COLUMBIA, S.C., Nov. 24, 2014 /PRNewswire/ -- NuState Energy Holdings, Inc. (OTC-PINK:NSEH) announced today, it has signed a definitive agreement with The Ronn Motor Group, with offices in Dalian, China and the United States, to license and market NuState's IP software, GPSTrax©, for use by Ronn Motor Group's partners in China and other international markets.
Completion of the exclusive license and marketing agreements was announced by NuState CEO Kevin Yates, who is focused on expanding international contracts for the company's IP software, with particular emphasis on the alternative and emerging fuel applications.
"We're excited to be partnering with The Ronn Motor Group, which is pushing into global markets where alternative fuel opportunities are important to the country," said Yates. "Revenue for GPSTrax© will begin with the first installations in several countries in the first quarter of 2015. We are now expecting these revenues for the company to grow from an initial $300,000.00 - $500,000.00 in the first 2 quarters of 2015 to $3,000,000.00 - $4,000,000.00 by the end of 2015. Over the next 2-3 years we project revenue to grow a 30-40% annually providing revenues of $10,000,000.00 - $12,000,000.00 by year 3.
According to Ronn Motor Group CEO Ronn Maxwell, the company is targeting the commercial and original equipment fleet vehicle markets in China, India and Europe providing validation, testing and data for government financial incentives in relation to alternative fuel and power technologies, utilizing the capabilities provided by NuState's GPSTrax©. "GPSTrax© is an important tool for validating, testing and logging results for any new alternative fuel or power technology, whether automotive, trucking or stationary platforms," said Maxwell.
NuState Energy Holdings, Inc. is a technology company specializing in providing pertinent, real-time information to the worldwide transportation and security industries. NuState's proprietary software, GPSTrax©, is built on an Open Architecture platform for the logistics and telematics industries.
For more information about NuState, email [email protected] or call (803) 748-1309. NuState is located at 1201 Main Street, Suite 1980, Columbia, S.C. 29201
You can learn more about GPSTrax© software by visiting our website at www.nsehinc.com
About The Ronn Motor Group
The Ronn Motor Group is a privately held automotive development company with offices in the United States and China. It is working with various commercial and government entities in the development of new automotive platforms, including systems to track and validate emission reductions and alternative fuels. For more information about The Ronn Motor Group, email [email protected].
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SOURCE NuState Energy Holdings, Inc.