SOURCE: World Moto, Inc.

January 07, 2013 16:05 ET

World Moto, Inc. Opens North African Regional Office in Lagos, Nigeria -- a $150 Million Market for Moto-Meter

BANGKOK, THAILAND--(Marketwire - Jan 7, 2013) - World Moto, Inc. (OTCBB: FARE) (OTCQB: FARE) (BERLIN: WM7) (BERLIN: A1J8SY) ("World Moto" or the "Company") is pleased to announce the opening of its North African regional office located in Lagos, Nigeria. 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.

Nigeria is one of many countries where distributors, moto taxi operators, and officials have expressed strong interest in the Moto-Meter, and feedback from initial discussions has been entirely positive. Establishing a physical presence in the city is now essential for the Company as it enters the process of formalizing these discussions into a clear plan to introduce the Moto-Meter into Lagos and cities across Africa. World Moto intends to commence shipping inventory to this part of Africa by the third quarter of 2013.

According to Reuters, there are as many "as one million motorcycle taxis in Lagos, ferrying everyone from commuters to school children around a city whose major roads are almost permanently gridlocked." The city has a total population of 11 million people and represents a potential market for World Moto in excess of $150 million from sales of the Moto-Meter alone. In addition, many of the inhabitants of other cities in Nigeria rely solely on motorcycle taxis for intra-city public transport services and exposure in Lagos should rapidly open up these additional markets.

Note that saturation of the Moto-Meter is projected to reach 100% within three years of introduction in any given market and its life expectancy/repurchase cycle is estimated at three years. Market estimates do not include potential revenue from Yes services, mobile commerce, advertising, accessories, servicing, calibration and all associated offerings.

World Moto CEO Paul Giles stated, "Lagos is a perfect location for World Moto's debut on the continent of Africa which represents vast opportunities from Nigeria all the way south to Cape Town."

Watch the Moto-Meter in use on motorcycle taxis:

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 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:
    Investor Relations
    World Moto, Inc.
    Telephone: (646) 810-8781
    For more information contact investor relations at Email Contact