Kansas City, MO-based APT MotoVox has acquired start-up company MotoPed. MotoPed has developed a product that is a combination of a downhill mountain bike, a motocross motorcycle and a moped. The bike can get up to 160 miles per gallon, using a patented jack shaft pedal drive system.
APT MotoVox manufactures powersports vehicles and performance components for small engines. The company paid $200,000 cash, as well as 25% of revenue on the first $1 million in sales and 20% on the second $1 million. MotoPed will also receive non-voting stock.