SOLANA BEACH, CA (SEND2PRESS NEWSWIRE) — Armor Electric Inc. (OTCBB: ARME) is pleased to announce additional information regarding the company’s 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.
The first existing contract transferred into this JV is for the production of FOURTY-TWO THOUSAND “EPS” units to supply electric power propulsion to forty-two thousand newly designed electric powered three wheel taxi cab vehicles for a taxi cab company in Mexico City, Mexico. These electric powered taxi cabs will replace the same number of manually operated Pedi cabs currently operating (three wheel taxi cabs) in Mexico City today.
The government has mandated the change to electric powered three wheel taxi cabs with performance that can keep pace with the auto traffic and help cut down on auto air pollution due to sever congestion caused by the current slow moving manually operated taxi cabs.
The initial ‘start-up’ production is intended to be four hundred units a month but hopefully will increase rapidly to 1000 units a month per the terms of the contract with the Mexico City taxi cab customer.
This Joint Venture hopefully will provide significant revenues to Armor and the JV partnership. This production contract is intended to provide environmental friendly three wheel electric powered taxi cabs in one of the world’s largest cities who also have some of the worlds greatest air quality needs.
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.
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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.
News issued by: Armor Electric, Inc.
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Original Story ID: (1238) :: 2006-01-0131-001
Original Keywords: Armor Electric, Inc., OTCBB: ARME, Joint Venture Agreement with NuPow’r LLC, Mex, California, Solana Beach, supply electric power propulsion, electric powered three wheel taxi cab vehicles, taxi cab company in Mexico City, Mexico, arme.ob Armor Electric, Inc.
News Source: Armor Electric, Inc.