SOURCE: Leo Motors, Inc.

September 12, 2011 22:43 ET

Leo Motors to Set Up Mass Manufacturing Plant

Leo and Local Government of Korea Entered Into an MOU to Get the Site

LAS VEGAS, NV--(Marketwire - Sep 12, 2011) - Mr. J. Y. Lee, CEO of Leo Motors, Inc. (PINKSHEETS: LEOM), entered a Memorandum of Understanding (MOU) with the governor of Chollanamdo Province and the mayor of Yeonggwang City to set up Leo's EV manufacturing plant in the city. According to the MOU, Leo will set up a mass manufacturing for EVs and EV parts including battery power packs in 8.2 Acre developed land prepared in the Daema Industrial park in Yeonggwang City of the Chollanamdo Province.

According to Mr. Lee, "Our mass manufacturing will be expedited with this MOU, because the city and province governments give us special financial and administration supports." The details of the MOU will be reported after definitive contract with the Yeonggwang City. With this agreement, Leo will be upgraded into a company having substantial tangible assets.

Based on the industrial development plan of Chollanamdo Province, Yeonggwang City has made the industrial cluster for Electric Vehicles, and invited leading EV companies in Korea. Leo met the criteria asked by the city, and was invited to set up a plant with full supports from the Province and the City.

About Leo Motors

LEO MOTORS is a US public company based outside of Seoul, Korea, engaged in the development, manufacture and sale of Electric Vehicle (EV) power trains and components. Leo has developed many original EV power trains to convert 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 limitation with zero emissions.

Forward-Looking Statement

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.

Contact Information

  • Mike King
    Princeton Research, Inc.
    (702) 650-3000