AUBURN, Ind., April 06, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Perpetual Industries Inc. (OTCMARKETS:PRPI) (“Perpetual” or the “Company”) today announces it has completed its acquisition of the AutoGrafic Software System.
AutoGrafic is a software as a service (SaaS) and social application that utilizes cutting-edge technology to host a myriad of aspects for automotive promotion and preservation. It targets global collector car and automotive enthusiasts who want a unique, multifaceted, interactive automotive experience that is focused on a visual-based social community, collection management, social events, auctions, insurance, research, preservation and historical documentation.
“This acquisition provides another foundational piece in our quickly expanding blockchain division and, in addition to outstanding software, augments our team with some truly exceptional talent,” said Brent Bedford, CEO of Perpetual. “It will also greatly benefit Worldwide Auctioneers, our newly acquired wholly owned subsidiary, by bringing much-needed new technology and innovation to their customers and the collector car industry at large.”
The AutoGrafic software system was born from the vision of Travis LaVine and Jason Stoller, of LaVine Restorations, to fill a need in the industry for a user-friendly software that could be a singular point for the collector car community. LaVine Restorations, Inc. is an Indiana-based company, founded by Eric and Vivian LaVine in 1974, that has grown into a global leader in high-end classic car restoration and preservation.
“We have worked tirelessly over the past year to develop AutoGrafic as a suite of tools suited to the complex and robust collector car world. Never has there been a more important time than now to create an ecosystem that brings collectors, enthusiasts, restorers and car lovers a more interactive and connected experience, especially in light of COVID and our ever-changing online world,” said Travis Lavine, co-founder of AutoGrafic Software System.
Perpetual will be expanding its team of software developers to create a new division for AutoGrafic led by Travis LaVine and Jason Stoller. The resulting combined expertise of these visionaries and the Company will elevate the platform, bringing it to its full potential. This includes plans for a mobile app, loyalty program, tokenization on the blockchain, as well as a full suite of other multidimensional features. AutoGrafic users will soon be able to gain access to the system by using a mobile phone or web browser to choose a free plan or select from various levels of premium plans that will provide access to more of the advanced functions on a per-feature subscription basis.
“We are thrilled that AutoGrafic is now part of the Perpetual Industries family. We have had a wonderful relationship with LaVine Restorations and the AutoGrafic team for many years and believe the synergies are incredible, and we look forward to working together to bring solutions to our industry and beyond,” said John Kruse, principal and auctioneer of Worldwide.
The U.S. classic car market has recorded steady expansion over recent years, accounting for revenue of approximately $12.63 billion in 2020, according to Statista Research Department. The same report forecasts growth to $15.52 billion by 2023. According to data from IBISWorld, the market for classic car dealers in the U.S. was valued at $2.1 billion in 2021, achieving a CAGR of 1.5% from 2016 to 2021 despite the challenges associated with the COVID-19 pandemic.
AutoGrafic is uniquely poised to impact the collector car market in a pivotal way by increasing access to desirable automobiles, which we believe will drive the creation of a new generation of collectors interested in classic automobiles,” said Jason Stoller, co-founder of AutoGrafic Software System.
Perpetual Industries’ goal is to capitalize on this currently growing marketplace sector to create an immersive interactive experience, while at the same time creating a central hub that will attract the next generation of car enthusiasts.
About Perpetual Industries Inc.
Incorporated in Nevada and based in Auburn, Indiana, Perpetual Industries Inc. (OTCMARKETS:PRPI) is an incubator for the development of new and innovative energy-efficient technologies. Our mission is to “perpetuate industry” by bringing value-added technologies to market. At the Company’s core is a proprietary technology known as the XYO Mechanical Balancing Technology, designed specifically to dynamically eliminate vibration in rotating equipment to create energy-efficient, environmentally responsible products. We are expanding our expertise and knowledge of energy-efficient technology by developing low-cost, green energy-powered solutions for a variety of industries, including renewable energy, blockchain mining, artificial intelligence, graphic rendering, internet of things (IoT) and cloud computing, while continuing our research, development and commercialization of the XYO Technology in key applications.
About Worldwide Auctioneers
Located in Auburn, Indiana, Worldwide is recognized as the leader in high-end collector car auctioneering globally. The sale and acquisition of vintage motorcars is at the core of the business, whose sole focus is helping you buy and sell great motorcars, whether privately or at auction. We are unique in having owners who are also chief auctioneers and motorcar specialists, so you deal directly with us. No one knows your motorcar better, because we consign it, research it and market it. No other company is better positioned to represent your investment. With Worldwide Auctioneers, you will get our personal attention, and you won’t get lost in the crowd.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934; and the Private Securities Litigation Reform Act of 1995; as well as “forward-looking information” as such term is defined in applicable U.S. and Canadian securities legislation. We may use words such as “may,” “would,” “could,” “should,” “potential,” “will,” “seek,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” and variations of these words and similar expressions to identify a forward-looking statement. Such statements reflect the Company’s current views and intentions with respect to future events and current information available to the Company and are subject to certain risks, uncertainties and assumptions, including, without limitation: the conditions to closing of the transaction being satisfied, including obtaining all necessary approvals for the transaction. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information or statements prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information or statement is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information or statements. The forward-looking information and/or statements included in this press release are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
For media, press inquiries and further information, please contact:
Carl Dilley, Chief Operating Officer
Perpetual Industries Inc.
Phone: 702-707-9811
Email: info@perptualindustries.com
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