COSTA MESA, Calif., Jan. 23, 2014 (GLOBE NEWSWIRE) -- www.t3motion.com - T3 Motion, Inc. (TTTM) the leading provider of EV technology to commercial, consumer, law-enforcement and government markets, today announced that it has signed a new long-term Exclusive Distribution Agreement for the distribution of its vehicles for Government, Law Enforcement and Security operations in South Africa.
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The new agreement, with an initial term of five (5) years, has been completed with South African businessman, Mr. Dalo Nala of Johannesburg. Mr. Nala has demonstrated his strength and commitment to fully support our efforts in South Africa since we first began our relationship there in 2010.
T3 Motion CEO, William Tsumpes stated, "I could not be more pleased with the results of our latest negotiations and achievements, and am proud to be able to consummate our efforts of the past 8 months in this new agreement. Under the terms of this agreement T3 Motion has an opportunity to significantly grow our international sales and worldwide distribution at a much faster rate than what has been previously possible."
"Under the terms of the new agreement we expect to be able to more than double our international shipments in 2014 which we expect to have a profound effect on the company's previous financial performance," Tsumpes said. The initial opening order under the new agreement for immediate deliveries is valued at more than $800,000.00 of which the company began early shipping on December 31, 2014.
"I want to thank T3 Motion for the opportunity to become such an integral part of their global expansion efforts into South Africa and believe this is only the beginning of what's to come," stated Mr. Nala.
He continued, "We've got great opportunities ahead of us and am extremely confident in our abilities to achieve our long term goals for deployment into the region. The deployment of T3 Vehicles in Security operations in South Africa represent a huge opportunity to improve the way security operations are delivered. The T3 vehicles will allow both commercial and government related security operations to achieve new levels of protection for the people of South Africa. This new agreement is truly a landmark result for everyone."
T3 Motion, Inc. (TTTM) headquartered in Orange County, California, T3 Motion is dedicated to raising the bar on personal mobility technology. More than 5,000 T3 Series vehicles have been deployed in over 30 countries worldwide. For more information, visit www.t3motion.com.
“Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding T3 Motion’s business, which are not historical facts, are "forward-looking statements" that are not guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, among others, factors associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering. For additional information concerning these and other factors that may cause actual results to differ from thsoe contained in the forward-looking statements, see "Risk Factors" in the Company’s Registration Statement filed on Form S-1, as amended, and in periodic reports the Company files from time to time with the Securities and Exchange Commission.