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 offering
