LEO MOTORS, INC. (OTCMKTS:LEOM) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
LEO MOTORS, INC. (OTCMKTS:LEOM) Files An 8-K Entry into a Material Definitive Agreement
On December 20, 2016 (the “Effective Date”), Leo Motors Korea, Inc., a subsidiary of Leo Motors, Inc. (the “Company”), entered into an agreement (the “Agreement”) with Miho Story, Inc. (“Miho”) for the manufacture of smart phone vending trucks.
The Company shall, at its cost, and with the cooperation of Miho, conceive, design and develop the trucks, including, but not limited to, the development of the software and technology for the trucks. The Company shall manufacture a prototype based on an approved design, the cost of which shall be paid by Miho. to the Agreement, Miho shall place an initial order to the Company for 500 trucks in 2017. Miho shall thereafter place orders for a total of 1,500 trucks within 3 years of the Effective Date. The initial purchase price of each truck shall be KRW 69,800,000 (approximately $60,000).
The Agreement shall remain valid and in full force for three years from the Effective Date. The Agreement shall thereafter be automatically renewed for successive one year terms unless terminated earlier by either party to the terms of the Agreement.
Item 7.01. Regulation FD Disclosure.
On December 20, 2016, the Company issued a press release relating to the Agreement. A copy of the press release is furnished as Exhibit 99.1 of this report.
The information under Item 7.01 and in Exhibit 99.1 of this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information under Item 7.01 and in Exhibit 99.1 of this Current Report on Form 8-K shall not be incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release Issued December 20, 2016
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 down -0.0190 at 0.0910 with 301,708 shares trading hands.
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 down -0.0190 at 0.0910 with 301,708 shares trading hands.