BANGKOK, THAILAND--(Marketwire - Mar 7, 2013) - World Moto, Inc. (OTCBB: FARE) (OTCQB: FARE) (BERLIN: WM7) (BERLIN: A1J8SY) ("World Moto" or the "Company"), management would like to take this opportunity to provide its valued shareholders with an update on its corporate developments. 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.
Management maintains that the current market price of the stock is artificially low and does not represent the true value of the Company as it progressively executes on its business plan of building a global business with long term value.
The Company is currently evaluating several offers from qualified investment firms with the intent of further strengthening its balance sheet ahead of production of the Moto-Meter and launch of the Company's products and services.
Concurrently, discussions with governments, distributors and operators in multiple countries are continuing, and the Company anticipates successfully completing numerous agreements by the time volume production of the Moto-Meter is reached.
On March 5th, World Moto submitted its final application for privileged status with the Thailand Board of Investment (BOI) and expects to receive approval near the end of March 2013. Benefits include a 12 year tax holiday consisting of no income taxes for the first eight years and a 50% reduction for the remaining four.
In addition, the Company continues to work with relevant agents and agencies to prosecute its patent application in 61 chosen countries. These countries have been carefully selected to cover the majority of the world's mototaxi fleet and customers. Based on its initial favorable review from the Patent Cooperation Treaty Examiner, the Company expects ultimately to be awarded a patent in every targeted jurisdiction within the next four years.
Finally, on Monday, February 25, 2013, CBN-iTV, the first finance TV channel of China, ran a 5 minute, 25 second segment discussing World Moto's strategies and business opportunities during its one hour discussion of the US market that aired between 22:00 and 23:00. The commentary was offered by Warren Wang, the CEO of ChineseInvestors.com Inc. (CIIX). The complete one hour telecast is available at: http://v.youku.com/v_show/id_XNTE5MzQ4NTE2.html. The commentary on FARE begins at time index 7 minutes, 20 seconds and finishes at 12 minutes, 45 seconds.
Company CEO Paul Giles stated, "We're overwhelmed by the positive responses we've received about our products and are confident that continued progress toward profitability will be rewarded by the market with higher stock prices."
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.