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Forward-looking statements are based on managementвЂ™s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock value. These statements may be preceded by, followed by or include the words вЂњaim,вЂќ вЂњanticipate,вЂќ вЂњbelieve,вЂќ вЂњestimate,вЂќ вЂњexpect,вЂќ вЂњforecast,вЂќ вЂњintend,вЂќ вЂњlikely,вЂќ вЂњoutlook,вЂќ вЂњplan,вЂќ вЂњpotential,вЂќ вЂњproject,вЂќ вЂњprojection,вЂќ вЂњseek,вЂќ вЂњcan,вЂќ вЂњcould,вЂќ вЂњmay,вЂќ вЂњshould,вЂќ вЂњwould,вЂќ will,вЂќ the negatives thereof and other words and terms of similar meanings. Such statements include, but are not limited to, any statements relating to our expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar matters that are not historical facts.

This press release may contain вЂњforward-looking statementsвЂќ 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. Our unique growth model generates significant cash flows, which funds our innovation and expansion into new geographical markets, along with strategically building out dealership networks, creating personal transportation solutions that consumers desire. We use digital technologies to lower our customer acquisition costs, achieve operational efficiencies, and generate additional revenues.

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Our physical logistics network enables us to provide convenient free delivery points for customers and provide services throughout the entire ownership life cycle. We seek to provide customers with a seamless experience both online and in person. Our proprietary e-commerce technology and strategy are designed to disrupt the industry by leveraging our experienced teams, growing selection of owned inventories and physical logistics network. We offer a wide array of products and services fulfilling the entire vehicle ownership lifecycle, including new and used vehicles, finance and insurance products and automotive repair and maintenance.

(NASDAQ: LMPX) is a growth company with a long-term plan to profitably consolidate and partner with automotive dealership groups in the United States.

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We maintain full confidence in the execution of our growth strategy, and we will provide a further update during our third quarter earnings call on November 15 th 2021.вЂќ When these transactions are consummated, we believe that we can deleverage during 2022, given the highly accretive nature of the deals combined with strong free cash flow generation. Given the frequency of acquisitions in our sector burdening the workload at certain manufacturers and vendors, along with the upcoming holidays this quarter, some of the acquisition closings are expected to be delayed until the first quarter of 2022. We anticipate closing on announced acquisitions on a rolling basis, subject to customary closing conditions and manufacturer approvals. We are working with our lender group to provide the necessary debt financing to consummate these acquisitions. We plan to fund these acquisitions through a combination of cash, debt financing and equity prior to closing the remaining acquisitions. With our announced acquisitions under contract, we are working toward financing the exciting growth at LMP. Sam Tawfik, LMPвЂ™s Chief Executive Officer, stated, вЂњAs previously announced on October 6, 2021, we acquired a Chrysler Dodge Jeep Ram Dealership in New York. (NASDAQ: LMPX), an e-commerce and facilities-based automotive retailer in the United States, today provided an update on its recapitalization, finance and acquisition closing timing.

29, 2021 (GLOBE NEWSWIRE) - LMP Automotive Holdings, Inc.

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