DropCar, Inc. (“DropCar”), a software and logistics provider of
cloud- and app-based vehicle support and concierge services for
both the automotive industry and consumers, today announced the
entry into a definitive agreement with Toyota of Manhattan to
utilize DropCar’s Enterprise Vehicle Assistance & Logistics
technology platform (“VAL”). DropCar’s VAL platform will
enable Toyota of Manhattan’s maintenance and sales teams to provide
an entirely new level of service to their customers by automating
the pickup and delivery of vehicles for service and maintenance.
“Our platform enables dealerships to meet the expectations of
today’s time-deprived urban professionals by automating the process
of servicing or repairing a car so it happens in the background to
their daily lives,” said Spencer Richardson, co-founder and CEO of
DropCar. “Not only is the experience more convenient for customers,
but it also allows dealerships to drive new service revenue that
would have otherwise never occurred or gone elsewhere.”
This new agreement augments DropCar’s expanding enterprise base
of premier automotive customers, which includes a wide range of
dealerships operating throughout the Tri-state area (including
Lexus of Manhattan, Jaguar and Land Rover of Manhattan, Mercedes
Benz of Manhattan) and other Tier-One automotive original equipment
manufacturers (OEMs). In October, DropCar announced a similar
agreement with Manhattan Motorcars, Inc., a dealer of Porsche,
Bentley, Lamborghini, and Bugatti vehicles.
DropCar’s VAL platform coordinates the movements and schedules
of professional valets who transport vehicles to and from
dealerships to customer locations, removing the need for a customer
to drive their vehicle in for service. Dealerships access the
VAL platform via any browser where they can schedule, track in real
time and report on vehicle movements, repair status and customer
feedback. This level of convenience enables dealers to retain
valuable post-sale service contracts and revenue from their
customers.
“Toyota owners know that the best service and repair comes only
from the Toyota-certified technicians at Toyota of Manhattan, and
our partnership with DropCar now makes it a snap for them to ensure
their vehicle is in the best hands,” said Michael Grau, General
Manager of Toyota of Manhattan.
On September 6, 2017, DropCar and WPCS International
Incorporated (NASDAQ:WPCS), entered into a definitive merger
agreement whereby DropCar will merge with a wholly-owned subsidiary
of WPCS with the DropCar securityholders receiving
approximately 85% of the outstanding shares of WPCS common
stock on a fully-diluted basis. About
DropCarFounded and launched in New York City in 2015,
DropCar 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 International Incorporated’s (“WPCS”) 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 (the “SEC”). DropCar and WPCS
can give no assurance that the conditions to the transaction will
be satisfied. Except as required by applicable law, DropCar and
WPCS undertake 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.
No Offer or Solicitation
This communication is not intended to and does
not constitute an offer to sell or the solicitation of an offer to
subscribe for or buy or an invitation to purchase or subscribe for
any securities or the solicitation of any vote in any jurisdiction
pursuant to the proposed transaction or otherwise, nor shall there
be any sale, issuance or transfer of securities in any jurisdiction
in contravention of applicable law. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the United States Securities Act
of 1933, as amended. Subject to certain exceptions to be approved
by the relevant regulators or certain facts to be ascertained, the
public offer will not be made directly or indirectly, in or into
any jurisdiction where to do so would constitute a violation of the
laws of such jurisdiction, or by use of the mails or by any means
or instrumentality (including without limitation, facsimile
transmission, telephone and the internet) of interstate or foreign
commerce, or any facility of a national securities exchange, of any
such jurisdiction.
Additional Information and Where to Find
It
In connection with the proposed transaction
between WPCS and DropCar, WPCS has filed relevant materials with
the SEC, including a registration statement that contains a proxy
statement and prospectus but the registration statement has not yet
become effective. DROPCAR AND WPCS URGE INVESTORS AND
STOCKHOLDERS TO READ THESE MATERIALS CAREFULLY AND IN THEIR
ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT DROPCAR, WPCS, THE PROPOSED TRANSACTION
AND RELATED MATTERS. Investors and shareholders will
be able to obtain free copies of the proxy statement, prospectus
and other documents filed by WPCS with the SEC through the website
maintained by the SEC at www.sec.gov. In addition, investors
and stockholders will be able to obtain free copies of the proxy
statement, prospectus and other documents filed by WPCS with the
SEC by contacting Investor Relations by mail at WPCS
International Incorporated, 521 Railroad Way, Suisun City, CA
94585, Attention: Chief Financial Officer. Investors and
stockholders are urged to read the proxy statement, prospectus and
the other relevant materials when they become available before
making any voting or investment decision with respect to the
proposed transaction.
Participants in the
Solicitation
WPCS and DropCar, and each of their respective directors and
executive officers and certain of their other members of management
and employees, may be deemed to be participants in the solicitation
of proxies in connection with the proposed transaction. Information
about WPCS’s directors and executive officers is included in WPCS’s
Annual Report on Form 10-K for the year April 30, 2017, filed
with the SEC on July 21, 2017. Additional information
regarding these persons and their interests in the transaction will
be included in the proxy statement relating to the transaction when
it is filed with the SEC. These documents can be obtained free of
charge from the sources indicated below.
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
DropCar (NASDAQ:DCAR)
Historical Stock Chart
From Mar 2024 to Apr 2024
DropCar (NASDAQ:DCAR)
Historical Stock Chart
From Apr 2023 to Apr 2024