Las Vegas, NV – March 5, 2012 Li-ion Motors Corp. www.Li-ionMotors.com, 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, reveals plans for additional collaboration and an amended license agreement with Lithium Electric Vehicle Corp. (“LEVC”) of Canada to benefit from the Canadian government incentives especially those offered in the province of Quebec, to ensure the technology will remain the industry leader.
In an effort to enable Canadian and Québec companies to become and remain innovative, the Canadian and Québec governments have implemented tax incentives to support companies in their research and development initiatives. Canada and Québec have become one of the most attractive places in the world for research and development.
The Canadian federal income tax credit program for Scientific Research and Experimental Development (“SR&ED”) sets out the conditions for basic and applied research or for experimental development to qualify for tax incentives. A project and its activities must meet all three criteria, namely: scientific or technological advancement, scientific or technological uncertainty, and, scientific or technical content.
Li-ion’s fully electric vehicles, the Inizio and Wave, along with the battery management system (BMS) and electric propulsion system are a technological advancement over the gas guzzling traditional car, there remains uncertainty regarding the public commitment to purchase electric vehicles, and the technological advancement make Li-ion and LEVC a good fit for this program. In Quebec the program is structured to reimburse up to 90% of R&D completed in Canada.
Working together will allow Li-ion to strengthen their technology which was proven to be leading edge by the 2010 X-Prize competition. By continuously refining and increasing the efficiency of the electric propulsion system Li-ion plans to maintain the leading edge worldwide. Under the amended agreement Canadian’ LEVC will have a three year non-exclusive right to market the Inizio and the Wave throughout the entire world.
Li-ion believes the Canadian and Quebec government programs are the most R&D friendly of any we have seen and allow for the best and most realistic opportunity to bring our products to market with full certification. The amended agreement with LEVC will ensure our technology remains cutting edge now and into the future.
LEVC intends to obtain highway certification for both vehicles and commence production as soon as possible with the help of private investors and government funding.
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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