LMP Automotive Holdings, Inc. and its Affiliates Announces Certain Asset Sale Agreements and Provides a Corporate Update
March 20 2023 - 4:30PM
LMP Automotive Holdings, Inc. (“LMP” or the “Company”), an
e-commerce and facilities-based automotive retailer in the United
States, announced it has entered into definitive dealership and
real estate sale agreements (the “Agreements”) with respect to the
sale of LMP’s Chevrolet, Buick GMC dealerships and their underlying
real estate in Beckley, West Virginia.
The Company anticipates that the expected
closing of the transactions contemplated by the Agreements will
occur in June 2023, subject to the satisfaction of the terms and
numerous conditions precedent to closing of such Agreement, which
include, but are not limited to, manufacturers’ approval.
In addition, LMP expects to close on the sale of
its Kia and Subaru dealerships, located in West Virginia
dealerships in the coming weeks.
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.
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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