SOURCE: World Moto, Inc.

May 06, 2013 09:06 ET

World Moto, Inc. Approved by the Thai Science Ministry

BANGKOK, THAILAND--(Marketwired - May 6, 2013) - World Moto, Inc. (OTCBB: FARE) (OTCQB: FARE) (BERLIN: WM7) (BERLIN: A1J8SY) ("World Moto" or the "Company") management is proud to report that it has received final approval from the National Science and Development Agency (NSTDA), a division of the Thai Science Ministry, for admission to the Thailand Science Park. 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, the world's first motorcycle taxi meter.

World Moto's application for inclusion in the Thailand Science Park (TSP) was approved on April 10 from the NSTDA under the authority of the Thai Science Ministry. The approval grants World Moto the right to locate its research and development offices in the country's most exclusive R&D facility. In addition to government subsidized low rent office space, the admission qualifies World Moto to apply for low interest loans on research and development projects with values of up to 30 million baht ($1.03 million USD). R&D activities inside TSP also qualify for a 200% deduction on income taxes from the Thailand Revenue Department. Located on 80 acres inside Thammasat University, TSP is the most exclusive innovation hub in Thailand, with an 80 acre campus hosting 260,000 sq. meters of built up area, and nearly 3,000 full time researchers and engineers among the companies in residence. The TSP campus gives World Moto access to the country's best talent and most advanced technology infrastructure, as well as a private convention center and movie theater for training and demonstrations of World Moto's technology to its growing list of potential distributors. World Moto began its office relocation on April 16, and officially recorded its change of location on April 30.

Concurrently, World Moto has received final approval from the Thailand Board of Investment on its application for promotion. The terms grant World Moto 8 years of 0% corporate income taxes, followed by a 5 year period of 50% income tax relief. In addition, customs duties are waived for most imported equipment, and visa requirements for hiring foreign engineering talent are dramatically reduced.

CEO Paul Giles stated, "In addition to requiring a great product and great people, building a multibillion dollar business takes a solid corporate foundation. Abraham Lincoln is said to have stated 'If I had but an hour to chop down a tree, I would spend the first 45 minutes sharpening my axe.' With these most recent government approvals, World Moto has acquired the tools necessary to execute on its business plan and remake the motorcycle taxi industry with its transformative products."

World Moto welcomes the public to download its newly released Moto-Meter brochure at:

About World Moto

World Moto, Inc is the global authority on the $500 billion dollar a year motorcycle taxi industry and creator of Yes, the "Need it Now!" service. World Moto has 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."

Watch the Moto-Meter in use on motorcycle taxis:

Watch Yes:

To find out more about World Moto, Inc. (OTCBB: FARE) (OTCQB: FARE) (BERLIN: WM7) (BERLIN: A1J8SY), visit our website at 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, 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.

Contact Information

  • Contact:
    World Moto, Inc
    Investor Relations
    (646) 810-8781
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