CULVER CITY, CA -- (Marketwired) -- 12/02/16 -- FlitWays Technology Inc. (OTC PINK: FTWS) ("FlitWays" or the "Company"), a Los Angeles-based ground travel technology company, is pleased to announce additional details regarding the Company's ongoing expansion in the South American market, new mobile technology upgrades, and the current Series A investment round.
Growth in South America
On November 1st 2016, FlitWays launched its service in Rio de Janeiro and Sao Paolo in the effort to expand our marketing reach to grow the Company further and potentially dominate the enormous ground transportation service for enterprises in major travel destination markets like South America.
Since launching in South America, FlitWays has expanded its supply network to over 5,000 local drivers. In the coming weeks, the Company will be launching strategic business marketing campaigns to broaden its reach and grow its clientele base. FlitWays is also establishing distribution partnership agreements with travel agencies, travel management companies, and global transportation network companies operating in the region.
Series A Investment
FlitWays is proud to announce the official launch of its Series A investment round. The Company has raised $205,000 to date from accredited investors and have received approximately $500,000 in investment commitments from investment groups and venture capital firms. The Series A investment capital is intended to assist the Company to expand its current growth strategy and promote its ground travel booking technology services to new clientele and partner base.
The recent expansion and investment capital have already enabled FlitWays to enlarge its technical resources by hiring new engineers to enhance the Company's core technology. FlitWays has also increased the size of its Research and Development team by 400% to bring its products to a significant state of modern competitiveness.
This expanded technical team has re-developed the latest FlitWays mobile application for iOS and Android from scratch with the latest state-of-the-art mobile technology. This new version of the FlitWays mobile application is expected to be released towards the end of December 2016.
With the new enhanced technical capacity, the Company is also building distribution integrations with several major travel distributors. This will allow the Company to improve its distribution position in the travel service marketplace which will brand FlitWays accessibility at major travel point of sale.
FlitWays Director of Growth, Zacky Hamraz commented, "This is the start of a very exciting period for FlitWays. With our recently expanded sales and marketing teams, and the new technical and financial resources at our disposal, we plan to continue rolling out our services in more cities across South America and in other international markets."
FlitWays, a Los Angeles-based travel technology company, offers Pre-Booked and On-Demand ground transportation in 170 cities around the world -- including rideshares, taxis, black cars, and airport shuttles. Currently servicing over 400 airports with a fleet of over 20,000 vehicles, FlitWays is there to handle all travel ride needs. FlitWays provides security and peace of mind for both business and private travelers with secure booking and all-inclusive rates.
For additional information regarding FlitWays, visit www.FlitWays.com.
Additional information regarding FlitWays Technology, Inc. can also be found in the Company's most recent filings with SEC at www.sec.gov and further Company press releases.
Cautionary Statement Regarding Forward-Looking Information
This press release may contain certain "forward-looking statements" relating to the business of FlitWays Technology Inc. All statements, other than statements of historical fact included herein are "forward-looking statements," including, but not limited to; the proposed corporate name change; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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