Now here is where COLLECTING patents around the world began 2years ago.
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Wait for it..............
South Africa -- Africa's Largest Economy
NEW YORK, NY--(Marketwired - Apr 7, 2014) - World Moto, Inc. (OTCBB: FARE) (OTCQB: FARE) (BERLIN: WM7) (BERLIN: A1J8SY) ("World Moto" or the "Company") is pleased to announce that its patent application in South Africa is scheduled for publication and grant on April 30. Changing the way the world goes around, World Moto is a global authority on the $500 billion dollar a year motorcycle taxi industry and inventor of the Moto-Meter™, Wheelies™, and Yes™.
Africa is home to the highest population of motorcycle taxis on earth, where vast fleets ply the streets to provide essential mobility for up to half a billion people each day. World Moto's success in securing patent protection for the Moto-Meter™ in Africa's two largest economies, gives it a commanding position to access the vast opportunities from Nigeria in the north all the way south to Cape Town.
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 moto-taxi and auto-rickshaw fleets and population. Nigeria was the first locality to complete its investigations and issue a patent. South Africa is now the third country to grant or signal its intention to grant a patent, after IMPI in Mexico announced its intention to grant a patent two months ago. The remaining 58 countries are currently in the substantive evaluation period and are expected to complete their investigations within the next four years. Based on its success in Nigeria, Mexico, and South Africa, and its original favorable review from the Patent Cooperation Treaty Examiner, the Company expects ultimately to be awarded a patent in every targeted jurisdiction.
South Africa is one of many countries where distributors and operators have expressed strong interest in the Moto-Meter, and discussions have focused on introducing the product not only in South Africa but also in cities across Africa.
About South Africa: South Africa is a country located at the southern tip of Africa, and with close to 53 million people, is the world's 24th most populous nation. South Africa is ranked as an upper-middle income economy by the World Bank, and its economy is the largest and most developed in Africa, as well as the 28th largest in the world. South Africa maintains significant regional influence, and is a member of the G-20 major economies, which cumulatively represent more than 80% of the world's trade and nearly two thirds of the world population.
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™, mobile commerce, advertising, accessories, servicing, calibration and all associated offerings.
World Moto CEO Paul Giles stated, "The economic value of our Moto-Meter™ patent is enormous. Just the single continent of Africa has the ability to generate well over $20 billion in Moto-Meter™ purchases alone during the patent's lifetime. Now with protection in both of the two largest African economies and the remainder of the applicant countries expected to follow, the Company is certainly looking forward to sales from this region in the coming year."
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