LOS ANGELES – December 19, 2017 – YayYo, Inc today announces that its wholly owned subsidiary, Distinct Cars, LLC has turned profitable.
Distinct Cars, LLC owns a fleet of new cars which are rented to rideshare drivers mainly through the www.RideShareRental.com website.
Revenues have almost doubled in each of the last three months. The company turned profitable in the month of November.
“We are very happy that our subsidiary, Distinct Cars, has become a profitable company and is now building value for our shareholders and note holders. We anticipate that December will actually show even greater revenues and profits as we add even more cars to our platform,” said Ramy El-Batrawi, CEO.
“Our potential to keep growing is huge. The rideshare industry is still at its infancy and growing. As the rideshare industry grows we grow with it. We expect our market share to increase even more due to the incredible value proposition we give to our drivers. In addition, we are continually adding more cars to our fleet, increasing our revenues for every car we add. We are keeping our fleet near 100% utilization and by adding the peer-peer component it will help us expand faster and boosts our revenue and margins.”
Mr. El-Batrawi also stated, “Our business strategy is to find the best drivers in the industry and put them into brand new cars to provide the greatest value to the riders and the rideshare companies.”
Those interested in renting cars can go to www.RideShareRental.com
The Company was also qualified on March 17th, 2017 by the Securities and Exchange Commission for a Regulation A+ Initial Public Offering to raise gross proceeds of $50 million. Interested investors can purchase shares directly at www.YayYoIpo.com.
YayYo, Inc., also recently announced that the Company has filed an application to list its common stock on the NASDAQ Capital Market..
This release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934, and are made in reliance upon the protections provided by such Acts for forward-looking statements. We have identified forward-looking statements by using words such as “expect,” “believe,” and “should.” Although we believe our expectations are reasonable, our operations involve a number of risks and uncertainties that are beyond our control, and these statements may turn out not to be true. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company’s Form SEC filings.