto taxis, taxicabs, autorickshaws, van services, and pedicab operators in Minneapolis and New York.
World Moto CEO Paul Giles stated, "We've built a team of extraordinary people to ensure our product launches are profoundly successful in the near term and into the future."
Watch the Moto-Meter in use on moto taxis: http://www.worldmoto.com/videos.php
Download the Moto-Meter brochure at: http://www.worldmoto.com/brochure.pdf
About World Moto
World Moto, Inc. is the global authority on the $500 billion dollar a year motorcycle taxi industry and creator of the Moto-Meter, Wheelies, and Yes. World Moto has revolutionized the taxi industry by inventing the Moto-Meter, a landmark device that CNN, Newsweek, Wired, Moneylife, among others, are calling "the world's first motorcycle taxi meter" and "world's first portable taxi meter" and "first-ever black box for motorcycles," while the Times named it "one of the most significant innovations of this decade" and Fast Company declared it "The First Real Taxi Meter Innovation in 100 Years... a $3 billion dollar idea."
Watch the Moto-Meter: http://www.worldmoto.com/videos.php
Watch Yes: http://www.worldmoto.com/yes.php
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This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, projections of worldwide sales of World Moto, Inc's products and global markets. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.