Leo Motors Inc. (fka LEOM)

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Jul 20, 2016 (ACCESSWIRE via COMTEX) -- SEOUL, KOREA / ACCESSWIRE / July 20, 2016 / Leo Motors Inc. LEOM, +0.00% with the support of government officials of Henan, China, Leo Motors, Inc. (LEOM) and Zhong Ji Well Parking System Co., Ltd. (ZJWP) have signed a Memorandum of Understanding (MoU) to set up a joint venture company focused on battery production, electric boat business, and Connected Vehicle business based on Internet of Things (IoT) platforms. The MoU was facilitated by the city government of Xuchang who invited Leo.

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Based on the co-financing plan, LEOM will contribute EV, electric boat and IoT technology and ZJWP will contribute market developments and local manufacturing expertise. ZJWP, located in Henan, China, is one of China's largest smart parking system manufacturers who want to expand their business by entering into the businesses of battery power packages for EV, electric boats, solar and wind power plants, smart city lights, and energy storage systems (ESS) with LEOM's technology.

Dr. Kang Shi Chul, CEO of LEOM, said, "This MoU is an important step forward to expedite the commercialization of Leo's developments. Xuchang City is centered in Henan Province, China's most populated region, and will prove to be crucial in driving Leo's revenue. The Chinese government's involvement for this joint venture will provide greater market opportunities."




LEOM is an EV technology developer possessing numerous EV powertrain solutions such as the Cartridge Battery System, Extreme Battery Pack, EMR Prevention System, and Shock Prevention System. LEOM's subsidiaries include LGM, who is South Korea's only certified provider and distributor of electric fishing boats, and LELCON, a developer of IoT automotive maintenance devices, and real-time parking and city light management systems. Leo had already signed contracts to set up a joint venture company in the North Eastern Part of China. When this MoU completes its successful joint venture, Leo will have businesses in both North East and Middle regions in China.

As a result of signing this MoU, both parties will begin preparation of any necessary measures involved for the establishment of their joint venture's manufacturing plant.