Business
DriveItAway Consummates the Share Exchange with Creative Learning Corporation to Lead the Company in Enabling EV Subscription to Ownership for Entry Level and Credit Challenged Consumers
DriveItAway Consummates the Share Exchange with Creative Learning Corporation to Lead the Company in Enabling EV Subscription to Ownership for Entry Level and Credit Challenged Consumers.
About this update from Driveitaway Holdings Inc.
[{"type":"text","content":"\n HADDONFIELD, N.J., March 02, 2022 (GLOBE NEWSWIRE) -- DriveItAway, Inc. (OTCQB: CLCN), a Delaware corporation (“DIA”), an industry leader in new mobility platforms for automobile dealers, announced today that it has completed the Plan of Share Exchange with Creative Learning Corporation (OTCQB:CLCN), under which CLCN acquired 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 CLCN for each outstanding share of DIA common stock (the “Share Exchange”). As a result of the Share Exchange, DIA became a wholly-owned subsidiary of CLCN with shareholders of DriveItAway, Inc. the beneficial owners of approximately 85% of the CLCN’s common stock. DriveItAway’s CEO John F. Possumato is now CEO of the Company, and the DriveItAway team has taken over management control, as the company will now focus exclusively on automotive mobility technologies and programs, with a new focus on the growth of enabling entry level consumer access to electric vehicles, with its unique “pay as you go” subscription to ownership program. “With this exciting new development of being a public company, we can now fulfill two long time goals,” says John F. Possumato, CEO of Creative Learning/DriveItAway. “The first is to add more national visibility and growth to our unique and inclusive platform and program, which enables those that are cash or credit challenged the ability to buy the vehicle of choice, from any car dealer chosen, in an app driven transparent, easy and risk free “subscription to ownership” way, building equity with every payment, now focused on providing new EV vehicle choices to consumers who, heretofore, have been shut out of experiencing the benefits of owning an EV.” Adds Possumato, “The second goal this merger fulfills is to allow more people to share in our success as a mission driven, ESG, focused automotive company, to eliminate the transportation problems that entry level employees have in getting to work, in conjunction with major employers around the country, and in this way improve the economic conditions for many Americans.” Continues Possumato, “Studies have shown that the number one impediment to successful entry level employm...