MOORESVILLE, NC- March 1, 2012 – Li-ion Motors Corp winner of the 2010 X-Prize using 21st Century Design & Engineering of emission-free, all electric, high speed, long range automotive propulsion systems using the latest lithium-ion battery technology, updates current status for shareholders. On February 22, 2012 Li-ion Motors completed its one for five reverse split. LIMO is the new symbol.
Management is optimistic as 2012 gets underway that this will be a good year with many accomplishments for the company.
Current R & D Developments:
Li-ion is developing an in-house motor controller to work with our Patented Battery Management System (BMS) which will continue to increase the efficiency. During the 2010 X Prize, Li-ion Motors proved its BMS resulted in a 30-50% higher efficiency than the competition. By continuing to develop in house elements of the propulsion system we are able to further increase the efficiency and the amount of energy used to drive our vehicles.
The benefit of higher efficiency will increase the range, while utilizing less lithium ion batteries to travel similar distances as the competition thereby reducing the cost of propulsion systems developed by Li-ion Motors.
Li-ion is further enhancing the performance of the INIZO with dual motors, a 5 speed sequential transmission and high performance capacitor that truly makes the INIZIO the fastest electric supercar in the world.
Li-ion Motors celebrated the 4 year anniversary of the first ever lithium electric vehicle sale to a consumer anywhere in the world. This lithium electric car was sold in 2007 through the “Once in a Lifetime” package with Li-ion Motors, Sam’s Club and NASA. The car has been in use with normal driving, and now has over 27,500 miles by its very satisfied owner. The car has the privilege of being both the first all lithium electric vehicle sold and the longest running lithium all electric vehicle still being driven.
Mr. Branyon bid on the package because of his desire to see a space shuttle launch. “The car has proven to be a whole lot of fun. I didn’t bid on the car because I thought it would be cheap transportation, but it has turned out to be that.” Branyon identifies himself, “I’m a proud owner and a satisfied customer,” calling the car his “Energizer Bunny.”
He says the Li-ion Motors Car is his primary vehicle, using it daily to drive to work and everything else. Branyon has also stated, “I think the technology is amazingly good if you live in an urban area and do a lot of city driving.” He keeps it plugged in when not driving it, and says he hasn’t seen any significant change in his electric bill, “I know it’s not free but it feels like it is.”
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.
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