World Moto Inc. (fka FARE)

[EOT]

http://finance.yahoo.com/news/world-moto-signs-mou-moto-140000785.html


The MOU authorizes the Sri Lankan distributor to immediately begin marketing the Moto-Meter™ in the assigned territory as an authorized partner of World Moto, and allows him to purchase the Moto-Meter™ at a specified price, with preferred lead times for orders of initial stock. The distributor has influence on the boards of two major Sri Lankan transportation providers, VGO and Airport Express, and intends to provide an integrated, trusted solution for the entire Sri Lankan market by combining the strengths of both smartphones and the Moto-Meter™.

Sri Lanka is an island nation in the Indian Ocean, with a population of more than 21 million people and an estimated 735,000 three wheeled auto rickshaws as of 2012 (Source:Sunday Observer). Currently, approximately 40,000 of these vehicles have meters and their numbers are increasing ahead of expected government efforts to make them compulsory. The Moto-Meter™ offers unique advantages over alternatives due to its secure, anti-tampering features that reassures consumers, as well as its portability, ruggedized design, and ability to be integrated with smart phone applications and thus offer consumers a way to preferentially select trustworthy drivers equipped with the Moto-Meter™.

Paul Giles, CEO of World Moto, stated, "The Moto-Meter is a truly unique product that blends the distinct usage profiles of both meters and smartphones, and it is this unique proposition that is continuing to win praises and commitments from the companies who contact us. The opportunities we are creating today with these distribution agreements are the infrastructure that will propel the Company to record growth over the coming year."