Creative Learning Corporation, to be Renamed DriveItAway Holdings, Inc., Completes Final Closing of Transaction
Now Focused Solely on its Mission to Enable Transparent & Riskless Vehicle Ownership for Credit Challenged Consumers, Including Electric Vehicles with its “EVs for Everyone” Initiative
HADDONFIELD, N.J., March 24, 2022 (GLOBE NEWSWIRE) — Creative Learning Corporation (to be renamed DriveItAway Holdings, Inc.) (OTCQB: CLCN) and DriveItAway, Inc., a Delaware corporation (“DIA”), an industry leader in new mobility platforms, announced today that they have now fully completed the Exchange Transaction. The management team and Board of Directors of the Company are now exclusively made up of the DIA team, and the former learning business of the Company has been spun off to the former management of Creative Learning Corporation. The name of the Company will soon be changed to DriveItAway Holdings, Inc., to reflect its sole business focus and new management.
Added to the new Board of Directors of the Company, is Paul Patrizio. Mr. Patrizio has been a corporate attorney, an investment banker, a venture capitalist, and a corporate executive, for both public and private companies over his more than 35-year career. Since 2015, he has been the Managing Partner of Apogee Partners LLC, a private investment company with equity interests in a diverse set of emerging growth companies. He is also a Partner at Patrizio & O’Leary LLP, a law firm in Princeton, NJ that specializes in representing both public and private growth companies as well as their investors in corporate transactions and general business matters.
“This is a very exciting time for us with the new management team in place as we welcome Paul to our Board. We can now focus solely on the tremendous opportunity for our growing business in fulfilling the unmet transportation needs of credit challenged and entry level employees throughout the United States, and allow all access to the EV future ahead,” says John F. Possumato, CEO of Creative Learning, soon to be named DriveItAway Holdings, Inc.
“Just returning from the annual J.D. Power Summit and the National Automobile Dealer Association Convention less than two weeks ago, it is no exaggeration to say the focus was practically all on the oncoming EV ‘revolution’ coming quickly in the selection of vehicles on the market soon,” adds Possumato, “but EVs cost 20-40% more than gas vehicles and there is real hesitation from potential buyers over whether or not an EV is practical for lifestyle needs. Our DriveItAway subscription to ownership model is the perfect platform to overcome both obstacles, as it spreads out the upfront cost over a period of months, through rental payments that build towards the down payment, with the right, giving the renter the right, but not the obligation to buy his or her rental vehicle.”
Possumato continues, “DriveItAway is unique in the market today, in that we enable moderate income people and first-time buyers (not just the affluent, third car in the garage Tesla family), the benefits of driving an EV today (dramatically lower fuel costs, lower maintenance and fun to drive), with the ability to ‘try it before you buy it,’ like an infinite test drive that pays dividends. ‘EVs for Everyone’ is no longer just a slogan, DriveItAway makes it a reality.”
About John F. Possumato
John F. Possumato, is a noted consultant, author and speaker in the automotive industry, and is the Founder and CEO of DriveItAway Inc, which provides a turn-key cloud platform/consumer app enabling dealers to offer new mobility solutions, including subscription-to-purchase options. A serial automotive industry entrepreneur and a dealership owner veteran, Possumato has over 30 years of car industry leadership experience. He is also an attorney, a graduate of the Law School at the University of Pennsylvania (J.D.) and the Wharton School of Business (B.S.), is a member of the Bar of the State of Pennsylvania, was a founding Board member of the International Automotive Remarketers Alliance, and past Counsel to the Board of Directors of the Automotive Fleet and Leasing Association. He most recently helped create the Drive For Freedom Foundation, a nonprofit created to alleviate the “Poverty of the Carless.”
About DriveItAway
DIA is the first national dealer focused mobility platform that enables car dealers to sell more vehicles in a seamless way through eCommerce, with its exclusive “Pay as You Go” app-based subscription program. DIA provides a comprehensive turn-key, solutions driven program with proprietary mobile technology and driver app, insurance coverages and training to get dealerships up and running quickly and profitably in emerging online sales opportunities. The company is planning to soon to expand its easy and transparent consumer app ‘subscription to ownership’ platform to enable entry level consumers to drive and acquire new Electric Vehicles. For further information, please see www.driveitaway.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. 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. All forward-looking statements reflect Creative’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Creative cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. Creative is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and Creative does not intend to do so.
CONTACT INFORMATION:
Creative Learning Corporation/DriveItAway Holdings, Inc.
Rod Whiton
For further information, please see:
www.creativelearningcorp.com (currently being revised)
