LGM Enters MOU with Shanghai Bosster IMP & EXP for Sales of Electric Propellant Systems
SEOUL, SOUTH KOREA / ACCESSWIRE / August 16, 2017 / LGM Co., Ltd. ("LGM" or the "Company"), a subsidiary of Leo Motors Inc. (OTCQB: LEOM), has entered a Memorandum of Understanding ("MOU") to appoint Shanghai Bosster IMP & EXP Co., Ltd. (Shanghai Bosster) as their non-exclusive distributor in China.
Shanghai Bosster, a boat propellant system provider with more than 300 dealers in China, will provide LGM's electric propellant systems to the tourism authority of the Kalajun National Park in China. Kalajun Lake in the National Park is to be one of the 5A grade tourism destination, like the Tiananmen Square in Beijing.
To protect the natural environment of the lake, Chinese government does not issue boat operation licenses to the Internal Combustion Engine boats. The rapid increase of the visitors, however, made the tourism authority of Kalaun National Park ask Shanghai Bosster to provide dependable electric boats which can receive licenses. And LGM was chosen as the most appropriate provider in the world by Shanghai Bosster.
The tourism authority of the National Park believes that LGM's cartridge battery swap system is most crucial application for sustainable operation of tourist boats. LGM has commercialized electric propellants that fit the performance requirements of tourist boats at Kalaun National Park - up to 500 horse power. When the project begins, LGM will provide at least 100 propellant systems per year in China.
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: LGM Co., Ltd.