LMP Automotive Holdings, Inc. Announces its Affiliates Entered into All-Cash Sale Agreements ...
FORT LAUDERDALE, Fla., Sept. 14, 2022 (GLOBE NEWSWIRE) -- 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.
