LAS VEGAS--Leo Motors, Inc. (Pink OTC Markets: LEOM) announced that Sea Motors Group LLC has agreed to return and cancel 2,000,000 shares of common stock previously issued to them, due to Sea Motors being unable to perform on its distribution agreement with Leo. Dr. Robert Kang, who left Sea Motors to become Leos CEO shortly after the agreement between the two companies, stated, I believe Leo will make substantial growth in 2011, as we continue to develop our relationships with various international companies and governments. It is unfortunate that our relationship with Sea Motors was unsuccessful, but I am very optimistic about our prospects looking forward with new partners.
It is important to me that we continue to build shareholder value. Until Leo reaches its immense potential, I believe it to be in the shareholders best interests for me to forego these options.
Separately, Dr. Kang has also agreed to cancel stock options to purchase 10 million shares, given to him for his role as CEO. Dr. Kang added, It is important to me that we continue to build shareholder value. Until Leo reaches its immense potential, I believe it to be in the shareholders best interests for me to forego these options.
With the cancellation of the shares and options, Leo now has 48,833,115 shares of common stock outstanding.
Leo Motors is a U.S. public company based outside of Seoul, Korea, engaged in the development, manufacture and sale of Electric Vehicle (EV) power trains and components. Leo has developed many original EV power trains and has converted many models of existing internal combustion engine (ICE) vehicles into EVs, including scooters, motorcycles, highway speed sedans, buses and trucks. Leo Motors has also developed Zinc Air Fuel Cell Generator (ZAFCG) which will free EVs from range limitation with zero emissions.