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Terren Peizer, Sole Owner of Acuitas Group Holdings, LLC, is now Executive Chairman of the Board of Directors
Stephen M. Sanchez, is now Chief Executive Officer
Mr. Peizer has started the process of up listing the Company’s Common Stock to the Nasdaq Capital Market
The company has changed its name to EVmo, Inc
BEVERLY HILLS, Calif., March 03, 2021 (GLOBE NEWSWIRE) -- RideShare Rental, Inc., formerly YayYo, Inc. (“EVmo” or the “Company”) (OTC:YAYO), which, acting through its wholly-owned subsidiary, Rideshare Car Rentals, LLC, is a leading provider of vehicles to the rideshare and delivery gig economy industry, today announced that Acuitas Group Holdings, LLC, has completed the transaction in which, among other things, X, LLC sold to Acuitas 6,000,000 shares of EVmo common stock, which, in combination with its current holdings, will result in Acuitas becoming the Company’s largest and controlling stockholder.
Mr. Terren Peizer, Acuitas' Sole Member has become Executive Chairman of the company. Mr. Stephen M. Sanchez will serve as the Company’s Chief Executive Officer. The board has been expanded to 7 from 5. Mr. Peizer will nominate three board members to the board.
In addition, Mr. Peizer has started the process of up listing of Evmo’s common stock to the Nasdaq Stock Market. The company has engaged Loeb & Loeb, LLP to file the S1 for a small raise to meet the Nasdaq listing requirements. The company will file an application to list its common shares on the NASDAQ capital market. The company will endeavor to finance most of its growth with debt capital which should result in enhanced shareholder value given the EBITDA positive business model of the company. The infusion of capital will fund continued revenue growth in all business segments and establish partnerships that will help propel the company to accelerated growth.
The company has also changed its name to EVmo, Inc and will apply with FINRA to change its symbol to (EVMO).
Mr. Peizer commented, “This Company has an exciting future and I see a lot of opportunities for growth based upon increased market demand for rideshare, logistics, and electric vehicles (EV). The name change of the company to EVmo, Inc (Electric Vehicle Mobility) reflects our new company direction and ambition. The additional capital that will be raised will help us ramp up our fleet of standard passenger vehicles and vans for the logistics market. We will let combustion engine vehicles roll off and replace them with electric vehicles (EV) to continue to build out the company’s expansion. Over the coming year, we will become a pure EV company.”
Further, Mr. Peizer stated, “The expansion of EVmo into electric vehicles (EV) will take us to the natural next evolutionary stage of rideshare. We continue to see very strong demand by drivers for Uber, Lyft, Grubhub, Postmates, and other gig economy platforms for vehicles and especially now for electric vehicles (EV).”
On Wednesday, the 13th of January 2021, Uber announced that it was expanding its electric vehicle and hybrid ride options to over 1,400 cities in the U.S. and Canada. Riders can now opt for the lower emission "green trip" option. Uber CEO Dara Khosrowshahi pledged that: 1) every vehicle on its platform will be electric by 2040, and 2) the company would contribute $800 million through 2025 to help drivers switch to battery-powered vehicles. "This 2025 commitment is part of our longer-term strategy to go 100% electric in all major cities in the U.S., Canada, and Europe by 2030, and 100% electric in all cities around the world by 2040." Uber said drivers will receive an extra $0.50 directly from a $1 rider surcharge for every Uber Green trip completed. The company’s plan to reduce emissions follows years of criticism by environmental groups and city officials over the pollution and congestion caused by some of its existing fleet.
Most recently, Lyft announced a goal in June to have 100% electric vehicles (or other zero-emissions models) on its platform by 2030. Electric vehicle adoption in ride-hailing is challenging, because the vast majority of vehicles are driver-owned and electric vehicles currently have higher up-front costs. EVmo’s strategy is to purchase these EVs and in turn rent them to drivers at a much lower up-front cost. The company is hopeful that entering this market will lead to cooperative deals with ride haling companies.
Mr. Peizer continued: “EVmo launched the first 40 EV vehicles as part of a car sharing program in December 2020. LA is our first market for the EV car sharing program and we anticipate that we will continue to expand through the country. The EV car share is being subsidized by our partner which helped us get into the EV space profitably. We anticipate seeing this program grow to thousands of cars in the next 24 months.”
Mr. Sanchez said, “I look forward to leveraging my experience in logistics and continue building a team that will help build our gig economy, logistics and EV strategy. I feel we can build many strategic advantages that will help the company continue its growth. The last mile delivery market of small parcels is expected to continue to grow in double-digits through 2023. The expansion of EVmo supplying vehicles into this space is expected to help fill some of the current demand, expand our revenue growth and continue to diversify the company’s revenue mix. I am especially excited to see how quickly the company is jumping into the electric vehicle (EV).”
About Terren Peizer and Acuitas Group Holdings, LLC
Mr. Peizer is a highly successful entrepreneur and investor, having founded and successfully commercialized many companies. Mr. Peizer is the Founder, Board Chairman, CEO and majority stockholder of Ontrak Inc., a leading AI and telehealth-enabled, virtualized healthcare treatment company. Mr. Peizer is also the Board Chairman, CEO and majority shareholder of BioVie, Inc., which is the industry leader in the development of two orphan drug candidates for the treatment of rare liver diseases. In addition, Mr. Peizer is Founder, Chairman and CEO and majority shareholder of 4 privately held companies. Mr. Peizer was Chairman of Cray inc. having bought the company from Silicon Graphics for assumption of debt which was recently sold to Hewlett Packard for approximately $1.4 billion. Mr. Peizer is Chairman and sole shareholder of Acuitas, his personal investment holding company. In addition, Mr. Peizer has held senior executive positions at Goldman, Sachs &Co, First Boston, and Drexel Burnham Lambert.
About Stephen M. Sanchez
Stephen M. Sanchez has been the Company's Board Chairman since January 2020. He has over 30 years of experience in the logistics industry, particularly in the design, implementation and operation of last-mile delivery services. Since November 2019, Mr. Sanchez has served as the CEO of PDQ Pickup, which he joined in August 2019 as Chief Operating Officer. Previously, from January 2018 until August 2019, he was Senior Vice President of Operations and Business Development for Boxbot, Inc., a robotics company focusing on the development and sale of autonomous last-mile delivery vehicles, and from November 2015 until January 2018, he was senior manager of Final Mile Process Engineering for Amazon, Inc. Mr. Sanchez is also a veteran of the U.S. Navy.
EVmo, Inc. (formerly YayYo, Inc.)
EVmo, Inc. bridges the gap between rideshare drivers in need of a suitable vehicle and rideshare companies that depend on attracting and keeping drivers. Rideshare Rental uniquely supports drivers in both the higher and lower economic categories with innovative policies and programs. Rideshare Rental is a leading provider of rental vehicles to drivers in the ever-expanding gig economy.
Our wholly owned subsidiary, Rideshare Car Rentals, LLC, is an online rideshare vehicle booking platform created to service the ridesharing, delivery gig economy and the logistics market place, which includes both our owned-fleet vehicles and third party fleet vehicles. Distinct Cars LLC, our other wholly owned subsidiary, maintains a fleet of vehicles that are commercially available for rent by gig-economy drivers and the logistics marketplace.
Rideshare Rental provides SEC filings, investor events, press and earnings releases about our financial performance on the investor relations section of our website (EVmo.com)
The transactions described herein constitute “related party transactions” under current SEC rules and regulations.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results.
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