SEOUL, South Korea, Nov. 12, 2012 (GLOBE NEWSWIRE) -- Leo Motors, Inc. (OTCQB:LEOM) ("Leo Motors" or the "Company"), an electric supercar and electrical energy storage device maker, and PDI C&D/RDC SPRL Inc. ("PDI"), an affiliate of PDI Global LLC, a major architectural design company in the U.S., have signed a contract to supply an independent solar power system grafted with Leo Motors' E-Box power storage device for a housing project in the Democratic Republic of the Congo ("DRC"). The contract contemplates an initial sale of 5,000 E-Box solar sets at an aggregate sales price of $64 million targeted to begin in 2013. Additionally, the purchaser can order an additional 50,000 E-Box Solar sets. However, there can be no assurance that any orders will actually be placed as a result of the agreement.
The E-Box system will be combined with a solar panel to provide an environmentally friendly solution to power outages for affordable housing in that part of the world. Unlike existing power systems, the Solar E-Box system is a Central Energy Storage System, which allows individual houses to use electric power through a photovoltaic system, eliminating huge facility costs. When fully charged, the E-Box automatically stores electricity. The all-in-one E-Box combined with a photovoltaic system streamlines the power generation process by eliminating many other components applied to existing photovoltaic systems.
Based on its production schedule, the Company expects to complete the full order by the end of 2015.
"This contract is significant, as it is Leo Motors' first signed contract to provide Solar E-Box systems supplying an independent electric energy source for homes in the DRC," said Jung Yong Lee, CEO of Leo Motors. "The energy storage system market is showing an upward trend worldwide. We anticipate that demand for the Solar E-Box will increase."
About Leo Motors
Leo Motors is a public U.S. company based outside of Seoul, Korea. It engages in the development, manufacture, and sale of Electric Vehicle (EV) Power Trains and components. Leo Motors has developed many original EV power trains and has converted many models of existing internal combustion engine (ICE) vehicles into EVs, including scooters, motorcycles, highway speed sedans, buses and trucks. Leo Motors has also developed a Zinc Air Fuel Cell Generator (ZAFCG), which will free EVs from range limit with zero emission.
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.