- May 17, 2007
Armor Electric ships electric pedi-cabs to Mexico City
Last spring, the company said that because its CEO, Merrill W. Moses, went to "a Republican dinner with President Bush, Senators and Congressmen this past week in Washington, D.C." and "participated in the National Republican workshop forum on the Republican four part Energy Initiative which, in part, is a 'brain thrust' and 'think tank' to develop loans and grants for new technology in the fields of alternative energy, hydrogen and ethanol fuels, hybrid electric systems, conservation and other energy saving technologies," Moses was able to get on the good side of "these Senators and Congressmen who are currently directly involved in Congressional Sub Committee's on Energy." I have no idea how or if those connections helped with the company's fortunes, but the company now has at least two deals in the works for these pedi-cabs.
Since at least January 2006, Armor has been working with companies in Mexico. In that month, the company announced more info on its "Joint Venture Agreement with NuPow'r LLC to provide 'electric propulsion systems' for electric powered vehicles. Under this agreement, existing and future contracts for the production of 2,3 and 4 wheeled 'electric propulsion systems' (EPS), will be transferred to an operational Joint Venture."
In August, two three-wheeled taxi cabs were sent to Mexico City for "industry required 'stress testing' at a Government approved University. In November, Armor started talking with India's Hero Motors "to negotiate a worldwide manufacturing and distribution rights agreement for the three wheel electric taxi cab unit."
Formed in 1998, Armor Electric, "holds the rights for the use of certain proprietary technology to install electric propulsion systems on a variety of electric powered vehicles, including mountain bikes, motorcycles, regular passenger cars, buses and all other types of two and three wheeled vehicles, and watercraft," according to the OTC bulletin board. Technical details for the pedicab are not available (if they're on the website, I can't find them)
[Source: Armor Electric]
Prototype Pedi-Cabs Ship to Mexico
SOLANA BEACH, Calif., May 17 /PRNewswire-FirstCall/ -- Armor Electric Inc. (BULLETIN BOARD: ARME.OB) is pleased to announce that two prototypes of the electric powered pedi-cab will be shipped today to Mexico City where the vehicles will undergo standard certification testing by official government engineering labs. Representatives of the purchasing client, BIMO Electrico S.A., visited the facilities of Armor's EPS partner last week to inspect final engineering changes and to arrange for customs clearance. BIMO is paying for the transportation and testing of the vehicles, and after government certification BIMO is committed to a large scale purchase order. Armor expects the orders to ramp up on a monthly basis as manufacturing expands until the entire 40,000 unit requirement is fulfilled.
Merrill Moses commented: "Today is an exciting day for Armor and its shareholders. For more than a year, we have pursued the BIMO order with our EPS partners, funding large development costs and enduring numerous engineering changes and challenges as well as the usual delays expected when doing business with government entities. We anticipate a smooth certification process and hope to be able to announce orders and revenue for our shareholders in the near future. We are confident that a successful launch of the electric pedi-cabs in Mexico City will bring serious interest from metropolises around the globe that currently face unmanageable gridlock, pollution, and oil scarcity."
About Armor Electric, Inc.
Armor Electric, Inc. is a leader in the design, manufacture, and distribution of electric battery power drive systems for land and water vehicles.
This information 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 on the website might not occur, and actual results could differ materially from those anticipated or implied in the forward- looking statements.