CHARLOTTE, N.C. -
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.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170214006460/en/
Investor and Media:
ICR
John Rouleau/Alecia Pulman
RumbleON@icrinc.com
