SEOUL, SOUTH KOREA / ACCESSWIRE / June 6, 2016 / LEO Motors Inc. (OTCQB: LEOM) ("LEO" or "Company") has executed an agreement acquiring 50% ownership of Lelcon Co., Ltd. ("Lelcon"). Leo will issue 1,414,828 shares of its common stock at $0.30 per share in exchange for 50% equity in Lelcon. This all stock acquisition is consistent with the interests and goals of both LEO and Lelcon for future growth.
Lelcon has a proprietary connected car technology crucial in development of smart electric vehicles (EV's). This strategic acquisition allows LEO to accelerate development of fleet EV management systems based on Internet of Things (IoT) and Artificial Intelligence (AI) platforms.
Lelcon's system, branded as "AutoNsight", is an On-Board diagnostic and controlling device that detects, reports, and controls the status of power system components including motors, controllers, transmission, ABS breaking system, and battery power packs, information and communication systems including on-board navigation, entertainment system, and a comfort system. Based on IoT platform, AutoNsight is connected through mobile internet. EV status can be remotely monitored and controlled in the control tower through computer based devices including note books, tablets and smart phones. AutoNsight is available for both EV and Internal Combustion Engine vehicles, and is compatible to Google Auto and Apple Car Play.
Dr. Shi Chul (Robert) Kang, CEO of Leo Motors, said "The acquisition of this strategic stake in Lelcon is an important step in developing connected smart EVs. Lelcon's AutoNsight will reduce LEO's time to market for our connected electric buses and electric delivery trucks. We will also enjoy significant savings in development costs. For our battery swapping system for fleet EV's, we had continued to invest in the developing a mobile network based connected car system. Lelcon's technology provides such mobile network based system with no need for further investment."
Dr. Kang is an author of best-selling books in IoT and AL business. His book titled "Disruption - IoT Business Era" was one of the bestsellers in 2015, and he also published "AI network and Super Business" earlier this year.
Mr. Yun Ho Kim, CEO of Lelcon, commented, "Doing business with Leo Motors will provide us further development opportunity because Dr. Kang is a guru in IoT and AI businesses, and his expertise and insights gave us many ideas to articulate and expand the utilities of our solutions."
"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.