NEW YORK, NY--(Marketwired - Apr 21, 2014) - 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 Morocco. 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 Moto-Meter™, Wheelies™, and Yes™.
Africa is home to the highest population of motorcycle taxis on earth, where vast fleets ply the streets to provide essential mobility for up to half a billion people each day. World Moto's success in securing patent protection for the Moto-Meter™ in Africa's 1st, 2nd, and 5th largest economies (Nigeria, South Africa, and Morocco, respectively), gives it a commanding position to access the vast opportunities from the Mediterranean Sea in the north all the way south to Cape Town.
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 most of the world's mototaxi and autorickshaw fleets and population. Morocco granted the patent as filed, with no changes or office actions required on any of its 28 claims, and will remain in force until March 6th, 2033. Nigeria was the first locality to complete its investigations and issue a patent. Mexico and South Africa were the second and third countries, respectively, to grant or signal their intention to grant a patent. Together these four countries have 380 million people or 5% of the world's population. The remaining 57 countries are currently in the substantive evaluation period and are expected to complete their investigations within the next four years. Based on its success in Nigeria, Mexico, South Africa, and Morocco, and its original favorable review from the Patent Cooperation Treaty Examiner, the Company expects ultimately to be awarded a patent in every targeted jurisdiction.
Morocco is one of many countries where distributors have expressed strong interest in the Moto-Meter™.
About Morocco: Morocco, officially the Kingdom of Morocco, is a country in North Africa, bordering the North Atlantic Ocean and the Mediterranean Sea. Morocco has a population of over 33 million; its largest city is its main port, Casablanca. A historically prominent regional power, Morocco is a major tourist destination and home to many multinational companies attracted by Morocco's geographical and cultural proximity to Europe. Morocco is a major player in the African economic affairs, and is the 5th African economy by GDP (PPP). Morocco is a member of the World Trade Organization and included in the European Union's European Neighbourhood Policy (ENP).
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 CEO Paul Giles stated, "Once again, the economic value of our Moto-Meter™ patent is enormous. Just the single continent of Africa has the ability to generate well over $20 billion in Moto-Meter™ purchases alone during the patent's lifetime. Now with protection in the 1st, 2nd, and 5th largest African economies and the remainder of the applicant countries expected to follow, the Company is looking forward to sales from this region in the coming year, and the positive affect this technology will offer the people of Africa."
Copy of Moto-Meter™ patent for Morocco is posted at www.facebook.com/worldmoto
About World Moto
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™.
The Moto-Meter™ is 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."
Wheelies™ display static and streaming media on the wheels of motorcycles and automobiles, providing a unique and beautiful new mobile medium for advertising, broadcasting, self expression and publishing. According to Fast Company, Wheelies™ "invents a new kind of screen -- and one that's potentially ubiquitous... It's best seen to be believed."
Yes™ is a personal retail and delivery service that makes local commerce as convenient as the Internet. Simply tap an app and get refreshments, toothpaste, diapers and other necessities delivered anywhere in less than 15 minutes. Yes™ is your e-service.
To find out more about World Moto, Inc. (OTCBB: FARE) (OTCQB: FARE) (BERLIN: WM7) (BERLIN: A1J8SY), please visit:
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.
Notice Regarding 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, use of proceeds and size of market for Moto-Meter. 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.