SALT LAKE CITY, UT / ACCESSWIRE / April 27, 2022 / Motos America Inc., a publicly-traded motorcycle dealership group, has closed its first round of financing, raising $5 Million from private investors. This offering was placed by the executive team of the Company, without commissions or other direct compensation. There were a total of 29 subscribers to this private placement of shares and other securities.
The Company plans to use the proceeds of this offering for working capital to expand its base of luxury brand motorcycle dealerships across the U.S., including the acquisition of 3 BMW motorcycle dealerships in Florida.
"We are well on our way to achieving our dealership acquisition target" said Vance Harrison, Chief Executive of the Company. "The Company sees a particular opportunity in BMW, Ducati and Triumph motorcycle dealerships" continued Vance. "These luxury brands, with their well-heeled customer base, are expected to continue to add to their aggregate market share in the coming years, and we expect to help that happen" he concluded.
BMW, Ducati and Triumph, each have a total of less than 160 dealers in the U.S. This is as opposed to the four Japanese motorcycle brands (Honda, Suzuki, Yamaha and Kawasaki) and Harley-Davidson each having between 700-1,500 domestic dealers.
According to Kris Odwarka, President of Motos America Inc. "The low number of BMW, Ducati and Triumph motorcycle dealers nationally dampens intra-brand competition and supports margins".
The Company intends to parlay its increased financial strength as a result of this offering into a $12 Million "B-Round" in the near future.
About Motos America
Motos America Inc. (OTCPINK:WECT) is a premium European motorcycle dealership consolidation company. In Nov. 2021, the company changed its name from "Weconnect Tech International, Inc." to "Motos America Inc." When it changed its name, the company adopted a new business model. Motos America purchases and operates powersports dealerships, with an emphasis on European luxury motorcycle brands, including BMW Motorcycles, Triumph Motorcycles and Ducati Motorcycles. The company believes the motorcycle dealership industry is primed for consolidation, similar to what has occurred in the automotive industry. Motos America believes that consolidation in this niche will bring about the same advantages of scale associated with automotive dealer group consolidations. Namely, better operating results driven by professional management, branding and marketing opportunities, and volume purchasing. For more information, please contact:
Contact:
Motos America Inc.
Cal Jones, Investor Relations
510 So. 200 West #110
Salt Lake City, UT 84101
https://motosamerica.com
mailto:cal@motosamerica.com
(801) 386-3700
(801) 403-8609 - Cell
This Press Release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties, including, among other things, statements regarding our business strategy, future revenues and anticipated costs and expenses. Such forward-looking statements include, among others, those statements including the words "expects," "anticipates," "intends," "believes" and similar language. Our actual results may differ significantly from those projected in the forward-looking statements. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this document. Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.
SOURCE: Motos America Inc.
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