SEOUL, SOUTH KOREA / ACCESSWIRE / April 19, 2017 / LGM Co., Ltd., a subsidiary of Leo Motors, Inc. (OTCQB: LEOM), entered a contract with SOH, Inc. ("SOH") for sales of electric passenger boats. The total contract amount is approximately $6.3 million for nine public boats for tourists, including four 12 seaters, three 20 seaters, and two 50 seaters to SOH. The details of the order from SOH are subject to change when the manufacturing process begins.
SOH is a local company developing tourism businesses in Udo, an island in Jeju where approximately two million tourists visit annually. The management of SOH owns the largest hotel in Udo.
Dr. Kang, chairman of Leo Motors, said, "This is the first electric passenger boat business in Korea. It will provide us with an opportunity to prove the excellency and sustainability of our electric propellant system to the world, as Udo is an international tourist destination."
Last month, LGM unveiled a new electric powerboat propulsion system at the 2017 Busan Boat Show in Korea, which produces up to 660 horse power (HP) and is compatible with most power boats and yachts.
LGM's electric inboard and outboard propulsion systems now range from 40 HP to 700 HP, and includes their Sailing Generation System for sailing yachts that uses power generated by wind to recharge batteries while under way, eliminating conventional charging processes. Any previous boat and yacht owners now have opportunities to convert their old engines into clean, odorless, silent, and low energy costs electric systems.
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.