World Moto Inc. (fka FARE)

[Richie R]

Moto-Meter™ Granted Patent in Dominican Republic, Adding Another 500,000 Motorcycle Taxis to Its Patented Regions

NEW YORK, NY--(Marketwired - Dec 23, 2014) - World Moto, Inc. (OTCBB: FARE) (OTCQB: FARE) (BERLIN: WM7) (BERLIN: A1J8SY) ("World Moto" or the "Company") today announced that it has been awarded a patent on its Moto-Meter™ technology in the Dominican Republic until 2031.
Dominican Republic motorcycle taxis outnumber US automobile taxis by three to one (500k vs. 171k) and collectively provide double the number of rides per day, i.e., 8m vs. 4m (Sources: AMET; TLPA; Forbes). Mototaxis are found all around the Dominican Republic, where they are called "moto-conchos" and are used for almost every transport purpose imaginable.
The Dominican Republic is one of many countries where operators have expressed strong interest and the Company has an LOI agreement with qualified distributors. World Moto's success in securing patent protection in the Dominican Republic, gives the Company access to the vast mototaxi fleets of Haiti, the Caribbean and neighboring states of the Americas.
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. The Dominican Republic granted the patent as filed, with no changes or office actions required on any of its 28 claims, and will remain in force until February 8th, 2031. Nigeria was the first locality to complete its investigations and issue a patent. South Africa and Morocco were the second and third countries, respectively, to grant a patent. The remaining countries are currently in the substantive evaluation period and are expected to complete their investigations within the next two years. Based on its success in Nigeria, South Africa, Morocco, and the Dominican Republic, and its original favorable review from the Patent Cooperation Treaty Examiner, the Company expects ultimately to be awarded a patent in every remaining targeted jurisdiction.
About the Dominican Republic: the D.R. is a nation on the Caribbean island of Hispaniola, and is the third most populous Caribbean nation. The western three-eighths of the island forms the nation of Haiti. The Dominican Republic has the ninth largest economy in Latin America and the second largest economy in the Caribbean and Central American region. The Dominican Republic is an upper middle-income developing country, with a 2007 GDP per capita of $9,208, which is relatively high in Latin America. The Dominican Republic is a member of the World Trade Organization; has Latin America's third best transportation infrastructure; and is the most visited destination in the Caribbean.
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 the Wheelies™, Yes™, apps, mobile commerce, advertising, accessories, servicing, calibration and all associated offerings.
Paul Giles, World Moto's CEO, commented, "While teaching us that mototaxis perform almost 1 billion rides per day globally vs. approximately 60 million for automobile taxis, facts and figures alone cannot impress on us the extraordinary advantages mototaxis enjoy throughout the world over conventional taxis. They are the lifestyle choice of billions, and mototaxi operators are the messengers, deliverers, and personal assistants to which everyone naturally turns. Much 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. World Moto continues to be one of the only companies actively pursuing this industry, and it is our patents, along with the Moto-Meter™ and our Yes™ service, that will guarantee our success in this pivotal sector."
A copy of the Moto-Meter™ patent for Dominican Republic is posted at www.facebook.com/worldmoto
World Moto Changing the way the world goes around™
World Moto is the global authority on the $500 billion motorcycle taxi industry and inventor of the Moto-Meter™, Wheelies™, and Yes™.
Products/Services:
The Moto-Meter™ is 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."
Wheelies™ display static and streaming media on the wheels of motorcycles and automobiles, providing a unique and beautiful new mobile medium for advertising, broadcasting, self expression and publishing. According to Fast Company, Wheelies™ "invents a new kind of screen -- and one that's potentially ubiquitous...It's best seen to be believed."
Yes™ - Your Personal Convenience Store - Delivery in minutes - Popular food, snacks, beverages, household supplies, personal care, healthcare, and pet foods - Want it now? Yes™.
Community:
Facebook: http://www.facebook.com/worldmoto
Video Channel: http://www.youtube.com/user/worldmoto
Website: http://www.worldmoto.com
To find out more, please visit the links above. World Moto, Inc. trades on the following: (OTCBB: FARE) (OTCQB: FARE) (BERLIN: WM7) (BERLIN: A1J8SY).
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.
Forward-Looking Statements
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, use of proceeds and size of market for Moto-Meter. 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.
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