SEOUL, SOUTH KOREA / ACCESSWIRE / August 18, 2015 / Leo Motors Inc. (OTCQB: LEOM) ("LEO") entered into Memorandum of Understanding with LG Uplus Corporation (LGU+) for development of hardware and software protocols for connected Electric Vehicles (EV) and Electric Boats (EB) based on the Internet of Things (IoT) technology.
Dr. Kang, CEO of LEO (on left) with Mr. Kwon June Hyuk, Vice President of LG Uplus Corporation
The collaboration between LEO and LG will establish a telecommunication infrastructure for electric vehicles and boats, thereafter developing a total service solution that integrates control and interactive devices for electric vehicles, boats, and their respective charger utilities.
They will also create new business service networks for electric vehicles and boats using Internet of Things (IoT) platforms.
Dr. Kang, CEO of Leo said, "Using the IoT platform, our development will include battery charging or replacement alert services and nearest juice outlet information services based on vehicle range monitoring. We will also provide cloud based electric power management and condition of electric power train monitoring services as well as EV fleet management services, roadside emergency battery charging or replacement services, and payment and self-certification services on the chargers."
A subsidiary of the LG group, LGU+ is recognized as a leading telecommunication company, and is a pioneer of Long Term Evolution (LTE) telecommunication technology. In the years 2011 through 2013 LGU+ developed and operated EV charging stations in Jeju Island in Korea as an integral part of a Smart Grid infrastructure project.
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.
About Leo Motors, Inc.
Leo Motors, Inc., through its subsidiary Leo Motors, Co. Ltd., is engaged in the research and development (R&D) of multiple products, prototypes and conceptualizations based on electric power generation, drive train and storage technologies. Leo Motors, Co. Ltd. operates through four unincorporated divisions: new product research & development (R&D), post R&D development such as product testing; production; and sales. The Company's products include, E-Box electric energy storage system for solar and wind power generation devices; EV components that integrate electric batteries with electric motors such as EV Controllers that use a mini-computer to control torque drive.
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