SOURCE: World Moto, Inc.

World Moto, Inc.

January 05, 2016 08:00 ET

Motorcycle Taxi Startups Surging in India, World Moto Contacted by Multiple Operators

NEW YORK, NY--(Marketwired - Jan 5, 2016) - World Moto, Inc. (OTC: FARE) (BERLIN: WM7) (BERLIN: A1J8SY) ("World Moto" or the "Company"), a leader in advanced solutions for motorcycle taxis and on-demand transport, today announced that it has been contacted by multiple operators in India looking to take advantage of new regulatory approvals for use of motorcycle taxis in passenger transport.

Haryana, the state surrounding New Delhi on 3 sides, has just become the second state in India, after Goa, to officially permit the use of two wheeled vehicles for commercial passenger carriage. Operations in Haryana officially began on December 1, and these new regulations are already raising expectations that states such as Delhi, Mumbai and Bengaluru will soon follow suit. Current estimates are that Haryana alone will require a fleet of at least 50,000 motorcycle taxis and that the industry could represent billions of dollars.

World Moto has recently received an unprecedented number of inquiries from interested parties throughout India as media coverage of this new opportunity has inspired a burgeoning excitement among Indian entrepreneurs, investors and operators. As an example, Baxi, one of the initial operators in Haryana, has already raised $1.5 million in seed money and received commitments from investors of more than $15 million. Baxi has announced they plan to raise around $30 million in the next round of financing. Operators who have contacted the Company have all specified that meters are an integral part of their business plan. India has a strong culture of metered taxis and auto rickshaws.

CEO Paul Giles stated, "India represents a huge market, and just the National Capital Region alone, of which south Haryana is a part, is home to nearly 50 million people. That is nearly 5 times the size of Greater Metropolitan Bangkok, and should motorcycle taxis reach similar densities represents a market of nearly 1.5 million vehicles. This is an extraordinary opportunity for Indian operators to enter a completely untouched market free of any cultural legacies, and World Moto is committed to working with all of them to help build the most professional motorcycle taxi fleets in the world."

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

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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.

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