Renews $4 Million Credit Line and Receives Nasdaq Listing Extension
MIAMI, FL, Dec. 06, 2022 (GLOBE NEWSWIRE) — EzFill Holdings, Inc. (“EzFill” or the “Company”) (NASDAQ: EZFL), a pioneer and emerging leader in the mobile fuel industry, announced it added over 10 new fleet accounts during the month of November, bringing to over 85 the number of fleet accounts added in 2022.
The new fleet accounts include agreements with the Florida operations of Tforce Freight, a large Virginia-based “less than truckload” (LTL) carrier, Excellent Fruit and Produce, a Miami-based fresh produce distributor, Exquisite Catering by Robert, a special event and corporate catering business serving South Florida for more than 15 years, Suncoast Roofing Supply in Jacksonville as well as Lakeland, and Jacksonville-based L&W Supply, a distributor of building supplies and construction material. Based on deliveries in October and November 2022, management currently expects gallons for the fourth quarter to significantly exceed gallons delivered in the third quarter.
The Company also announced that it has renewed its credit line with Ford Motor Credit Company (FMCC) in the amount of $4 million through May 31, 2023. This line of credit may be used by the Company to begin to purchase many of the 83 trucks for which the Company currently has deposits.
The Company previously reported on a Form 8-K filed with the SEC that Nasdaq has granted the Company an additional 180-day period, or until May 15, 2023, to meet Nasdaq’s minimum $1.00 bid price per share requirement. As previously disclosed on a Form 8-K filing on May 20, 2022, with the SEC, Company received a written notice from Nasdaq indicating that the Company was not in compliance with the $1.00 Minimum Bid Price requirement for continued listing. The Initial Notice provided the Company 180 calendar days in which to regain compliance.
Mike McConnell, EzFill Chief Executive Officer, commented, “We’re very pleased with our continued progress. The new fleet account additions are a testament to the growing recognition of EzFill as a value-added service among Florida businesses. We are continuing to develop additional services to allow our fleet accounts to better manage their fleets, including the ability to more efficiently schedule delivery dates and time, track fuel consumption and costs, as well as other analytics many have not had the ability to do in the past. The Ford extension is an important source of short-term financing, and we appreciate the confidence that our lenders have expressed by providing us with this credit line. Lastly, we’re happy to have received Nasdaq’s extension” said EzFill CEO Mike McConnell.
EzFill is a leader in the fast-growing mobile fuel industry, with the largest market share in its home state of Florida. Its mission is to disrupt the gas station fueling model by providing consumers and businesses with the convenience, safety, and touch-free benefits of on-demand fueling services brought directly to their locations. For commercial and specialty customers, at-site delivery during downtimes enables operators to begin their daily operations with fully fueled vehicles. For more information, visit www.ezfl.com.
With the number of gas stations in the U.S. continuing to decline, corporate giants such as Shell, Exxon, GM, Bridgestone, Enterprise, and Mitsubishi have recognized the increasing shift in consumer behavior and are investing in the fast growing on-demand mobile fueling industry. As the only company to provide fuel delivery in three vertical segments – consumer, commercial, and specialty including marine, we believe EzFill is well positioned to capitalize on the growing demand for convenient and cost-efficient mobile fueling options.
Forward Looking Statements
This press release contains “forward-looking statements” Forward-looking statements reflect our current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements, include, but are not limited to, statements contained in this press release relating to our business strategy, our future operating results and liquidity and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, our ability to raise capital to fund continuing operations; our ability to protect our intellectual property rights; the impact of any infringement actions or other litigation brought against us; competition from other providers and products; our ability to develop and commercialize products and services; changes in government regulation; our ability to complete capital raising transactions; and other factors relating to our industry, our operations and results of operations. Actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.
Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
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Source: EzFill Holdings Inc.
Released December 6, 2022