LMP Automotive Holdings, Inc. Announces its Affiliates Entered into All-Cash Sale Agreements for its Remaining Dealership and its Associated Real Estate
September 14 2022 - 6:00AM
LMP Automotive Holdings, Inc. (“LMP” or the “Company”), an
e-commerce and facilities-based automotive retailer in the United
States, today announced it has entered into dealership and real
estate sale agreements (the “Agreements”) to sell its Greenville,
Tennessee dealership and its associated real estate (the
“Sale”).The Company anticipates that the expected closing of the
Sale will occur in November of this year, subject to the terms of
the Agreements and numerous conditions precedent to Closing
including but not limited to obtaining regulatory approval.
Sam Tawfik, the Company’s Chairman and Chief Executive Officer
commented, "With our current cash position, which continues to
build as we generate profits and modest leverage, we are committed
to responsibly managing our business and prudently creating value
for our shareholders."
“We continue to believe that our stock price does not reflect
the net asset value of our company and believe that this
transaction along with the sale of our remaining assets will enable
us to maximize stockholder value.”
“The Board and the management team all believe that, given the
diversified nature of our portfolio, pursuing multiple transactions
with different potential buyers for assets or groups of assets
presents the best opportunity to maximize stockholder value,” said
Sam Tawfik, Chief Executive Officer and Chairman.
ABOUT LMP AUTOMOTIVE HOLDINGS, INC. LMP
Automotive Holdings, Inc. offers a wide array of products and
services fulfilling the entire vehicle ownership lifecycle,
including new and used vehicles, finance and insurance products and
automotive repair and maintenance. Our proprietary e-commerce
technology and strategy are designed to disrupt the industry by
leveraging our experienced teams, growing selection of owned
inventories and physical logistics network. We seek to provide
customers with a seamless experience both online and in person. Our
physical logistics network enables us to provide convenient free
delivery points for customers and provide services throughout the
entire ownership life cycle. We use digital technologies to lower
our customer acquisition costs, achieve operational efficiencies
and generate additional revenues. Our unique growth model generates
significant cash flows, which funds our innovation and expansion
into new geographical markets, along with strategically building
out dealership networks, creating personal transportation solutions
that consumers desire.
Investor Relations: LMP Automotive Holdings,
Inc. 500 East Broward Boulevard, Suite 1900 Fort Lauderdale, FL
33394 investors@lmpah.com For more information
visit: lmpmotors.com
FORWARD-LOOKING STATEMENTS: This press release
may contain “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, each as amended. Such statements
include, but are not limited to, any statements relating to our
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar matters that are not
historical facts. These statements may be preceded by, followed by
or include the words “aim,” “anticipate,” “believe,” “estimate,”
“expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,”
“potential,” “project,” “projection,” “seek,” “can,” “could,”
“may,” “should,” “would,” will,” the negatives thereof and other
words and terms of similar meanings. These forward-looking
statements are based on the Company’s current expectations and
beliefs concerning future developments and their potential effects
on the Company or any successor entity of the transaction and
include statements concerning the expected timing of closing the
transaction. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: (i) the risk that the Sale
may not be completed in a timely manner or at all, (ii) the failure
to satisfy the conditions to the consummation of the Sale, (iii)
the occurrence of any event, change or other circumstance that
could give rise to the termination of the Agreements, (iv) the
effect of the announcement or pendency of the Sale on the Company’s
business relationships, operating results and business generally,
and (v) risks that the Sale disrupts current plans and operations
of the Company. There is no assurance that any forward-looking
statements will materialize. You are cautioned not to place undue
reliance on forward-looking statements, which reflect expectations
only as of this date. We expressly disclaim any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in our expectations or any changes in events, conditions or
circumstances on which any such statement is based, except as
required by law.
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