Attached files
Exhibit
99.1
RumbleOn Announces Acquisition of NextGen Dealer Solutions, LLC
and
Technology Services Agreement with Halcyon Consulting,
LLC
Kartik Kakarala will join the Board of Directors of RumbleON and
serve as Chief Technology Advisor
Charlotte, NC, February 14, 2017: RumbleON (OTCQB: RMBL)
today announced it has closed on the previously announced
acquisition of the assets of NextGen Dealer Solutions, LLC and a
technology services agreement with Halcyon Consulting,
LLC.
NextGen’s
proprietary technology platform will underpin the operations of
RumbleON and accelerate the implementation of its business plan. In
addition, the technology services agreement with Halcyon Consulting
will provide RumbleON with the ability to integrate NextGen’s
technology into the RumbleON platform and lead future enhancements.
Mr. Kakarala will join the Board of Directors of RumbleON and serve
as its Chief Technology Advisor.
“The
acquisition of NextGen Dealer Solutions and the associated services
agreement with Halcyon is a significant milestone for RumbleOn as
the software acquired will significantly accelerate the RumbleON
business plan and will provide us the opportunity to quickly roll
out our online platform, said Marshall Chesrown, Chairman and CEO
of RumbleON. “I have had personal experience with many of the
previous game-changing technologies designed and built by Halcyon including
applications for vehicle appraisal, inventory management and credit
reporting. We are confident that utilizing this software
will allow RumbleON the same opportunity in the powersports sector
as we move forward. I am also pleased to welcome Kartik to the
Board of Directors and as our Chief Technology Advisor, and I am
confident that he will add significant value and insight to
RumbleON in both roles.”
About RumbleON
RumbleON (RMBL) is designed to be a unique, capital light,
and disruptive e-commerce platform facilitating the ability of both
consumers and dealers to Buy-Sell-Trade-Finance pre-owned
recreation vehicles. It is our goal to have the platform recognized
as the most trusted and effective solution for the sale,
acquisition, and distribution of recreation vehicles and provide
users an efficient, fast, transparent, and engaging experience. Our
initial focus is the market for 650cc and larger on road
motorcycles, particularly those concentrated in the Harley Davidson
brand; we will look to extend to other brands and additional
vehicle types and products as the platform matures.
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FORWARD-LOOKING STATEMENTS
This
press release contains “forward-looking statements,” as
that term is defined under the Private Securities Litigation Reform
Act of 1995 (PSLRA), which statements may be identified by words
such as “expects,” “plans,”
“projects,” “will,” “may,”
“anticipate,” “believes,”
“should,” “intends,”
“estimates,” and other words of similar meaning. Such
forward looking statements include statements about the NextGen
acquisition, and the company’s implementation of its updated
business plan and strategy. Readers are cautioned not to place
undue reliance on these forward-looking statements, which are based
on the company’s expectations as of the date of this press
release and speak only as of the date of this press release and are
advised to consider the following factors: the company has no
operating history and no assurance can be given that the company
will achieve or maintain profitability; the initial development and
growth of the company’s business over the first 24 months of
operations may not be indicative of the company’s future
growth and, if the company continues to grow rapidly, it may not be
able to manage its growth effectively; the company may require
additional capital to pursue its business objectives and respond to
business opportunities, challenges or unforeseen circumstances and
if capital is not available on terms acceptable to the company or
at all, the company may not be able to develop and grow its
business as anticipated and its business, operating results and
financial condition may be harmed; if key industry participants
perceive the company in a negative light or relationships with them
suffer harm, the company’s ability to operate and grow its
business and its financial performance may be damaged; the company
may be unable to develop, maintain or grow relationships with
information data providers or may experience interruptions in the
data feeds it provides, which may limit the information that it is
able to provide to its users and dealers as well as adversely
affect the timeliness of such information and may impair its
ability to attract or retain consumers and dealers and to timely
invoice all parties; if the company suffers a significant
interruption in its ability to gain access to third-party data, its
business and operating results will suffer; the success of its
business will depend heavily on its marketing and branding efforts,
especially with respect to the company’s website and branded
mobile applications, as well as those websites of dealers that
provide website solutions, and these efforts may not be successful;
the failure to develop and maintain the company’s brand could
harm its ability to grow unique visitor traffic and to expand the
company’s dealer network; the company anticipates relying on
internet search engines to drive traffic to its website, and if the
company fails to appear prominently in the search results, its
business would be adversely affected; a significant disruption in
service on the company’s website or of its mobile
applications could damage its reputation and result in a loss of
consumers, which could harm its business, brand, operating results,
and financial condition; if the company is unable to provide a
compelling buying experience to its users, the number of
transactions between the company’s users, the company and the
dealers will decline and the company’s revenue and results of
operations will suffer harm; the company expects that the growth of
its business will rely significantly on its ability to increase the
number of dealers such that the company is able to increase the
number of transactions between its users and dealers and the
failure to do so would limit the company’s growth; the
company’s ability to grow its complementary product offerings
may be limited, which could negatively impact its development,
growth, revenue and financial performance; the company will be
relying on third-party financing providers to finance a significant
portion of its customers’ vehicle purchases; the
company’s ability to sell recreational vehicles may be
adversely impacted by increased supply of and/or declining prices
for used recreational vehicles and excess supply of new
recreational vehicles; the company will rely on a number of third
parties to perform certain operating and administrative functions
for the company; the company participates in a highly competitive
market, and pressure from existing and new companies may adversely
affect its business and operating results; seasonality or weather
trends may cause fluctuations in the company’s unique
visitors, revenue and operating results; the company expects to be
subject to a complex framework of federal and state laws and
regulations primarily concerning vehicle sales, advertising and
brokering, many of which are unsettled, still developing and
contradictory, which have in the past, and could in the future,
subject the company to claims, challenge the company’s
business model or otherwise harm its business; the company
collects, processes, stores, shares, discloses and uses personal
information and other data, and its actual or perceived failure to
protect such information and data could damage its reputation and
brand and harm its business and operating results; failure to
adequately protect intellectual property could harm the
company’s business and operating results; the company may in
the future be subject to intellectual property disputes, which are
costly to defend and could harm its business and operating results;
the company depends on key personnel to operate its business, and
if the company is unable to retain, attract and integrate qualified
personnel, its ability to develop and successfully grow its
business could be harmed; and the company may acquire other
companies or technologies, which could divert management's
attention, result in additional dilution to its stockholders and
otherwise disrupt its operations and harm its operating results.
Also, readers are advised to consider the additional factors under
the heading “Cautionary Statement Regarding Forward-Looking
Statements” and “Risk Factors” in the
company’s Annual Report on Form 10-K, as may be supplemented
or amended by the company’s Quarterly Reports on Form 10-Q
and other filings with the SEC. The company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as required by law.
Contact Information:
Investor
and Media Contacts:
John
Rouleau/Alecia Pulman, ICR
RumbleON@icrinc.com
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