NEW YORK, NY--(Marketwired - Feb 9, 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 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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About World Moto
World Moto is a technology company that designs, manufactures, markets and sells Moto-Meter products, devices that provide moto-taxi fare metering and other communication capabilities. The Company's Moto-Meter patents have been granted in 4 countries, with applications pending in another 56 jurisdictions. World Moto's products and services include the Moto-Meter™, arguably the world's first motorcycle taxi meter, Wheelies™, which display static and streaming media content on the wheels of motorcycles, and Yes™ (aka HailYes™), a smartphone app for on-demand transportation. For more information on World Moto, please visit World Moto's website at www.worldmoto.com.
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Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, estimates of motorcycle taxi markets, release of HailYes™ apps, global ride-hailing market, growth of platform, target markets, product releases, product demand and, business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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