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New office expansion should help enable RideShare Rental achieve its expansion strategy
BEVERLY HILLS, Calif., Jan. 20, 2021 (GLOBE NEWSWIRE) -- RideShare Rental, Inc., formerly YayYo, Inc. ("RSR" or the “Company") (Other OTC:YAYO), a leading provider of vehicles to the rideshare and delivery gig economy industry, acting through its wholly-owned subsidiary, Rideshare Car Rentals, LLC, today announced a major office move to a larger facility in Beverly Hills. RSR operations will be moving from its current location at 6600 Sunset Blvd in Hollywood to 195 S. Robertson Blvd in Beverly Hills, CA.
The new office space will significantly expand the Company's operational square footage, which will facilitate the Company’s rapid growth strategy. For example, the new site will include four (4) service bays, which will allow RSR to service our own vehicles on-site. Since vehicle maintenance is one of the Company's top three expenses the savings it will realize from on-site maintenance will immediately improve profit margins. The facility can also accommodate up to seventy-five 75 vehicles, which is particularly critical given the Company's recent announcement of its electrical vehicle expansion. Not only will this expansion be accommodated by the sheer size of the new location the Company will also install up to fifteen (15) charging stations on-site.
“We are excited to relocate to our new, larger facility,” commented Ramy El-Batrawi, Chief Executive Officer of RSR. “This move represents a significant milestone for our fast-growing and diverse operations. Our new location can much better accommodate our organic growth and our entry into new markets and services.”
Further, Mr. El-Batrawi stated, “The expansion of Rideshare Rental into electric vehicles will be much easier from our new location. We can then partner with ride-hailing companies such as Uber and Lyft in reducing the emissions caused by their existing fleet of cars.” Mr. El-Batrawi continued, “Given the high number of miles logged by ride-hailing vehicles, the environmental benefit a zero-emissions vehicle provides is obvious. Ride-hailing companies are aggressively seeking to increase the number of electric vehicles used in their industry and Rideshare Rental is well positioned to capitalize on this market trend.”
Mr. El-Batrawi has provided the landlord of the Company's new headquarters with a personal guaranty on the lease. This guaranty constitutes a "related party transaction" under current SEC rules and regulations.
About Rideshare Rental, Inc. (formerly YayYo, Inc.)
Rideshare Rental, 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 market place.
Rideshare Rental provides SEC filings, investor events, press and earnings releases about our financial performance on the investor relations section of our website (www.ridesharerental.net)
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.