Moto-Meter™ Granted a Patent in China
LINK- http://www.marketwired.com/press-release/moto-meter-granted-a-patent-in-china-otc-fare-2127863.htm
TEXT:
May 24, 2016 10:37 ET
Moto-Meter™ Granted a Patent in China
Patent Now Covers 21 Countries Representing 2 Billion People and Approximately 40% of All Motorcycle Taxis in the World
NEW YORK, NY--(Marketwired - May 24, 2016) - World Moto, Inc. (OTC: FARE) (BERLIN: WM7) (BERLIN: A1J8SY) ("World Moto" or the "Company"), a leader in advanced solutions for motorcycle taxis and on-demand transport, today announced that it has been awarded a patent on the Moto-Meter™ in the People's Republic of China.
China is the world's most populous country, with an estimated population of more than 1.4 billion people. World Moto's latest success in securing patent protection for the Moto-Meter™ awards the Company coverage over an extensive region with a total area larger than the United States. Motorcycle taxis, called "chuzu motuo-che" in Chinese, are abundant throughout major cities in China, which are home to more than 55% of its population. This immense market represents potential sales in the billions of USD for the Company in Moto-Meter™ sales alone over the patent's lifetime.
World Moto has filed for patent prosecution of its Moto-Meter™ technology in 61 countries throughout Asia, Africa, Europe and the Americas. These countries were carefully selected to cover most of the world's mototaxi and autorickshaw fleets and population. With the addition of China, World Moto has now been granted patents in 38% of the targeted territory, with the remainder expected to complete their substantive examination periods in the coming months.
Note that the World Bank estimates that the numbers of motorcycle taxis will increase by more than 50% over the next five years. Also note that saturation of the Moto-Meter™ is projected to reach 100% within three years of introduction in any given market and that its life expectancy/repurchase cycle is estimated at three years. Market estimates do not include potential revenue from the Company's other products and services, such as Wheelies™, Yes™, apps, mobile commerce, advertising, accessories, servicing, calibration and all associated offerings.
Paul Giles, World Moto's CEO, commented, "It is worth restating that in addition to representing a market over 15 times larger than automobile taxis, motorcycle taxis are the lifestyle choice of billions, and mototaxi operators are the messengers, deliverers, and personal assistants to which everyone naturally turns. More so than the automobile taxis, this is the strategic segment which needs to be captured in order to become a global leader in local transport and commerce. And World Moto continues to be one of the only public companies actively pursuing this industry."
Watch a video of the Moto-Meter™ with smartphone app at:
To be added to the World Moto email distribution list, please email invest@worldmoto.com
About World Moto
World Moto is a technology company that designs, manufactures, markets and sells Moto-Meter products, devices that provide moto-taxi fare metering and other communication capabilities. The Company's Moto-Meter patents have been granted in 4 countries, with applications pending in another 56 jurisdictions. World Moto's products and services include the Moto-Meter™, arguably the world's first motorcycle taxi meter, Wheelies™, which display static and streaming media content on the wheels of motorcycles, and Yes™ (aka HailYes™), a smartphone app for on-demand transportation. For more information on World Moto, please visit World Moto's website at www.worldmoto.com.
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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, estimates of motorcycle taxi markets and Moto-Meter sales, release of HailYes™ apps, global ride-hailing market, growth of platform, target markets, product releases, product demand and, business strategy. 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.
Details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's EDGAR database.
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