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DropCar Announces Inducement Grant to Newly-Appointed Chief Human Resources Officer

NEW YORK, May 16, 2018 (GLOBE NEWSWIRE) -- DropCar, Inc. (DCAR), a provider of app-based automotive logistics and mobility services for consumers and the automotive industry, today announced the authorization of an inducement grant to newly-appointed Chief Human Resources Officer, Victoria Pasquale.

As previously announced, Pasquale comes to DropCar from Aramark, where she was the Vice President of its New York region managing its higher education division that served 59 universities in 11 states, via a team of 14 district managers.  Before joining Aramark in 2016, Pasquale spent 15 years at Target in expanding executive roles. During 2014-2015, she was Target’s Director of HR and Operations Management for the Northeast region, which included 5,000+ employees. Pasquale earned an MBA from Bellevue University and a B.S. in Marketing from Johnson and Wales University.

In connection with the hiring of Ms. Pasquale, in addition to other compensation disclosed in DropCar’s Current Report on Form 8-K, DropCar's Board of Directors authorized the grant to Ms. Pasquale of a non-qualified stock option to purchase up to 183,699 shares of DropCar’s common stock, effective as of May 14, 2018. The option grant is an inducement material to Ms. Pasquale’s entering into employment with DropCar in accordance with Nasdaq Listing Rule 5635(c)(4). The option has an exercise price of $1.81 per share, the fair market value of DropCar’s common stock on the date of grant and will vest as follows: (i) one-third (1/3) of the shares shall vest and become exercisable on the first anniversary of Ms. Pasquale’s first date of employment (the “Initial Vesting Date”) and (ii) two-thirds (2/3) of the shares shall vest and become exercisable over the next two (2) years in equal installments on a quarterly basis beginning on the last day of the next calendar quarter after the Initial Vesting Date, subject in each case to Ms. Pasquale’s continued employment. The option has a ten-year term and is subject to the terms and conditions of a stock option agreement.

About DropCar

Founded and launched in New York City in 2015, DropCar (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.

Investor Relations Contact
Daniel Gelbtuch, VP of Corporate Finance for DropCar
daniel@dropcar.com (917) 509-9582

Media Contact
John Williams, Scoville PR for DropCar
jwilliams@scovillepr.com (206) 625-0075

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 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 under the heading “Risk Factors” in DropCar’s filings  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.