Business
Creative Learning Corporation Enters Into Share Exchange Agreement to Acquire DriveItAway, Inc., Forming Wholly Owned Subsidiary; DriveItAway to Become the Operating Business Led by DriveItAway Management Team
Creative Learning Corporation Enters Into Share Exchange Agreement to Acquire DriveItAway, Inc., Forming Wholly Owned Subsidiary; DriveItAway to Become the Operating Business Led by DriveItAway Management Team.
About this update from Driveitaway Holdings Inc.
[{"type":"text","content":"\n MILPITAS, Calif. and HADDONFIELD, N.J., Dec. 09, 2021 (GLOBE NEWSWIRE) -- Creative Learning Corporation (“Creative” or the “Company”) (OTCQB:CLCN), DriveItAway, Inc., a Delaware corporation (“DIA”), an industry leader in new mobility platforms for automobile dealers, and the existing shareholders of DIA executed an Agreement and Plan of Share Exchange (the “Share Exchange Agreement”), under which the Company would acquire all of the issued and outstanding common stock of DIA by issuing one share of Series A Convertible Preferred Stock (the “Series A Preferred”) of the Company for each outstanding share of DIA common stock (the “Share Exchange”). As a result of the Share Exchange, DIA will become a wholly-owned subsidiary of the Company upon the closing of the transaction, and shareholders of DriveItAway, Inc. will become the beneficial owners of approximately 85% of the Company’s common stock following the closing. Upon the closing, DriveItAway, with its revolutionary subscription to purchase technology, will become the operating business of the Company and will be led by the DriveItAway management team, which will focus exclusively on automotive mobility technologies and programs. Closing of the Share Exchange is subject to a number of conditions, and is expected to occur in January 2022. “Our technology and platform is unique in the marketplace, as it enables those that are cash or credit challenged the ability to buy the vehicle of choice, from any car dealer chosen, in a transparent, easy and risk free subscription to ownership way, building credit and equity with every payment,” says DriveItAway Founder and CEO, John F. Possumato. “This transaction will allow us to expand much more rapidly and help more people on a national basis.” Possumato continues, “We believe the timing for this strategic initiative is perfect, as DriveItAway just recently launched a national ownership program for employers to help them relieve their labor shortage issues with its “pay as you go” vehicle purchase program, which will help entry level employees get to work and enable employers to hire and incentivize new workers in an ESG mission-based way. DriveItAway is also soon to launch a pilot program enabling cash or credit ch...