LMP Automotive Holdings, Inc. today announced it has closed on the sale of its KIA Dealerships in Port Charlotte, FL and Cape Coral, FL to Morgan Auto Group and Provided a Corporate Update
December 19 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 closed on the
sale of its KIA dealerships in Port Charlotte, FL and Cape Coral,
FL to Morgan Auto Group and provided a corporate update.
Additionally, LMP has signed definitive agreements this month to
sell its Subaru and Kia dealerships in Beckley, WV. with an
expected closing date in March of 2023. The company is marketing
its two remaining Chevrolet and GMC - Buick dealerships in Beckley,
WV., along with its associated real estate and will pursue entering
into sale agreements in connection with these assets.
The Company further announced that it is continuing to move
forward with the Plan of Liquidation allowing the Company to sell
all of the Company’s assets, distribute the net proceeds to
stockholders and dissolve the Company. As part of the Company’s
liquidation plan, LMP intends to make a partial distribution to the
shareholders of record beginning in January 2023. The Company will
announce the amounts and shareholders of record date shortly.
“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 as well
as to maximize the net proceeds to be distributed to shareholders,”
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: www.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
Company is unable to enter into sales agreements with respect to
the Terminated Dealerships in a timely manner or at all, or on
favorable terms, (ii) the effect of the announcement or pendency of
the Plan of Liquidation on the Company’s business relationships,
operating results and business generally, (iii) the inability of
the Company to complete the Plan of Liquidation and distribute
proceeds to stockholders. 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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