$200 Million Dollar Deal!!!
Leo AIC Entered Major Joint Venture in China
Posted: May 08, 2017 2:53 PM
Updated: May 09, 2017 1:54 AM
SEOUL, SOUTH KOREA / ACCESSWIRE / May 8, 2017 / Leo AIC Co., Ltd. (“Leo AIC”), a subsidiary of Leo Motors, Inc. (OTCQB: LEOM), has signed a joint venture agreement with Lan Zhou Xinqu Zhonghan Chanye Jingji Fazhan Gongsi Co., Ltd. (“LZC”) to set up a Joint Venture Company (“JVC”) in Lanzhou City in Gansu Province in Northwest China to develop, manufacture, and sell smart street lamps and products for a smart city. The initial investment of the JVC is 100,000,000 Chinese Yuan, or approximately $14.5 million.
LZC will contribute 51,000,000 Chinese Yuan for 51% of the JVC, and Leo AIC will contribute 2,000,000 Chinese Yuan and its proprietary technologies for 49%. Contributing technology from Leo AIC was evaluated as 47,000,000 Chinese Yuan by contractors, and will be officially evaluated by an Evaluation Institute of Industrial Technology certified by the Chinese government.
Leo AIC’s proprietary technologies will be utilized in smart street lamps by the JVC, which will be sold to the city government to facilitate street lamps in the China-Korean Industrial Park in the new district of Lan Zhou city.
LZC will guarantee 20,000 units of smart street lamps within the first year after the relevant government procurement announcement for smart street lamps are listed on, and enter mass production.
“LEOM’s sales are expected to reach $200 million in the first year after commencement of production,” said Dr. Shi Chul (Robert) Kang, CEO of LEOM, “if LZC fulfills its binding liability in the agreement.” He also said, “We have a big picture. After successful deployment of our smart street lamps in Lanzhou city, our products will be spread to many other cities in China, and in the world.”
The smart street lamp of Leo AIC is like an intelligent robot pole, including voice/image recognition, digital signage, chatbot, tele-diagnosing, tele-operation, traffic/pedestrian sensing, solar/wind power generation, micro grid, cloud artificial intelligence, as well as lighting roads and sidewalks. What makes Leo AIC’s smart street lamp different from its competitors is its security solution, which adapts a blockchain algorithm used in Bitcoin. Leo AIC’s blockchain solution is a ledger of facts, replicated across several computers assembled in a peer-to-peer street lamp network.
