GlobeNewswire Inc | Dec 23, 2020 04:00PM EST

December 23, 2020

FORT LAUDERDALE, Fla., Dec. 23, 2020 (GLOBE NEWSWIRE) -- LMP Automotive Holdings, Inc. (NASDAQ: LMPX) (the "Company" or LMP), an e-commerce and facilities-based platform for consumers who desire to buy, sell, subscribe to or finance pre-owned and new automobiles, today announced it has received General Motors manufacturer approval for certain of its subsidiaries as it relates to its stage 1 Southeast acquisitions.

Richard Aldahan, LMPs Chief Operating Officer, stated, As of 2020, General Motors is ranked number 18 on the Fortune 500 list of the largest United States corporations by total revenue. We are honored to commence our relationship with General Motors and look forward to working together in representing its product lineup. I want to thank the General Motors team for its professionalism and confidence in LMP throughout this process. The approval is subject to customary closing conditions.

ABOUT LMP AUTOMOTIVE HOLDINGS, INC. BUY, SUBSCRIBE, SELL AND REPEAT.LMP Automotive Holdings, Inc. (NASDAQ: LMPX) describes its business model as Buy, Subscribe, Sell and Repeat. This means that we Buy pre-owned automobiles primarily through auctions or directly from other automobile dealers, and new automobiles from manufacturers and manufacturer distributors. We Subscribe the automobiles to our customers by allowing them to enter into our subscription plan for automobiles in which customers have use of an automobile for a minimum of thirty (30) days. LMPs vehicle subscription membership includes monthly swaps and offers the flexibility to return the vehicle without penalty, upgrade your vehicle to a more premium model or downgrade for a lesser cost model when you like. We Sell our inventory, including automobiles previously included in our subscription programs, to customers as well, and then we Repeat the whole process.

Investor Relations:

LMP Automotive Holdings, Inc.500 East Broward Boulevard, Suite 1900Fort Lauderdale, FL 33394investors@lmpah.com

For more information visit: https://lmpmotors.com/.

FORWARD-LOOKING STATEMENTS:This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Such statements include, but are not limited to, any statements relating to our expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar matters that are not historical facts. These statements may be preceded by, followed by or include the words aim, anticipate, believe, estimate, expect, forecast, intend, likely, outlook, plan, potential, project, projection, seek, can, could, may, should, would, will, the negatives thereof and other words and terms of similar meanings. Forward-looking statements are based on managements current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: our dependence upon external sources for the financing of our operations; our ability to effectively executive our business plan; our ability to maintain and grow our reputation and to achieve and maintain the market acceptance of our services and platform; our ability to manage the growth of our operations over time; our ability to maintain adequate protection of our intellectual property and to avoid violation of the intellectual property rights of others; our ability to maintain relationships with existing customers and automobile suppliers, and develop relationships; and our ability to compete and succeed in a highly competitive and evolving industry; as well as other risks described in our SEC filings. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

SOURCE: LMP Automotive Holdings, Inc.