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Chicago, IL, July 22, 2019 (GLOBE NEWSWIRE) -- 2050 Motors, Inc. (US OTC: ETFM) d/b/a 2050 Corp., a business accelerator targeting emerging growth companies, announced today that it has completed and filed its audited financial statements on Form 10-K for the year ended December 31, 2018 and its unaudited financial statements on Forms 10-Q for the three-month periods ended September 30, 2018 and March 31, 2019.
Said Vik Grover, CEO: “The filings of Forms 10-K for 2018, 10-Q for 3Q18 and 10-Q for 1Q19, represented a Herculean effort. It is never easy to bring a delinquent public entity current for its SEC reporting requirements. In this case, we had to assemble 2050’s operational and financial information without assistance from prior management or their service providers. In fact, after I terminated the proposed spin-out transaction of 2050’s Nevada subsidiary to former management due to inadequate information and due diligence, contractors that we had already paid refused to provide 2050’s new team of accountants, auditors, derivative valuation experts and lawyers with requested information. Further, after sending demand letters to former management and investors for the books and records of the company, 2050 was not given access to its own data. The Company has not been able to obtain adequate documentation of loans made by former affiliates to 2050 and cannot confirm the providence of the repayments of those loans and/or the conversions of those loans into common shares. Were it not for input from our transfer agent, the Secretaries of State of California and Nevada, the Company’s former commercial banker at US BANK, and 2050’s former audit firm, among other entities, the Company would not have been able to get current with its SEC filings.”
With a clean financial slate, management intends to update shareholders regularly and often on its existing investments including: 1) Kanab Corp. (a social network targeting the global cannabis market @ www.kanab.club) and 2) Mobicard Inc. (a publicly-traded entity offering mobile business cards and services @ www.freemobicard.com) and planned investments in various stages of negotiation with 3) CLEC Networks, Inc. (a facilities-based telecommunications provider owned by EDGE FiberNet @ www.edgefibernet.com), 4) ERIDE CLUB CORP. (an Internet business launching a rental and sales platform for electric vehicles @ www.erideclub.com), and 5) LVG1 (a business entity d/b/a UNDERground targeting sales of CBD products and services, content and travel through major retail chains and online channels @ www.undergroundvh.com with numerous other domains currently under development).
Said Grover: “2050’s current share price has been decimated due to investor angst over the viability of the Company after going delinquent with its filings last year. Our June quarter financial statements will reflect a healthier business, characterized by the ownership of Kanab Corp., the infusion of a substantial equity position in Mobicard Inc., the dissolution of the 2050 Nevada subsidiary which was in a revoked status, the write-off of the Aoxin assets and termination of that relationship, the consolidation of and reduction in third-party debt in default, and a host of clean-up that is too long and tedious to report in depth in this press release. The future is bright, and now that the Company is current, 2050 can play “offense” and create value rather than focusing on the issues of the past.”
2050 reserves all rights with regards to prior management’s refusal to hand over control of the Company’s assets and records to new management. The Company believes it and its stakeholders have suffered irreparable harm due to such inaction and is exploring all remedies.
About 2050 Motors, Inc.
2050 Motors, Inc. (www.2050motors.com) d/b/a 2050 Corp. is a publicly traded company focused on business acceleration. The Company invests in, provides assistance and support with management and Board representation/guidance, and advises emerging growth companies aligned with its environmental, social, and governance (“ESG”) mission. 2050 is developing direct investment and affiliations - majority- and minority-owned and joint ventures - that afford companies access to the public markets for expansion capital as well as spin-out options to become their own stand-alone public companies or blockchain-traded entities.
Statements in this press release about our future expectations, including without limitation, the likelihood that 2050 will meet minimum sales expectations, be successful and profitable in the US market, and leverage capital markets to execute its growth strategy, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law. 2050’s business strategy described in this press release is subject to innumerable risks, most significantly, whether the Company is successful in securing adequate financing. No information in this press release should be construed in any form shape or manner as an indication of the Company’s future revenues, financial condition or stock price.
2050 Motors, Inc. d/b/a 2050 Corp.