LMP Automotive Holdings, Inc. Provides Update on Acquisitions
03 Fevereiro 2022 - 06:30PM
LMP Automotive Holdings, Inc. (NASDAQ: LMPX) (the “Company” or
“LMP”), an e-commerce and facilities-based automotive retailer in
the United States, today provided an update on its acquisitions.
Sam Tawfik, LMP’s Chief Executive Officer, stated, “LMP’s
acquisition of 5 import dealerships previously announced on
September 13, 2021 has been terminated in accordance with the terms
of the acquisition agreement due to the expiration of the closing
date deadline in the acquisition agreement. Beginning this month,
we expect to close substantially all the remaining 7 acquisitions
under contract in the first quarter of this year on a rolling
basis, subject to customary closing conditions, financing and
manufacturer approvals. We are excited about our perspective
partnerships that have demonstrated their steady state earnings
over the years. Upon closings, we expect these transactions will be
accretive to LMP’s earnings along with adding approximately $1.2
billion in annualized revenue. We are working with prospective
lenders to provide the necessary debt financing to consummate these
acquisitions.”
ABOUT LMP AUTOMOTIVE HOLDINGS, INC. LMP
Automotive Holdings, Inc. (NASDAQ: LMPX) is a growth company with a
long-term plan to profitably consolidate and partner with
automotive dealership groups in the United States. We offer 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.
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. Forward-looking statements are based on management’s
current expectations and are subject to risks and uncertainties
that could negatively affect our business, operating results,
financial condition, and stock value. Factors that could cause
actual results to differ materially from those currently
anticipated include: our dependence upon external sources for the
financing of our operations; our ability to effectively executive
our business plan; our ability to maintain and grow our reputation
and to achieve and maintain the market acceptance of our services
and platform; our ability to manage the growth of our operations
over time; our ability to maintain adequate protection of our
intellectual property and to avoid violation of the intellectual
property rights of others; our ability to maintain relationships
with existing customers and automobile suppliers, and develop
relationships; and our ability to compete and succeed in a highly
competitive and evolving industry; as well as other risks described
in our SEC filings. 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.
Investor Relations:
LMP Automotive Holdings, Inc.
500 East Broward Boulevard, Suite 1900
Fort Lauderdale, FL 33394
investors@lmpah.com
For more information visit: https://lmpmotors.com/
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