LGM entered MOU with Boat Body Manufacturer and Boat Distributor in China
SEOUL, SOUTH KOREA / ACCESSWIRE / January 30, 2018 / LGM Co., Ltd., a subsidiary of Leo Motors Inc. (OTCQB: LEOM) has entered a Memorandum of Understanding (MOU) to partner with Beijing Beijing Bonna Yachting Co. Ltd. as electric boat distributor and Beijing Keyuan Light Aircraft Industrial Co., Ltd. as electric boat hull provider.
Beijing Bonna, an exclusive distributor of Honda's internal combustion engine for boats and yachts in China. Beijing Keyuan has been manufacturing and providing conventional aluminum boats for public use in major lakes, rivers, and reservoirs in China. With this MOU, LGM is able to sell its electric propellant system using Keyuan's hull through Bonna's distribution channel. To protect the natural environment of the inland waters, the Chinese government does not issue operation licenses anymore to the boats using Internal Combustion Engines.
LGM successfully demonstrated the performance of its electric powertrain In the MOU signing ceremony. To see the performance, more than 40 governmental officers associated with electric boat procurement, certifying, licensing, inland water management and dealers attended. LGM is going to provide electric boats in reservoirs and national parks in Beijing and Zhejiang Province. Dr. Shi Chul Kang, chairman of LGM said, "After getting certifications in China, we expect that LGM will sell more than 100 units of electric propellant systems to the Chinese government in 2018."
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.
