LAS VEGAS--(BUSINESS WIRE)--Leo Motors, Inc. (OTC Markets: LEOM) has reached an agreement to develop electric scooters for DAFRA Motos, one of the largest motorcycle companies in Brazil. Under the agreement, Leo will develop electric scooters using DAFRA’s internal combustion engine (ICE) scooter branded as “Smart 125.” DAFRA will pay for the development costs and provide bodies of Smart 125 scooters to Leo.
After development and proper tests, Leo will supply power trains and engineering services to DAFRA, and DAFRA will assemble the scooters using Leo’s power trains and chassis manufactured by DAFRA in Brazil. DAFRA intends to sell the electric scooters at its own brand’s 300 sales outlets. DAFRA is the third largest motorcycle brand in Brazil with approximately 200,000 motorcycles sold each year. For more information on DAFRA, visit its website at www.daframotos.com.
About Leo Motors
Leo Motors, Inc. is a US public company based outside of Seoul, Korea, engaged in the development, manufacture and sale of Electric Vehicle (EV) power trains and components. Leo has developed many original EV power trains and has converted many models of existing internal combustion engine (ICE) vehicles into EVs, including scooters, motorcycles, highway speed sedans, buses and trucks. Leo Motors has also developed a Zinc Air Fuel Cell Generator (ZAFCG) which is designed to free EVs from range limitations with zero emissions.
Forward-Looking Statement
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “will,” or “plans” to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company’s reports and registration statements filed with the Securities and Exchange Commission.