World Moto keeps on rolling with Sri Lankan MoU
The wheels of tech firm World Moto (OTC: FARE) just keep turning as the firm said it was now set to roll out its ground-breaking motorcycle meter product in Sri Lanka.
The firm has inked a memorandum of understanding (MoU) for distributing Moto-Meter throughout Sri Lanka.
Chief executive Paul Giles told investors: "The Moto-Meter is a truly unique product that blends the distinct usage profiles of both meters and smartphones, and it is this unique proposition that is continuing to win praises and commitments from the companies who contact us.
"The opportunities we are creating today with these distribution agreements are the infrastructure that will propel the company to record growth over the coming year."
The deal allows the Sri Lankan distributor to immediately begin marketing the product at a specified price with preferred lead times for orders of initial stock.
Notably, the distributor also has influence on the boards of two major Sri Lankan transportation providers - VGO and Airport Express - and intends to provide an integrated solution for the entire Sri Lankan market by combining the strengths of both smartphones and the Moto-Meter, the firm said.
Sri Lanka has a population of more than 21 million people and an estimated 735,000 three wheeled auto rickshaws as of 2012.
"Currently, approximately 40,000 of these vehicles have meters and their numbers are increasing ahead of expected government efforts to make them compulsory."