LMP Automotive Holdings, Inc. Announces Delay of 2021 Financial Results and Quarterly Conference Call
31 Março 2022 - 5:00PM
LMP Automotive Holdings, Inc. (NASDAQ: LMPX), an e-commerce and
facilities-based automotive retailer in the United States, today
announced that it will delay its 2021 financial results and
conference call, previously scheduled for March 31, 2022.
As LMP continues to evaluate and account for certain
transactions primarily related to its acquisitions that were
consummated in 2021.
There is a significant change in our results of operations in
calendar year 2021 when compared to the results from the
corresponding period in the prior year, primarily as a result of
acquisitions that closed during the course of calendar year 2021.
During the first ten months of 2021, the Company acquired a
majority interest in 15 new vehicle franchises, comprising 8 new
dealership locations. The Company also acquired a majority interest
in LTO Holdings, LLC, a Connecticut based automotive leasing
company with an associated collision center that was subsequently
disposed during the fourth quarter. These acquisitions transformed
the Company, enabling us to 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.
The following is an approximation of these changes:
- Revenue increased by approximately $400 million when compared
the same period a year ago, and
- Gross Profit increased by approximately $80 million when
compared the same period a year ago.
The Company will hold a conference call to discuss these
financial results when it ascertains a definitive filing date.
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.
Investor Relations:
LMP Automotive Holdings, Inc.500 East Broward Boulevard, Suite
1900Fort Lauderdale, FL 33394investors@lmpah.com
For more information visit: https://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. 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.
SOURCE: LMP Automotive Holdings, Inc.
LMP Automotive (NASDAQ:LMPX)
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