APT MotoVox Group Inc. (MTVX)

[$Pistol Pete$]

APT MotoVox acquires new product called MotoPed

APT MotoVox Group Inc. announced Friday that it acquired MotoPed, a startup company with a product that combines a downhill mountain bike, a motocross motorcycle and a moped.
Kansas City-based APT MotoVox (OTCBB:MTVX) is a manufacturer of powersports vehicles and performance components for small engines. The company went public through a reverse merger earlier this year.
ATP MotoVox paid $200,000 in cash for MotoPed, with $50,000 paid immediately and $150,000 due on or before Oct. 31. During 2014, the company also will pay MotoPed 25 percent of the revenue on the first $1 million of sales of the bike and 20 percent on the second $1 million.
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The MotoPed sellers also receive one share of preferred non-voting stock for every $200 of revenue derived from MotoPed sales in 2014 and 2015.
The MotoPed bike uses a patented jack shaft pedal drive system and various lightweight displacement engine packages to create a bike that can get up to 160 miles per gallon as a commuter, yet be versatile enough to use on a back-country trail. APT MotoVox plans to add its SmartCarb technology to the MotoPed to boost fuel efficiency to about 200 miles per gallon.
"Looking at the expanding commuter and light transportation markets, we found a tremendous opportunity to deliver next-generation hybrids that offer incredible styling, heretofore unheard of flexibility, are green and economical to operate and maintain," MotoVox CEO Wayne Patterson said in a release. "Our new designs will open market opportunities such as the military, retail and municipalities."