SEOUL, SOUTH KOREA / ACCESSWIRE / May 24, 2016 / Leo Motors Inc. (OTCQB: LEOM) ("LEO") announced today that it has closed on an initial financing from an institutional investor through the sale of $395,000 in principal amount of debentures ("Debentures"). Net proceeds of $179,527.50 was received on May 18, 2016 and $179,527.50 shall be funded by June 18, 2016.. NMS Capital Advisors, LLC advised LEO on the financing and is working with LEO on additional financing.
LEO will use part of the proceeds from this funding towards its overall business plan to expand into China by forming a China based joint venture company which will manufacture electric buses and trucks. In addition, LEO will further expand its U.S. operations in developing its electric motor boat and power yacht conversion services. In its domestic market, LEO will market electric buses in Korea.
LEO has developed its patented battery swap system which enables vehicles to operate 24-hours a day without downtime for charging, as is currently the only solution with end users. By using the LEO technology, end users may swap-out used batteries with freshly charged batteries. Unlike its competitors, LEO's battery swap system allows it to use low cost equipment in swapping as a result of its patented cartridge battery system. This results in power package being divided into many lighter pieces.
In addition, LEO has developed a patented electric shock prevention system for electric motor boats and power yachts. Electric boat power systems have traditionally presented electric shock hazards because of the proximity of water. Thus users of "e-boats" are exposed to the potential of fatal electric shock accidents. LEO's proprietary technologies eliminate such dangers and this innovation positions LEO as the first company in the world to offer safety compliant water-friendly electric boats.
Dr. Kang, Chairman and CEO of LEO Motors, said, "We will start to commercialize our technology with the motor boat and power yacht conversion business in the U.S. We will offer to customers to convert existing Internal Combustion Engine motor boats and power yachts into electric motor boats and yachts. Through the use of our technology, we have developed an electric power system able to generate up to 600 horse power. Our electric power systems are also available as outboard ones." Dr. Kang added "There are many companies in the world who make electric cars, but only very few companies can make electric boats. The primary reason for this is that they do not have safety technology. The most important technology feature for e-boat safety is the LEO electric shock prevention technology. As a result of this, we are the only company in the world which can produce a truly safe e-boat."
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission.
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SOURCE: Leo Motors Inc.