Moto-Meter Granted a Patent in Nigeria -- Monopoly Guaranteed Until 2033
Marketwired
BANGKOK, THAILAND--(Marketwired - Nov 4, 2013) - World Moto, Inc. (OTCBB: FARE) (OTCQB: FARE) (BERLIN: WM7) (BERLIN: A1J8SY) ("World Moto" or the "Company") is pleased to announce that it has been awarded a patent on the Moto-Meter technology until 2033 in Nigeria, a country with more than 3 million motorcycle taxis. Changing the way the world goes around, World Moto is a global authority on the $500 billion dollar a year motorcycle taxi industry and inventor of the Wheelies and the Moto-Meter, the world's first motorcycle taxi meter.
According to Reuters, there are "as many as one million motorcycle taxis in Lagos," a city of Nigeria, and estimates for the total number of motorcycle taxis in Nigeria exceed 3 million -- a staggering number that is equal to the total number of automobile taxis in the entire world.
World Moto has filed for patent prosecution of its Moto-Meter technology in 61 countries throughout Asia, Africa, Europe and the Americas. These countries were carefully selected to cover the vast majority of the world's moto-taxi fleet and population. Nigeria is the first locality to complete its investigations and issue a patent. The patent was granted as filed, with no changes or office actions required on any of its 28 claims, and will remain in force until February 8, 2033. The remaining 60 countries are currently in the substantive evaluation period and are expected to complete their investigations within the next 4 years. Based on its success in Nigeria, and its original favorable review from the Patent Cooperation Treaty Examiner, the Company expects ultimately to be awarded a patent in every targeted jurisdiction.
Nigeria is one of many countries where distributors, moto-taxi operators, and officials have expressed strong interest in the Moto-Meter, and feedback from initial discussions has been entirely positive. The Company intends to begin formalizing these discussions into a clear plan to introduce the Moto-Meter into Lagos and cities across Africa.
About Nigeria: Nigeria, known as "The Giant of Africa," is the most populous country in Africa and the seventh most populous country in the world. Nigeria is the 2nd biggest African economy and listed among the "Next Eleven" economies. Nigeria is a member of both the Commonwealth of Nations, and the African Union.
Note that the World Bank estimates that the numbers of motorcycle taxis will increase by more than 50% over the next five years. Also note that saturation of the Moto-Meter is projected to reach 100% within three years of introduction in any given market and that its life expectancy/repurchase cycle is estimated at three years. Market estimates do not include potential revenue from the Company's other products and services, such as the Wheelies, Yes, mobile commerce, advertising, accessories, servicing, calibration and all associated offerings.
World Moto CTO Chris Ziomkowski stated, "The Moto-Meter will greatly affect billions of lives and we are pleased that the Nigerian Patent Office has so quickly recognized its novelty and industrial applicability. Having a patent on an innovation of this magnitude will allow us to fully develop the market for everyone's benefit."
World Moto CEO Paul Giles stated, "The monetary value of our Moto-Meter patent is enormous. In Nigeria alone, it could pave the way to generate over US$2 billion for the Company during the lifetime of the patent, and this will increase with each country approving our application."
World Moto, Inc. is the global authority on the $500 billion a year motorcycle taxi industry and creator of the Moto-Meter, Wheelies, and Yes. World Moto has created a new mobile medium by inventing the Wheelies and revolutionized the taxi industry by inventing the Moto-Meter, a landmark device that CNN, Newsweek, Wired, Moneylife, among others, are calling "the world's first motorcycle taxi meter" and "world's first portable taxi meter" and "first-ever black box for motorcycles," while the Times named it "one of the most significant innovations of this decade" and Fast Company declared it "The First Real Taxi Meter Innovation in 100 Years...a $3 billion dollar idea."
To find out more about World Moto, Inc. (OTCBB: FARE) (OTCQB: FARE) (BERLIN: WM7) (BERLIN: A1J8SY), visit our website at www.worldmoto.com and Facebook page at www.facebook.com/worldmoto. Details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's EDGAR database.
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This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, projections of worldwide sales of World Moto, Inc's products and global markets. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
