OmniCar Announces Strategic Review of Operations
OmniCar Holding AB ("the Company"), a technology solutions provider empowering the auto industry, today announced, following an evaluation of its operations, that company is moving forward with a strategic focus primarily on its OmnicarService operations and pausing its investment into OmnicarSales.
Chief Executive Officer Mikkel Kofod Christensen, stated, “OmnicarService continues to see increasing month over month demand and our 5 stars reviews are now surpassing 2.000. Additionally, our total addressable market is expanding with new collaborations and opportunities in both Denmark and in other markets.
As a result, we have made a strategic decision to focus solely on OmnicarService where we see a growing demand and still see the market as a blue ocean. This means we will pause OmnicarSales, sell our remaining inventory of automobiles, and reduce the expense structure allocated to managing that operation. Due to this organizational change, we are withdrawing our previous financial guidance, but note the decision will have a positive impact on our cash flow and profit loss going forward.”
OmniCar Holding AB would like to point investors to a separate release issued today highlighting our new agreement with electric vehicle manufacturer XPeng Motors as evidence of our expanding growth opportunities.
About OmniCar Holding AB
OmniCar Holding AB creates technology solutions that empower the auto industry. The company launched OmniCarService in 2020, Denmark’s first mobile car service platform. As part of this service, the company has developed an industry leading IT system which offers a real time price generator, CRM system, a geo-planning tool, and an integrated parts ordering system. Additional information about OmniCar Holding AB may be found on its website: https://www.omnicar.com/
For further information, please contact:
Mikkel K. Christensen
Chief Executive Officer
OmniCar Holding AB
mkc@omnicar.dk
This information is such information that OmniCar Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on October 31, 2022.