LEO MOTORS, INC. (OTCMKTS:LEOM) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement
On May 8, 2017, Leo AIC Co., Ltd. (Leo AIC), a subsidiary of Leo
Motors, Inc., a Nevada corporation (the Company) entered into a
joint venture company agreement (the JV Agreement) with Lan Zhou
Xinqu Zhonghan Chanye Jingji Fazhan Gongsi Co., Ltd. (LZC), a
company established and existing under the laws of the Peoples
Republic of China, to establish a joint venture (the JV) in
China, to develop, manufacture and sell street lamps and products
for a smart city.
to the JV Agreement, the JV will have a registered capital of RMB
100,000,000 (approximately $14.5 million), with LZC owning 51%
and Leo AIC owning 49%. The total capital contribution shall be
completed no later than 90 days from the date Senyuan Leo is
incorporated, which deadline may be further extended if
necessary.
In addition, the JV Agreement contains customary provisions such
as representations and warranties and shareholders rights and
responsibilities.
The foregoing description of the JV Agreement is not complete and
is qualified in its entirety by reference to the full text of
Exhibit 10.1which is attached as an exhibit to this Current
Report on Form 8-K and is incorporated by reference herein.
Item 8.01Other Events.
On May 8, 2017, the Company issued a press release announcing the
JV Agreement. A copy of the press release is attached hereto as
Exhibit 99.1.
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(d) Exhibits. |
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Exhibit No. |
Description |
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10.1 |
Joint Venture Company Agreement, dated May 8, 2017 |
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99.1 |
Press Release, dated May 8, 2017, issued by the Company |
About LEO MOTORS, INC. (OTCMKTS:LEOM)
Leo Motors, Inc. is engaged in the development, assembly and sale of the energy storage devices and electric vehicle components. The Company operates through the sale and manufacture of specialized electric vehicle segment. The Company, through its subsidiary, Leo Motors, Co. Ltd., is engaged in the research and development of multiple products, prototypes and conceptualizations. It operates through four unincorporated divisions: new product research and development (R&D), post R&D development, such as product testing, production, and sales. Its products include E-Box electric energy storage system for solar and wind power generation devices, and electric vehicle (EV) components that integrate electric batteries with electric motors, such as EV Controllers that use a mini-computer to control torque drive. It has developed electric power train systems (EPTS) of power rating, including over three Kilowatts, five Kilowatts, 7.5 Kilowatts, 15 Kilowatts, 30 Kilowatts and 60 Kilowatts. LEO MOTORS, INC. (OTCMKTS:LEOM) Recent Trading Information
LEO MOTORS, INC. (OTCMKTS:LEOM) closed its last trading session 00.000 at 0.124 with 15,400 shares trading hands.
