|By Marketwired .||
|January 18, 2013 04:12 PM EST||
BANGKOK, THAILAND -- (Marketwire) -- 01/18/13 -- World Moto, Inc. (OTCBB: FARE) (OTCQB: FARE) ("World Moto" or the "Company"), due to recent volatility in the Company's stock, management would like to take this opportunity to provide its valued shareholders with an update on its corporate developments. 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, the world's first motorcycle taxi meter.
Management maintains that despite the current trend in the stock price the company is moving forward on its aggressive business plan of developing the Moto-Meter market in its target areas of SE Asia, Africa, and Latin America, which equates to hundreds of millions of dollars in potential revenue for World Moto. The Company announced that on January 11th it closed a private placement for $1 million at 27 cents, and although the company has more interested investors these funds would be sufficient to execute the business plan through to production and revenue. Also, the Company is moving into the national phase of its patent prosecution in over 50 countries. This will cement the Company's dominance in these highly lucrative areas.
In December, World Moto chose its manufacturing partner and is ordering the molds for the outer casing of the Moto-Meter product. Management expects that volume production will begin within six months and thus allow fulfillment of the existing order backlog. Simultaneously, work has begun on implementation of Yes and final stage development of Circulars. The Company anticipates generating revenue with these offerings within four to five months. Discussions with distributors in multiple countries are presently underway.
Concurrently, World Moto is applying for privileged status with the Thailand Board of Investment (BOI) and expects to receive a 12 year tax holiday consisting of no income taxes for the first eight years and a 50% reduction for the remaining four.
Company CEO Paul Giles stated, "World Moto is committed to the successful launch of its technologies and is confident that continued progress toward profitability will be rewarded by the market with higher stock prices. We thank all of our valued shareholders for voicing their comments and concerns and we will work tirelessly on their behalf."
Watch the Moto-Meter in use on motorcycle taxis: http://www.worldmoto.com/videos.php
About World Moto
World Moto, Inc. is the global authority on the $500 billion dollar a year motorcycle taxi industry and creator of Yes, the "Need it Now!" service. World Moto has revolutionized the taxi industry by inventing the Moto-Meter, a landmark device that CNN, Newsweek, Wired, Moneylife, among others, are calling "the world's first motorcycle taxi meter" and "world's first portable taxi meter" and "first-ever black box for motorcycles," while the Times named it "one of the most significant innovations of this decade" and Fast Company declared it "The First Real Taxi Meter Innovation in 100 Years...a $3 billion dollar idea."
Watch the Moto-Meter in use on motorcycle taxis: http://www.worldmoto.com/videos.php
Watch Yes: http://www.worldmoto.com/yes.php
To find out more about World Moto, Inc. (OTCBB: FARE) (OTCQB: FARE), visit our website at www.worldmoto.com. Details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's EDGAR database.
Notice Regarding 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, projections of worldwide sales of World Moto, Inc.'s products and global markets. 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.
World Moto, Inc.
Telephone: (646) 810-8781
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