LMP Considers Sale of Company

LMP Automotive Holdings Inc. is planning to terminate its seven pending auto dealer acquisitions and begin the process of exploring the sale of the company. The decision comes due to the inability to secure finance commitments and close within the agreed upon time frames. Each termination will be carried out in accordance with the terms of the respective agreements, says LMP CEO Samer Tawfik.

Deals to be canceled:

• An 85 percent stake in Central Avenue Chrysler-Jeep-Dodge-Ram in Yonkers, N.Y.
• Tom Peacock Cadillac and Tom Peacock Nissan in Houston
• Kia of East Hartford in Connecticut
• Zappone Chrysler-Jeep-Dodge-Ram in Clifton Park, N.Y.
• Chantz Scott Chrysler-Dodge-Jeep-Ram in Greeneville, Tenn.
• Yonkers Kia in New York
• An 85 percent stake in 10 new-vehicle dealerships in Florida, a used-car center and a fleet operations outlet from the Alan Jay Automotive Network

Shares of LMP were valued over $20 a year ago, but are worth just $5.59 today. Stock had been part of the company's strategy to pay off the acquisitions, but without growth they cannot secure investments and without investments they cannot sustain growth at this time.

Telling it like it is - Gotta spend money to make money, but ya gotta have money to spend money.