- DropCar Commences Trading on NASDAQ Capital
Market under Ticker Symbol “DCAR”- Company Adds Brian Harrington,
Former Zipcar Chief Marketing Officer, to Board of
Directors
DropCar, Inc. a provider of app-based automotive logistics and
mobility services for both consumers and the automotive industry,
today announced the completion of its merger with WPCS
International Incorporated (NASDAQ:WPCS) following the approval of
WPCS stockholders received on January 30, 2018. The combined
company will be known as DropCar, with trading beginning today,
January 31, 2018, on the NASDAQ Capital Market under the symbol
“DCAR”.
DropCar is at the nexus of the revolution in urban mobility and
the evolution of the automotive industry. The company is
reinventing the traditional models for car ownership, parking, and
maintenance all while enabling the automotive industry to better
connect with customers, mobility companies to better manage their
fleets, and auto manufacturers to launch vehicle subscription
models.
DropCar maintains parking spaces in garages around the New York
Metro area. Subscribers use the DropCar mobile app to schedule
pickup and dropoff of their vehicles by professionally-trained
drivers, either on-demand or with as little as an hour advance
notice. While the vehicle is in storage, DropCar schedules,
performs or sources the required vehicle services, ensuring that
when the owner is ready for the vehicle, the vehicle is ready for
the owner.
DropCar offers its Enterprise Vehicle Assistance & Logistics
(“VAL”) technology platform to auto dealerships and fleet managers.
The platform tracks vehicle movements, service status and provides
email and text notifications on status to both dealers and
customers, increasing the quality of communication and subsequent
satisfaction with the service, enabling the dealer’s maintenance
and sales teams to deliver an entirely new and improved level of
service. DropCar’s VAL is also used by mobility service providers
to facilitate movement and maintenance of shared vehicles to
streamline operations and lower costs.
“Becoming a publicly traded company is the first step in
DropCar’s larger journey to become the middleware for urban
mobility,” said Spencer Richardson. “By removing the stress and
hassle of car ownership for people in cities, and by enabling new
models for vehicle ownership and subscription, we believe we can
play a role in the evolution of the auto industry.”
Access to public markets will allow DropCar to significantly
expand its efforts to bring its cloud-based vehicle logistics and
driver services to the burgeoning auto tech and driver mobility
market, one which has seen significant increased investment and
M&A activity from leading companies such as GM, Ford, Toyota,
BMW iVentures (and many others) in the last two years, as well as
the rise of such companies as Uber and Lyft, as autonomy,
connectivity and mobility are rapidly changing the automotive
experience.
The company’s rapidly growing base of approximately 1,400
individual members (up approximately 176 percent Year over Year),
and several new B2B partnerships have established DropCar as a
premier provider of vehicle logistics for consumers, dealerships,
fleet managers and auto manufacturers.
The combined company will be led by Spencer Richardson,
DropCar’s co-founder and CEO, and will be headquartered in New York
City. Sebastian Giordano, former CEO of WPCS, will remain as a
member of the Board of Directors. In addition to Richardson and
Giordano, the Board of Directors includes David Newman, Josh
Silverman, Zvi Joseph, Solomon Mayer and Greg Shiffman.
Brian Harrington, Former Chief Marketing Officer at
Zipcar, Joins BoardIn addition, joining the Board of
Directors is Brian Harrington, a veteran marketing and product
executive with experience working with global brands in the
hospitality, mobility and commercial real estate industries. Former
Chief Marketing Officer at Zipcar, Harrington was instrumental in
leading that company’s overall global brand development as well as
its member acquisition and engagement programs. Prior to Zipcar, he
worked in the travel and tourism industry, representing brands
including Sheraton Hotels and EF Education. He currently is the
Chief Product Officer at CBRE 360, a part of CBRE Group, the
world’s largest commercial real estate services and investment
firm.
Palladium Capital Advisors, LLC acted as the advisor to DropCar
on this transaction and Mintz, Levin, Cohn, Ferris, Glovsky and
Popeo, P.C. acted as legal counsel to DropCar. Morse, Zelnick, Rose
& Lander, LLP acted as legal counsel to WPCS.
About DropCarFounded and launched in New York
City in 2015, DropCar (NASDAQ:DCAR) offers its Vehicle Support
Platform (VSP), a cloud-based platform and mobile app that help
consumers and automotive-related companies reduce the cost, hassles
and inefficiencies of owning a car, or fleet of cars, in urban
centers. Its technology platform blends the efficiency and scale of
cloud computing, machine learning and connected cars with the
high-touch of highly trained drivers to move cars to/from fully
staffed, secure garages to/from the people (or businesses) who own
them. Consumers use DropCar’s mobile app to ease the cost and
stress of owning a car in the city. Dealerships, leasing companies,
OEMs and shared mobility companies use DropCar’s enterprise
platform to reduce costs, streamline logistics and deepen
relationships with customers. More information is available at
www.dropcar.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” that involve substantial risks and uncertainties for
purposes of the safe harbor provided by the Private Securities
Litigation Reform Act of 1995. All statements, other than
statements of historical facts, included in this press release
regarding strategy, future operations, future financial position,
future revenue, projected expenses, prospects, plans and objectives
of management are forward-looking statements. Such statements are
based on management’s current expectations and involve risks and
uncertainties. Actual results and performance could differ
materially from those projected in the forward-looking statements
as a result of many factors, including, without limitation, the
ability to project future cash utilization and reserves needed for
contingent future liabilities and business operations, the
availability of sufficient resources of the combined company to
meet its business objectives and operational requirements and the
impact of competitive products and services and technological
changes. The foregoing review of important factors that could cause
actual events to differ from expectations should not be construed
as exhaustive and should be read in conjunction with statements
that are included herein and elsewhere, including the risk factors
included in WPCS’s registration statement on Form S-4, including
the proxy statement/prospectus/information statement therein, WPCS’
most recent Annual Report on Form 10-K, and WPCS’ recent Quarterly
Report on Form 10-Q and Current Reports on Form 8-K filed with the
Securities and Exchange Commission. Except as required by
applicable law, DropCar undertakes no obligation to revise or
update any forward-looking statement, or to make any other
forward-looking statements, whether as a result of new information,
future events or otherwise.
Media Contact
John Williams, Scoville PR for DropCar
jwilliams@scovillepr.com (206) 625-0075
Investor Relations Contact
Daniel Gelbtuch, VP of Corporate Finance for DropCar
daniel@dropcar.com (917) 509-9582
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