Agreement Expands EzFill’s Operations to Four New States
Deal Expected to Close December 2
MIAMI, Nov. 25, 2024 (GLOBE NEWSWIRE) -- EzFill Holdings Inc. (NASDAQ: EZFL), a leading mobile fueling company, has signed a definitive agreement to acquire the fueling division of Yoshi, Inc. with the aim of expanding its U.S operations and presence.
Under the terms of the agreement, EzFill will acquire Yoshi Mobility’s existing mobile fuel service assets and allows EzFill to begin operations in four new states: California, Tennessee, Texas, and Michigan. EzFill will integrate Yoshi’s assets, operations and customers into its growing infrastructure. With this acquisition, EzFill plans to not only strengthen the company’s footprint in its existing markets but also take advantage of EzFill’s national customers and begin offering services to them in those markets. EzFill will immediately add diesel fueling to the services currently offered by Yoshi in those markets which the Company believes will immediately increase revenues in those areas. Additionally, EzFill hopes to initiate an aggressive national expansion plan, positioning itself as a leading player in the on-demand fueling sector.
Based in Nashville, Tennessee, Yoshi Mobility is a major mobility services provider backed by strategic investors such as General Motors Ventures, ExxonMobil, and Bridgestone Americas. These investments have played a pivotal role in establishing Yoshi Mobility as a trailblazer in the mobile fueling industry. As part of the Agreement Yoshi will become shareholders in EzFill.
“Since day one, we envisioned EzFill as a national leader in mobile fueling. With our strong foundation in Florida, now is the perfect time to scale our operations into additional states and this agreement represents a transformational step in that journey,” said EzFill CEO Yehuda Levy. “Just as people expect on-demand services for groceries and packages, they now seek convenience and efficiency in fueling their vehicles. This acquisition allows EzFill to meet that demand head-on. Yoshi’s excellent team and loyal customer base provide an incredible platform to help us accelerate our expansion and deliver industry-leading fueling services nationwide.”
CEO and Co-Founder of Yoshi Mobility, Bryan Frist said, “Fuel delivery has been part of Yoshi since our early days. As we shift our focus towards solving growing pain points for our fleet customers, including mobile EV charging and virtual vehicle inspections, we’re pleased to transition this part of the business to a terrific partner and leader in the industry. It’s a true win-win for both companies and most importantly, for our customers.”
The acquisition reflects EzFill’s ongoing commitment to providing convenient, cost-effective, and environmentally friendly mobile fueling solutions for consumers and businesses.
The definitive agreement contains customary closing conditions and is expected to close by December 2, 2024.
About EzFill
EzFill is a Miami-based on-demand mobile fueling service that provides fuel delivery directly to consumers and businesses, eliminating the need for traditional gas stations. As one of the largest mobile fuel delivery platforms in the United States, EzFill focuses on convenience, safety, and efficiency for its users. Visit us at ezfl.com.
About Yoshi Mobility
Yoshi Mobility is a tech-enabled mobility services provider. The company has completed millions of vehicle services through its network of certified mobile technicians who provide both on-site and virtual services including EV charging, virtual inspections, and preventative maintenance. To date, Yoshi Mobility has raised more than $60 million with investments from General Motors Ventures, Bridgestone, and ExxonMobil. Other investors include NBA All-Star Kevin Durant, NFL legend Joe Montana, and Y-Combinator in Silicon Valley.
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 except as may be required under applicable securities law.
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