LAS VEGAS, NV – June 1, 2010 – (Motor Sports Newswire) – Li-ion Motors Corp. (OTC BB: LMCO.OB) www.Li-ionMotors.com, 21st Century Design & Engineering of emission-free all electric, high speed, long range automotive propulsion systems using the latest lithium-ion battery technology, announces that it has entered into an agreement licensing the marketing and manufacturing of its technology for Canada to a Canadian Corporation.
This license will enable the Canadian Company to immediately market in Canada all of Li-ion Motors products, including The Wave, The Inizio and LiV products. The license also enables the Licensee to independently manufacture these vehicles.
Upon completion of the valuation by an independent company, Li-ion Motors Corp. will receive a total of $1,000,000.00 CDN cash payment. The balance of licensing value will be paid in convertible securities of the Canadian Company. The Canadian Company will also pay Li-ion Motors Corp. an annual Research and Development fee of $500,000.00 following the second anniversary of the agreement and a royalty fee for every vehicle sold.
This licensing agreement marks the beginning of future agreements to be made in other countries throughout the world. This relationship between Li-ion Motors and prospective licensees would enable our technology to be utilized instantaneously, thereby eliminating the need for the licensee to spend tens of millions of dollars in Research and Development of electric vehicles, and instead move directly into marketing and manufacturing taking advantage of current government incentives in its prospective country.
FORWARD LOOKING STATEMENT:
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company’s current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ.
SOURCE: Li-ion Motors Corp.