BOCA RATON, Fla., Oct. 14, 2005 (PRIMEZONE) -- Ringo, Inc. (Pink Sheets:RGOI), a publicly traded company, announced today the company's mission to provide location-based services (LBS) to the 190 million cellular phone users in the United States. Ringo's initial service will concentrate on creating a network of paid transportation companies that will be linked through wireless technologies to provide consumers with location-based taxi and towing services.
With the creation of this network, Ringo, Inc. plans to offer a unique service for on-the-go consumers providing immediate access to local transportation companies around the nation. By simply dialing (star) TAXI(r) or (star) TOW(r) on their mobile phones, consumers will be located and vehicles will be dispatched to their destination within seconds. Ringo, Inc. will charge $1.99 for the service with the goal of providing these services for 100,000 vehicles nationwide.
President and CEO of Ringo, Inc., Edward DeFeudis, commented, "Ringo's taxi and towing services will provide convenience and safety to millions of consumers, particularly those unfamiliar with their surroundings. Our long term vision is for (star) TAXI(r) and (star) TOW(r) to become second nature to consumers who need transportation services much like 411 is used for business directories. Even a conservative model with a relatively low acceptance rate (one call per vehicle per day) will generate in excess of $72 million per year, and we are confident that this acceptance rate can be surpassed with effective initial marketing efforts."
(Star) TAXI(r) would provide unprecedented safety and convenience for travelers unfamiliar with foreign locales, while (star) TOW(r) increases safety with swift and immediate towing capabilities. Additionally, the network will be capable of issuing advertisements and product coupons to consumers within a specified distance from the advertiser's location. Ringo, Inc. will charge $1.99 for these services and believes that they will gain wide acceptance over the course of time.
For more information about Ringo, Inc. go to www.ringome.com.
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.