World Moto, Inc. (OTCMKTS:FARE) said on Tuesday it has been awarded a patent on the Moto-Meter in the People's Republic of China.
A leader in advanced solutions for motorcycle taxis and on-demand transport, World Moto has filed for patent prosecution of its Moto-Meter technology in 61 countries throughout Asia, Africa, Europe and the Americas.
These countries were carefully selected to cover most of the world's mototaxi and autorickshaw fleets and population. With the addition of China, World Moto has now been granted patents in 38% of the targeted territory, with the remainder expected to complete their substantive examination periods in the coming months.
"It is worth restating that in addition to representing a market over 15 times larger than automobile taxis, motorcycle taxis are the lifestyle choice of billions, and mototaxi operators are the messengers, deliverers, and personal assistants to which everyone naturally turns," said Paul Giles, World Moto's CEO.
"More so than the automobile taxis, this is the strategic segment which needs to be captured in order to become a global leader in local transport and commerce. And World Moto continues to be one of the only public companies actively pursuing this industry," he added.