MILPITAS, Calif. And HADDONFIELD, NJ, December 09, 2021 (GLOBE NEWSWIRE) – Creative Learning Corporation (“Creative” or the “Company”) (OTCQB: CLCN), DriveItAway, Inc., a Delaware corporation (“DIA“), an industry leader in new mobility platforms for car dealerships, and DIA’s existing shareholders have signed an agreement and share exchange plan (the”Share exchange agreement“), under which the Company would acquire all of the issued and outstanding common shares of DIA by issuing one share of Series A convertible preferred shares (the”Favorite Series A“) of the Company for each DIA ordinary share outstanding (the”Share the exchange“). Following the share exchange, DIA will become a wholly owned subsidiary of the Company upon closing of the transaction, and the shareholders of DriveItAway, Inc. will become the beneficial owners of approximately 85% of the common shares of the Company. Company after closing. Upon closing, DriveItAway, with its revolutionary technology purchase subscription, will become the operational business of the Company and will be led by the DriveItAway management team, which will focus exclusively on automotive mobility technologies and programs. The closing of the share exchange is subject to a number of conditions and is expected to take place in January 2022.
âOur technology and our platform are unique in the market because they allow those with money or credit problems to purchase the vehicle of their choice, from any chosen car dealership, from a transparent, easy and risk-free way to own property, building credit and equity with every payment, âsays DriveItAway Founder and CEO John F. Possumato. “This transaction will allow us to grow much faster and help more people nationwide.”
Possumato continues, âWe believe the timing for this strategic initiative is perfect as DriveItAway has just launched a National Ownership Program for Employers to help them address their workforce shortage issues with its workforce development program. ‘Pay as you go’ vehicle purchase, which will facilitate entry level employees get to work and allow employers to hire and induce new workers in a way based on the ESG mission. DriveItAway will also soon be launching a pilot program that allows consumers in financial or credit distress to “drive and own” electric vehicles, as until now entry-level consumers have been left out or ignored in their dealings. participation in the current growth of electric vehicles.
Separately, the Company has entered into an agreement to sell its current learning business, which consists of its five wholly owned subsidiaries. following the closing of the share exchange with an entity affiliated with Chris Rego, the current CEO of Creative.
Creative Learning Corporation CEO Chris Rego said, âThis transaction will open an exciting new chapter for our learning company, our customers, franchise owners and our team members. top-class STEAM solutions to our clients as a private enterprise. We have made solid progress in executing this strategy over the past two years, but we recognize that it will take more time, investment and patience to achieve our goals. As a private company, it allows us to be more aggressive in gaining market share, investing in new product R&D and focusing on franchise sales and our franchise owners. We will be more agile and efficient than ever. “
About John F. Possumato
John F. Possumato, is a renowned consultant, author and speaker in the automotive industry, and is the Founder and CEO of DriveItAway Inc, which provides a turnkey cloud platform / consumer application for dealers to offer new mobility solutions, including subscription. purchase options. Serial entrepreneur in the automotive industry and veteran of the automotive dealership, Possumato has over 30 years of leadership experience in the automotive industry. He is also a lawyer, a graduate of the University of Pennsylvania (JD) Law School and the Wharton School of Business (BS), is a member of the Pennsylvania State Bar, was a founding member of the Board of Director of the International Automotive Remarketers Alliance and former Legal Counsel to the Board of Directors of the Automotive Fleet and Leasing Association. He recently helped found the Drive For Freedom Foundation, a non-profit organization created to alleviate “carless poverty”.
DriveItAway is the first national dealer-focused mobility platform that enables auto dealers to sell more vehicles seamlessly through e-commerce, with its exclusive subscription program based on the Pay as You Go app. DriveItAway offers a comprehensive turnkey solution-focused program with proprietary mobile technology and driver app, insurance coverage and training to enable dealers to operate quickly and profitably in emerging online sales opportunities. For general information, please visit [email protected], or visit www.driveitaway.com.
About Creative Learning Corporation
Operating under the trade names of Bricks 4 Kidz, Bricks 4 Kidz eLearning LLC and Sew Fun Studios, provides educational and enrichment programs for children ages 3 to 13 and older. Through a unique franchise business model that includes proprietary models, curriculum and marketing strategies, the company offers a wide variety of programs designed to enhance students’ problem solving and critical thinking skills. With international locations in 35 countries, we have sparked learning and creativity serving millions of students in our various programs for over 11 years. www.creativelearningcorp.com
Caution regarding forward-looking statements
This press release may contain forward-looking statements within the meaning of federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions regarding matters that are not historical facts. In some cases, you can identify forward-looking statements by using forward-looking terminology such as “may”, “will”, “should”, “expects”, “intends”, “anticipates”, “anticipates”, “” Believes “,” estimates “,” predicts “or” potential “or the negative of such words and expressions or similar words or expressions which are predictions or indicate future events or trends and which do not relate solely to historical questions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that could cause such a difference include, but are not limited to, whether Creative will complete the trade on time or not at all, whether Creative will realize any of the expected benefits of the trade, and other risks. and uncertainties, including those detailed in the Annual Report on Form 10-K for the fiscal year ended September 30, 2020, Quarterly Reports on Form 10-Q for the quarters ended December 31, 2020, March 31, 2021 and June 30 2021, and its other reports filed from time to time with the United States Securities and Exchange Commission (âSECâ). All forward-looking statements reflect Creative’s beliefs, assumptions and good faith expectations, but they are not guarantees of future performance. Creative cautions investors not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of this press release. Creative has no obligation to update these forward-looking statements after the date of this press release, or to comply with any statements made prior to actual results or revised expectations, and Creative does not intend to do so.
Creative learning company
Executive Director of Marketing and Technology
John F. Possumato
Chief Executive Officer
(203) 601 6571