LMP Automotive Holdings, Inc. and its affiliates announce that the buyer has terminated certain asset sale agreements

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LMP Automotive Holdings, Inc.

FORT LAUDERDALE, Fla., Oct. 05, 2022 (GLOBE NEWSWIRE) — LMP Automotive Holdings, Inc. (“LMP” or the “Company”), a U.S.-based automotive and e-commerce retailer, today announced a announced that the Purchaser has terminated the Real Estate Asset Sale and Dealership Agreements (the “Agreements”) to purchase LMP’s Kia dealerships in Port Charlotte, FL, Cape Coral, FL and Beckley, WV, its Subaru dealership in Beckley, WW, its Chevrolet dealership in Beckley, WV and its General Motors dealership in Beckley, WV (the “Terminated Dealerships”).

The Company will re-market the terminated dealerships and pursue new sales agreements for the terminated dealerships in the coming months. Additionally, the company is pleased to report that its Florida dealerships suffered no property damage from Hurricane Ian in late September and are fully operational.

The Company further announced that it continues to move forward with the liquidation plan allowing the Company to sell all assets of the Company, distribute the net proceeds to shareholders and dissolve the Company.

“The Board and management team all believe that, given the diversified nature of our portfolio, pursuing multiple transactions with different potential buyers of assets or groups of assets presents the best opportunity to maximize shareholder value as well as maximizing the net proceeds to be distributed to shareholders upon completion of the liquidation plan,” said Sam Tawfik, Chief Executive Officer and Chairman of the Board.

ABOUT LMP AUTOMOTIVE HOLDINGS, INC.
LMP Automotive Holdings, Inc. offers a wide range of products and services spanning the entire lifecycle of a vehicle, including new and used vehicles, finance and insurance products, as well as automotive repair and maintenance.
Our proprietary e-commerce technology and strategy is designed to disrupt the industry by leveraging our experienced teams, growing selection of owned inventory and physical logistics network. We seek to provide customers with a seamless experience both online and in person. Our physical logistics network allows us to provide convenient free drop-off points for customers and provide services throughout the property lifecycle. We use digital technologies to reduce our customer acquisition costs, realize operational efficiencies and generate additional revenue. Our unique growth model generates significant cash flow, which funds our innovation and expansion into new geographic markets, as well as the strategic building of dealer networks, creating personal transportation solutions that consumers desire.

Investor Relations:
LMP Automotive Holdings, Inc.
500 East Broward Boulevard, Suite 1900
Fort Lauderdale, Florida 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. These statements include, but are not limited to, all 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, followed by or include the words “aims”, “anticipates”, “believes”, “estimates”, “expects”, “plans”, “intends”, “likely”, “prospects”, “plan”, “potential”, “project”, “projection”, “seek”, “may”, “could”, “can”, “should”, “would”, will”, the negatives of these and other words and terms of similar meaning. These forward-looking statements are based on the Company’s current expectations and beliefs regarding future developments and their potential effects on the Company or any successor entity to the transaction and include statements regarding the expected timing of the closing of the transaction. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this press release, including, but not limited to: (i) the risk that the Company may not be able to enter into sales agreements regarding concessions terminated in a timely manner or not at all, or on favorable terms, (ii) the effect of the announcement or expectation of the Liquidation Plan on business relationships, results of operations and business of the Company generally, (iii) the failure of the Company to complete the Plan of Liquidation and distribute the proceeds to shareholders. There can be no assurance that forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of that date. We expressly disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except if required by law.

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