NEW YORK, NY--(Marketwired - Jan 11, 2016) - World Moto, Inc. (
In recent weeks, several companies such as Bikxie, Baxi, and M-Taxi have begun offering motorcycle taxi services in Gurgaon, Haryana, a district of the National Capital Region (NCR) of India. Today the Company is pleased to announce that Moto-Meters have now been shipped to this rapidly expanding market, and that the Company has already received positive feedback from operators who have installed them on test bikes.
Haryana recently became the second state in India to officially allow 2 wheeled motorcycles for commercial passenger carriage, and multiple operators are currently establishing motorcycle taxi fleets in what is likely to be the world's first city with a fully professionalized motorcycle taxi service. It is expected that hundreds of millions of dollars of investment capital will flow into this region as operators fight for market dominance. During discussions with the Company, several operators have expressed their intention to expand their fleets to tens of thousands of vehicles during the coming year. The Haryana sub region of the NCR, which includes the Gorgaon district, has a population of more than 16 million people according to the 2011 census, and it is estimated that it can support several hundred thousand motorcycle taxis.
CEO Paul Giles stated, "The significance of fully professionalized motorcycle taxi fleets in a country with more than a billion people cannot be understated. With so much at stake, there is going to be a race to grab market share and the technologies employed are going to set the standard for how this market will evolve in other areas around the world. Apps and the Moto-Meter™ have distinct case uses and both are a necessity for operators who want to compete and thrive."
About World Moto
World Moto is a technology company that designs, manufactures, markets and sells Moto-Meter products, devices that provide moto-taxi fare metering and other communication capabilities. The Company's Moto-Meter patents have been granted in 4 countries, with applications pending in another 56 jurisdictions. World Moto's products and services include the Moto-Meter™, arguably the world's first motorcycle taxi meter, Wheelies™, which display static and streaming media content on the wheels of motorcycles, and Yes™ (aka HailYes™), a smartphone app for on-demand transportation. For more information on World Moto, please visit World Moto's website at www.worldmoto.com.
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Forward-Looking Statements
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, estimates of motorcycle taxi markets, release of HailYes™ apps, global ride-hailing market, growth of platform, target markets, product releases, product demand and, business strategy. 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.
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.
