CONYERS, Ga., Nov. 29, 2011 /PRNewswire/ -- GeckoSystems International Corporation (Pink Sheets: GOSY | http://www.geckosystems.com/) -- announced today that negotiations establishing a new Joint Venture under direct sponsorship of the government of the People's Republic of China, Nanle Electric Wheelchair Co., have been completed. The CEOs of both organizations have signed the Joint Venture agreement.
GeckoSystems is a dynamic leader in the emerging mobile robotics industry revolutionizing their development and usage with "Mobile Robot Solutions for Safety, Security and Service™".
GeckoSystems will realize a significant boost in exposure of its new "collision proof" wheelchair technology using its mobile robot solutions. This agreement enables GeckoSystems' technology to have more credible worldwide visibility for their new technologies as well as their mature technologies. This will give GeckoSystems a competitive cost advantage entering into commercial markets such as healthcare, security, and government applications.
It has been agreed that there will be an exchange of stock between GeckoSystems and Nanle. GeckoSystems' CEO will have a seat on the board of directors for the newly created company. Mechanical design criteria for a more appropriate wheelchair configuration designed to leverage the benefits of power mobility under artificial intelligence (AI) navigational control, has already been submitted to the Chinese engineers that will be working with Nanle.
Both parties agreed that: In order to protect safety and security of the people and society from terrorists, the core technologies shall be strictly confidential and the JV Company and the Wheelchair Manufacturer shall take special care to keep the technologies secret.
Because of the importance of this venture to GeckoSystems' Chinese business partners, and to the People of China, land has been purchased and construction will soon begin on a new factory.
Heightened demand for advanced healthcare products like the "collision proof" wheelchair that uses GeckoSystems advanced AI navigation system is a direct result of the plan announced by the government of the People's Republic of China in 2009 to "deepen healthcare" system reforms. This plan sets the ambitious goal of universal health care in China by 2020. Among the many changes coming to the medical system in China is greater mobility for the disabled, and Nanle wheelchairs will be a key part of this effort, delivering leading edge wheelchair technology and design to the Chinese people.
Conservative market estimates for the need for wheelchairs in China are impressive. Worldwide, the average usage for wheelchairs is one percent (1%) of the general population. In China that would be equal to 13,400,000 people. Worldwide, wheelchair sales per year average 0.0515% of the population. In the Pacific Rim, excluding Japan, that number is only is 0.0138%. In order to meet its stated healthcare goal for 2020, the Chinese government has to manufacture and distribute an estimated 5,270,000 wheelchairs over the next ten years. This will bring them in line with the world average. If only twenty percent (20%) are powered and "collision proofed," that is over 100,000 electric wheelchairs per year, over 8,000 per month. At an average cost of at least $1,500 each, that represents annual sales of $150,000,000 per year in mainland China alone.
Once cash flows are realized by GeckoSystems, the Company expects to fund the Beta testing of their flagship product, the CareBot™, and pave the way for its entry into the consumer market.
"We are pleased with the finalization of this fundamental agreement for our company, for our shareholders, as well as for the investment community. We believe our shareholders will be as excited as we are for having consummated such an agreement with this new Chinese government sponsored company," concluded Spencer.
About Nanle Electric Wheelchair Co.:
Memorandum of Understanding:
Joint Venture agreement is Company Confidential.
GeckoSystems has been developing innovative robotic technology for over fourteen years. It is CEO Martin Spencer's dream to make people's lives better through robotic technology, with a focus on Mobile Service Robots (MSRs). The MSR market is just coming of age.
There are many subgroups of service robots, personal assistance robots, professional assistance robots, social assistance robots, healthcare robots and care giving robots. Many of the robotic platforms now on the market are classified as "software ready" but they do not have integrated software and mechanical systems. GeckoSystems has developed the CareBot hardware and software in tandem for a specific application, the CareBot elder care robot.
In just this last year the market for Mobile Service Robots has started to expand. GeckoSystems received a request from Imasen, Japan's oldest wheelchair maker, to migrate the CareBot's navigation system to their power wheelchair. As a result of this GeckoSystems created the "Collision Proof Wheelchair™". The company expects their "collision proof" wheelchair and an upgrade for existing wheelchairs will be the first product of this sort to be marketed.
The CareBot has completed Alpha trials, which showed that families readily accepted the unit along with their elderly loved ones. It was tested in a home care setting and received enthusiastic support from both caregivers and care receivers. The company believes that the CareBot will enhance the safety and well being of its elderly charges while decreasing stress on the caregiver and the family.
The company believes that the CareBot should be the first product that is introduced to the retail market because of its very strong return on investment potential for care giving families.
CareBot ROI, a Wise Family Decision http://www.geckosystems.com/markets/CareBot_ROI.php
At this time, Gecko Systems is preparing for Beta testing of the CareBot prior to full-scale production and marketing.
Kinect Enabled Personal Robot video: http://www.youtube.com/watch?v=kn93BS44Das
Above, the CareBot demonstrates static and dynamic obstacle avoidance and backs in and out of a narrow alley. There is no joystick control or programmed path; movements are smoother that those achieved using a joystick control. AI creates three low levels of obstacle avoidance: reactive, proactive, and contemplative. Subsumptive AI behavior enables the CareBot to reach its target destination after engaging in obstacle avoidance.
One CareBot™ One Family http://www.youtube.com/watch?v=xxK46chfP6A
GeckoSystems stock is quoted in the U.S. over-the-counter (OTC) markets, on the Pink OTC Current Information tier, under the ticker symbol GOSY.
Telephone: Main number: 1-866-CAREBOT (227-3268) International: +1 678-413-9236 Fax: +1 678-413-9247 Website: www.geckosystems.com
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
SOURCE GeckoSystems Intl. Corp.