DropCar Hires Paul Commons as Chief Financial Officer
February 01 2018 - 7:00AM
DropCar, Inc. (NASDAQ:DCAR) a provider of app-based automotive
logistics and concierge services for both consumers and dealers,
today announced the appointment of Paul Commons as Chief Financial
Officer.
Commons takes the wheel at a time of rapid growth for DropCar
across both its business and consumer services and is tasked with
helping the company scale across geographies, products, services
and customers.
Commons brings 45 years of experience working with private and
public companies. He has raised hundreds of millions of dollars in
capital for venture-backed firms, structured successful licensing
agreements, and guided initial public offerings. He has led
efficient corporate finance departments for a number of high-growth
start-up companies, as well as human resources and information
technology departments.
DropCar’s (1,400 and growing) individual subscribers use the
DropCar mobile app to schedule pickup and dropoff of their vehicles
by professionally-trained valets, either on-demand or with as
little as an hour advance notice. While the vehicle is in storage,
DropCar schedules, performs or sources the required vehicle
services, ensuring that when the owner is ready for the vehicle,
the vehicle is ready for the owner.
DropCar also markets the service to automotive dealers and
shared mobility companies which leverage the DropCar Enterprise
Vehicle Assistance and Logistics (VAL) platform to coordinate the
movements and schedules of professional valets who transport
vehicles to and from dealerships to customer locations, or for
fleet balancing across customer pick up locations; de-fleeting
vehicles at the end of their service life, and delivery of new
fleet vehicles from staging facilities.
“Paul’s blend of experience and success within both high growth
startups and publicly traded companies is a perfect fit for DropCar
at this stage of our company,” said Spencer Richardson, co-founder
and CEO of DropCar. “In particular, his experience in both product
bundling and technology licensing will be key for us as we not only
scale the company, but further build out our vehicle service
subscription model.”
Most recently, Commons served as Chief Financial Officer for
Zipz Inc., a state-of-the-art packaging company featured on the
television show “Shark Tank.” He previously worked at WPC
Worldwide, providing CFO services and angel investing to
entrepreneurs developing innovative products in finance,
technology, agriculture and life sciences. He has also held
executive positions at Voxware Inc., VPIsystems and RCN
Corporation.
Commons holds an MBA from the University of Denver and a
bachelor’s degree in Industrial Administration, majoring in
Marketing, from Kettering University (formerly known as General
Motors Institute).
“I’ve been impressed by DropCar’s vision of the future of
mobility, and the very practical steps they’re taking to achieve
that vision,” said Commons. “We have a unique opportunity to usher
in the next era of auto ownership, and it’s exciting to be part of
the team.”
About DropCarFounded and launched in New York
City in 2015, DropCar (NASDAQ: DCAR) offers its Vehicle Support
Platform (VSP), a cloud-based platform and mobile app that help
consumers and automotive-related companies reduce the cost, hassles
and inefficiencies of owning a car, or fleet of cars, in urban
centers. Its technology platform blends the efficiency and scale of
cloud computing, machine learning and connected cars with the
high-touch of highly trained valets to move cars to/from fully
staffed, secure garages to/from the people (or businesses) who own
them. Consumers use DropCar’s mobile app to ease the cost and
stress of owning a car in the city. Dealerships, leasing companies,
OEMs and shared mobility companies use DropCar’s enterprise
platform to reduce costs, streamline logistics and deepen
relationships with customers. More information is available at
www.dropcar.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” that involve substantial risks and uncertainties for
purposes of the safe harbor provided by the Private Securities
Litigation Reform Act of 1995. All statements, other than
statements of historical facts, included in this press release
regarding strategy, future operations, future financial position,
future revenue, projected expenses, prospects, plans and objectives
of management are forward-looking statements. Such statements are
based on management’s current expectations and involve risks and
uncertainties. Actual results and performance could differ
materially from those projected in the forward-looking statements
as a result of many factors, including, without limitation, the
ability to project future cash utilization and reserves needed for
contingent future liabilities and business operations, the
availability of sufficient resources of the combined company to
meet its business objectives and operational requirements and the
impact of competitive products and services and technological
changes. The foregoing review of important factors that could cause
actual events to differ from expectations should not be construed
as exhaustive and should be read in conjunction with statements
that are included herein and elsewhere, including the risk factors
included in WPCS’s registration statement on Form S-4, including
the proxy statement/prospectus/information statement therein, WPCS’
most recent Annual Report on Form 10-K, and WPCS’ recent Quarterly
Report on Form 10-Q and Current Reports on Form 8-K filed with the
Securities and Exchange Commission. Except as required by
applicable law, DropCar undertakes no obligation to revise or
update any forward-looking statement, or to make any other
forward-looking statements, whether as a result of new information,
future events or otherwise.
Media Contact
John Williams, Scoville PR for DropCar
jwilliams@scovillepr.com (206) 625-0075
Investor Relations Contact
Daniel Gelbtuch, VP of Corporate Finance for DropCar
daniel@dropcar.com (917) 509-9582
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