BANGKOK, THAILAND--(Marketwire - Dec 31, 2012) - World Moto, Inc. (OTCBB: FARE) (OTCQB: FARE) (BERLIN: WM7) (BERLIN: A1J8SY) ("World Moto" or the "Company") is pleased to announce that it has filed a patent for "an apparatus providing automated fare calculations and operating statistics to be installed on any means of conveyance." 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.
Speaking about the problems addressed by this patent, World Moto's CTO Chris Ziomkowski explained: "An enormous challenge in the design of the Moto-Meter was to include the functionality that drivers really needed to meet their complex mix of passenger transport and delivery services, while still making it lightweight and resistant to dust, weather and insects. The technology we have described in our patent application should help to revolutionize the entire industry."
It is problematical to install traditional taxi meters on motorcycles due primarily to the harsh environment that tends to quickly render them unusable. Moreover, a traditional meter has only limited utility for a moto taxi driver, who spends a significant fraction of his time running errands and courier services. In such instances, metering for the distance incurred walking and waiting can be just as important as the time and distance spent driving.
The Moto-Meter overcomes this limitation by including the most advanced rating engine in the industry, complete with MEMS technology, altitude sensors with sub meter resolution that can detect which floor of a building the device is on, and integrated GPS for detecting all types of motion. It can be ported between vehicles and carried by hand when required, and is equipped with Bluetooth and high speed wireless interfaces for reporting precise location.
The patent application also covers other important aspects of operation such as reduced fares through advertising and the ability to charge simultaneously in multiple currencies and ration coupons.
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: http://www.worldmoto.com/videos.php
Watch Yes: http://www.worldmoto.com/yes.php
To find out more about World Moto, Inc. (OTCBB: FARE) (OTCQB: FARE) (BERLIN: WM7) (BERLIN: A1J8SY), visit our website at www.worldmoto.com. 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.