BOCA RATON, Fla., Oct. 18, 2005 (PRIMEZONE) -- Ringo, Inc. (Pink Sheets:RGOI), today announced that the Company assembled an initial fleet of 5,000 vehicles to use its LBS software by establishing relationships with several taxi and towing companies nationwide. Transportation companies embraced the potential of Ringo's LBS service, which upon launch will be capable of generating increased revenue for their fleets by providing services that may include real-time dispatching, credit card transactions, GPS navigation, fastest route information and advertising.
In addition to providing additional revenue streams for transportation companies, Ringo's service is designed to benefit consumers by providing them with a safe, timely, and convenient method to hail a taxi or a tow truck, particularly in unfamiliar locales.
President and CEO of Ringo, Inc. Edward DeFeudis stated, "We are excited but not surprised to witness such rapid and widespread interest in our software by transportation companies. Our unique location-based taxi and tow service is designed to increase efficiency and profitability for transportation providers while generating several revenue streams for Ringo. Our current business model estimates that each Ringo-equipped vehicle should generate more than $726 per year in revenue totaling more than $72 million per year at our goal of 100,000 vehicles."
About Ringo, Inc.
Ringo, Inc. will provide a unique service for on-the-go consumers with immediate access to local transportation companies around the nation. By simply dialing (star)TAXI or (star)TOW on their mobile phones, consumers will be located and vehicles will be dispatched to their destination within seconds. (star)TAXI provides unprecedented safety and convenience for travelers unfamiliar with foreign locales, while (star)TOW increases safety with swift and immediate towing capabilities.
For more information about Ringo, Inc. go to www.ringome.com.
(star) refers to the telephone key denoted by the asterisk symbol. Ringo has filed to trademark (star) TAXI and (star)TOW with the United States Patent and Trademark Office.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although Ringo Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by Ringo Inc. or any other person that the objective and plans of Ringo Inc. will be achieved.