FARE - ?NEW YORK, NY -- (Marketwired) -- 02/09/16 -- 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 signed a memorandum of understanding for exclusive distribution of the Moto-Meter™ throughout Kenya.
The MOU authorizes the Kenyan distributor to immediately begin marketing the Moto-Meter™ in the assigned territory as an authorized partner of World Moto, and allows him to purchase the Moto-Meter™ at a specified price, with preferred lead times for orders of initial stock. World Moto has established Memorandums of Understanding as the preferred form of contract between the Company and distributors rather than more formal instruments in order to expedite agreements and offer flexibility to the distributor in establishing juristic entities and negotiating investment.
In addition to being considered the commercial hub of East and Central Africa, Kenya is the largest economy in the region. There are an estimated 500,000 motorcycles in the country, with more than 80% of them operating as motorcycle taxis, or boda boda's (Source:allafrica.com). Nearly 8 million people in Kenya use boda boda's every day, and the government has recently begun strengthening boda boda regulation, including requiring the use of helmets, protective clothing and insurance. The establishment of this distribution agreement is expected to put Moto-Meters™ on fleets and increase the chances of getting a government mandate.
Paul Giles, CEO of World Moto, stated, "In the last month, we've signed MOU documents for Uganda, Rwanda, and Kenya, three major countries of the East African Federation, all of which are leading their region in professionalizing the motorcycle taxi industry and represent potential revenues of several hundred million dollars in sales."
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