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NuState Energy Holdings, Inc. (USOTC:NSEH)
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COLUMBIA, S.C., Nov. 24, 2014 /PRNewswire/ -- NuState Energy Holdings, Inc. (OTC-PINK:NSEH) announced today, it has signed a definitive agreement with The Ronn Motor Group, with offices in Dalian, China and the United States, to license and market NuState's IP software, GPSTrax©, for use by Ronn Motor Group's partners in China and other international markets.
Completion of the exclusive license and marketing agreements was announced by NuState CEO Kevin Yates, who is focused on expanding international contracts for the company's IP software, with particular emphasis on the alternative and emerging fuel applications.
"We're excited to be partnering with The Ronn Motor Group, which is pushing into global markets where alternative fuel opportunities are important to the country," said Yates. "Revenue for GPSTrax© will begin with the first installations in several countries in the first quarter of 2015. We are now expecting these revenues for the company to grow from an initial $300,000.00 - $500,000.00 in the first 2 quarters of 2015 to $3,000,000.00 - $4,000,000.00 by the end of 2015. Over the next 2-3 years we project revenue to grow a 30-40% annually providing revenues of $10,000,000.00 - $12,000,000.00 by year 3.
According to Ronn Motor Group CEO Ronn Maxwell, the company is targeting the commercial and original equipment fleet vehicle markets in China, India and Europe providing validation, testing and data for government financial incentives in relation to alternative fuel and power technologies, utilizing the capabilities provided by NuState's GPSTrax©. "GPSTrax© is an important tool for validating, testing and logging results for any new alternative fuel or power technology, whether automotive, trucking or stationary platforms," said Maxwell.
About NuState
NuState Energy Holdings, Inc. is a technology company specializing in providing pertinent, real-time information to the worldwide transportation and security industries. NuState's proprietary software, GPSTrax©, is built on an Open Architecture platform for the logistics and telematics industries.
For more information about NuState, email info@nsehinc.com or call (803) 748-1309. NuState is located at 1201 Main Street, Suite 1980, Columbia, S.C. 29201
You can learn more about GPSTrax© software by visiting our website at www.nsehinc.com
About The Ronn Motor Group
The Ronn Motor Group is a privately held automotive development company with offices in the United States and China. It is working with various commercial and government entities in the development of new automotive platforms, including systems to track and validate emission reductions and alternative fuels. For more information about The Ronn Motor Group, email info@ronnmotorgroup.com.
Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's Forms 10-K and 10-Q filed with the SEC.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nustate-announces-worldwide-agreement-for-utilization-of-gpstrax-telematics-and-tracking-software-in-the-alternative-fuel-markets-300000303.html
SOURCE NuState Energy Holdings, Inc.
Copyright 2014 PR Newswire
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