Looks like another failure. this news report says they might be acquired by another company
NEW YORK, NY--(Marketwire - 05/04/11) - Electric Moto Corporation (Pinksheets:EMOT - News), a provider of state of the art electric vehicles, revealed today the name of one of the cutting edge vehicle companies with which a potential merger or acquisition was being investigated.
According to Robert Lancellotti, Chairman of Electric Moto: "Engineering Institute, LLC of Farmington, Arkansas, has a lengthy history of design innovation and technological advancement, and is directed by one of the most forward-looking guys that we have met in the industry."
"Dr. David Renfroe's company has brought new and ground-breaking thinking to the three-wheeled vehicle, or K-Lean Machine as EI has named it, and the resulting vehicle concept has already sparked substantial interest in several large Asian markets."
Dr. Renfroe, who just returned from a series of meetings in India with manufacturing representatives, spoke also of the substantial opportunities that a vehicle of K-Lean's advanced technology could provide: "For essentially the cost of a motor scooter, one can produce an enclosed three-wheeled vehicle that offers protection from the elements, a more pleasant riding experience, and of course huge savings -- 200 miles per gallon if gasoline powered, and even greater savings and essentially no carbon footprint if electric powered."
Dr. Renfroe added that he looked forward to a satisfactory conclusion to the negotiations with Electric Moto in the very near future, and the beginning of several prototypes shortly thereafter.
