Fleet Financing

Form 8-K EVmo, Inc. To: October 21

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Room 99.1

Regulation removes obstacle to listing on national stock exchange and change of company name / symbol

The company accelerates its growth through the purchase of new vehicles, the expansion of the campus strategy and car-sharing partnerships with local municipalities

LOS ANGELES, October 21, 2021 (GLOBE NEWSWIRE) – EVmo, Inc. (OTC: YAYO), a leading provider of vehicles for the ridesharing industry and the delivery gig economy, today announced the settlement of the Hamlin v. YayYo, Inc. et al in US District Court for the Central District of California, Western Division. The deal is subject to court approval which we await approval. The company’s portion of the settlement was $ 1 million paid in equal installments every three months for the coming year. Executive Chairman Terren Peizer provided his personal guarantee for the full amount owed to the plaintiffs.

“We are happy to put this litigation behind us,” said Terren Peizer, executive chairman of EVmo. “This lawsuit was an obstacle that impacted our ability to list on a publicly traded national stock exchange and prevented the company from changing its name and ticker symbol. Despite the constraints of this pending litigation, including capital constraints, the team continued to successfully execute our business model, generating consecutive quarters of record revenue in the first half of 2021 and ending the second quarter at a rate of income generation. over $ 12 million. EVmo previously reported second quarter 2021 revenue up 67.8% from second quarter 2020 and 15.6% from first quarter 2021. “It is important to note that this growth rate nearly 70% was due to the lack of significant deployed capital. I am so confident in our prospects that I gladly provided my personal guarantee, ”Peizer continued.

CEO Stephen Sanchez added, “With current fleet utilization over 90%, we are vigorously pursuing expansion opportunities and new verticals, including major car-sharing partnerships with universities and cities. We are planning a $ 10 million capital increase, which when consumed will pave the way for an additional $ 7.5 million unlock of our previously announced debt financing with Energy Impact Partners, without the associated fees and restrictions. to the initial debt tranche. “

As noted in previous company releases, at the margin, EVmo’s business model dictates that every $ 10 million of debt and / or equity raised should enable the company to purchase approximately 4,000 vehicles. . This should translate to roughly $ 80 million in annual revenue for every $ 10 million of capital raised at the margin. The Company expects to achieve an EBITDA margin of 25%.

About EVmo, Inc.

EVmo bridges the gap between carpooling and “last mile” delivery drivers who need adapted vehicles and carpooling, delivery and logistics companies that depend on driver attraction and retention. EVmo is a leading provider of rental vehicles to drivers and delivery companies in this ever-expanding gig economy. The company uniquely supports drivers in the upper and lower economic categories with innovative policies and programs.

The Company provides an online ridesharing vehicle reservation platform to serve the ridesharing and delivery economy, which includes both our owned and maintained passenger and freight fleet and third party fleets. We also provide fleet management services with our cutting edge technology platform to fleet providers. EVmo supplies cargo storage vans to the last mile delivery and logistics industry.

EVmo is in the process of switching to a fully electric vehicle fleet in partnership with the best OEMs in the electric vehicle category. The company’s electric vehicle fleet growth plans are fully aligned with the two largest ridesharing platforms in the United States.

The Company provides SEC documents, investor events, press releases and press releases on our financial results in the Investor Relations section of our website (www.evmo.com).

Disclaimer Regarding Forward-Looking Statements

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 contained 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 regarding future events and financial trends that the company believes could affect its financial condition, results of operations, business strategy. and his financial needs. Investors may identify these forward-looking statements by words or expressions such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “intend” ” plan ”,“ believe ”,“ potential ”,“ continue ”,“ is / are likely to ”or other similar expressions. The company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot guarantee that these expectations will prove to be correct, and the company cautions investors that actual results may differ materially from anticipated results.

Investor Relations Contact:

Dave Gentry RedChip Companies Inc. 1-800-RED-CHIP (733-2447) or 407-491-4498 [email protected]

Company contact email address: [email protected]

For more investor information, visit

EVmo, Inc.

Source: EVmo, Inc.

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