Leo Motors Acquires Leo Greentier Marines


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OTC:BB:LEOM
12/04/2013 [ACCESSWIRE]

Seoul, South Korea / December 4, 2013 / ACCESSWIRE / Leo Motors Inc. (OTCBB: LEOM) announced that it contracted to acquire 25 percent of Leo Greentier Marines (LGM). LGM developed an electric power system for both small and medium sized fishing and power boats as the main propulsion system. The electric boats are used throughout Korea and Japan for the important coastal farming of numerous commercial products such as abalone and seaweed.

LGM is developing 5kW/h~300kW/h class electric propulsion systems. Standing on the basis of 300kW-class electric propulsion system capable of speeds up to 90km/h, LGM is going to apply it to fishing boats, general boats, infiltration boats for military, skiffs, and lifeboats in 2014. Its performance and quality are equal to those of the existing internal-combustion engine propulsion system. Furthermore, it can have economic feasibility and environment friendly by being operated only with 10% of the existing fuel costs (based on general gasoline) and protecting marine resources and environment since it doesn’t need to use fuels.

LGM has also developed a breakthrough E-boat technology named Cartridge Battery Systems (CBS). CBS divides battery power packs into 15 to 30 pound cartridge units. Fisherman can easily manage the removal, recharge, and replacement process. Developing CBS, LGM solved the biggest challenge of e-Boat. Power packs on e-boats must be charged on land. Existing battery-packs must be taken in and out of a boat with a crane because their burdensome 200-400 lb weight.

LGM received an international patent on CBS technology and enjoys cooperation and support from the Korean government. LGM is engaged in numerous projects with the Korean government to enact laws and regulations related to e-fishing boats and also establishing battery-charging stations in fishing villages.

 

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.

 

For more information please call
Mike King 702 650 3000

 

Source: Leo Motors

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