KANSAS CITY, Mo. - APT Group Inc. has officially changed its name to APT MotoVox Group Inc. putting the company a step closer to changing its ticker symbol as it announced an initial 1,000-unit order commitment from a current customer.
MotoVox management, citing a nondisclosure agreement, would say only that the order for the newly released MBX20 general purpose "off road" recreational and utility motorcycle is from a company “operating as one of the top 10 revenue grossing international retailers." The MotoVox brand has been in big box stores including Kmart and Sears in the past.
The MBX20 is designed as full-sized, general purpose two-wheel recreational and utility product with a wide scope of uses.
"We are thrilled to bring this product to market this year as it's been a long road to get here," said APT MotoVox president Troy A. Covey. "The fact that we have 1,000 units in committed orders while in pre-production clearly illustrates the demand. Orders begin with commitments from the buyers and within days the purchase orders follow. U.S. retailers will roll this product out slowly through 2014 to seed the market through ads and shelf space. This sets the stage for significant demand for 2015 as millions of people are exposed to the product."
Plans are set to roll the product out to Latin American and Canadian markets in 2015. "The product and its price point is right for Latin American markets. The U.S. and Canadian markets will use the product primarily for rural utility and recreational use, while Latin American consumers will have an expanded use such as transportation," Covey predicted. "The price is right for these markets and that's why it will sell very well."
The company spent nearly $600,000 in development costs and two years of market research, designing, engineering, prototyping, durability, emissions and safety testing achieving EPA and California Air Resources Board certifications in 2013, said CEO Wayne Patterson.
“We anticipate production beginning the latter part of July this year," he said. "There is a real void for this type of product in both domestic and international markets. We designed the product to meet that void."
Recently the Delaware Secretary of State approved the company’s name change from Frozen Food Gift Group, Inc. to APT MotoVox Group, Inc.
"The last step is to receive FINRA (Financial Industry Regulatory Authority) approval for the issuance of a new ticker symbol for the company. We hope to be trading under the new symbol by the end of the month. We will announce that as soon as we receive the word. We are quite pleased with this progress," Covey said.
From a press release