NEW YORK, Feb. 01, 2018 (GLOBE NEWSWIRE) -- DropCar, Inc. (NASDAQ:DCAR) a provider of app-based automotive logistics and concierge services for both consumers and dealers, today announced the appointment of Paul Commons as Chief Financial Officer.
Commons takes the wheel at a time of rapid growth for DropCar across both its business and consumer services and is tasked with helping the company scale across geographies, products, services and customers.
Commons brings 45 years of experience working with private and public companies. He has raised hundreds of millions of dollars in capital for venture-backed firms, structured successful licensing agreements, and guided initial public offerings. He has led efficient corporate finance departments for a number of high-growth start-up companies, as well as human resources and information technology departments.
DropCar’s (1,400 and growing) individual subscribers use the DropCar mobile app to schedule pickup and dropoff of their vehicles by professionally-trained valets, either on-demand or with as little as an hour advance notice. While the vehicle is in storage, DropCar schedules, performs or sources the required vehicle services, ensuring that when the owner is ready for the vehicle, the vehicle is ready for the owner.
DropCar also markets the service to automotive dealers and shared mobility companies which leverage the DropCar Enterprise Vehicle Assistance and Logistics (VAL) platform to coordinate the movements and schedules of professional valets who transport vehicles to and from dealerships to customer locations, or for fleet balancing across customer pick up locations; de-fleeting vehicles at the end of their service life, and delivery of new fleet vehicles from staging facilities.
“Paul’s blend of experience and success within both high growth startups and publicly traded companies is a perfect fit for DropCar at this stage of our company,” said Spencer Richardson, co-founder and CEO of DropCar. “In particular, his experience in both product bundling and technology licensing will be key for us as we not only scale the company, but further build out our vehicle service subscription model.”
Most recently, Commons served as Chief Financial Officer for Zipz Inc., a state-of-the-art packaging company featured on the television show “Shark Tank.” He previously worked at WPC Worldwide, providing CFO services and angel investing to entrepreneurs developing innovative products in finance, technology, agriculture and life sciences. He has also held executive positions at Voxware Inc., VPIsystems and RCN Corporation.
Commons holds an MBA from the University of Denver and a bachelor’s degree in Industrial Administration, majoring in Marketing, from Kettering University (formerly known as General Motors Institute).
“I’ve been impressed by DropCar’s vision of the future of mobility, and the very practical steps they’re taking to achieve that vision,” said Commons. “We have a unique opportunity to usher in the next era of auto ownership, and it’s exciting to be part of the team.”
Founded and launched in New York City in 2015, DropCar (NASDAQ: DCAR) offers its Vehicle Support Platform (VSP), a cloud-based platform and mobile app that help consumers and automotive-related companies reduce the cost, hassles and inefficiencies of owning a car, or fleet of cars, in urban centers. Its technology platform blends the efficiency and scale of cloud computing, machine learning and connected cars with the high-touch of highly trained valets to move cars to/from fully staffed, secure garages to/from the people (or businesses) who own them. Consumers use DropCar’s mobile app to ease the cost and stress of owning a car in the city. Dealerships, leasing companies, OEMs and shared mobility companies use DropCar’s enterprise platform to reduce costs, streamline logistics and deepen relationships with customers. More information is available at www.dropcar.com.
This press release contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient resources of the combined company to meet its business objectives and operational requirements and the impact of competitive products and services and technological changes. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in WPCS’s registration statement on Form S-4, including the proxy statement/prospectus/information statement therein, WPCS’ most recent Annual Report on Form 10-K, and WPCS’ recent Quarterly Report on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Except as required by applicable law, DropCar undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
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