Speedemissions, Inc. Enters into Joint Venture to Develop Vehicle Registration Services for Consumers Nationwide
ATLANTA, GA - (Marketwired - Feb 4, 2014) - Speedemissions, Inc. (OTCQB: SPMI), a leading vehicle emissions testing and safety inspections company operating 43 stores in Atlanta, Houston, St. Louis and Salt Lake City and developer of proprietary mobile apps for the automotive industry, including the revolutionary automobile safety and recall app CARbonga-SRI, today announced that it has established Retail Vehicle Registration LLC ("RVR") for the purpose of offering consumers the convenience and the ability to register their motor vehicles, initially, within a limited number of its retail stores.
RVR was formed as a result of a joint venture and teaming agreement between Speedemissions, Inc. and Mr. Harlen Hagdel, CEO of Wisconsin License Centers, located in Balsam Lake, Wisconsin. Under Mr. Hagdel's creative vision, Wisconsin was one of the first states to offer car owners the ability to register their vehicles in other convenient retail locations.
This joint venture will allow Speedemissions retail stores to begin offering customers the ability to renew their vehicles registration without having to visit the Department of Motor Vehicles ("DMV") office. Once the program is established, Speedemission customers will be able to renew their car's registration while having their emissions tested or inspection completed, thus avoiding the additional travel and time wasted standing in line at their local DMV office. Consumers will pay a small convenience fee to RVR for this service.
Rich Parlontieri, President and CEO of Speedemissions, stated, "We're very pleased to be working with Harlen. He has pioneered this practical public and private partnership solution that just makes sense for anyone who needs to renew their car registration but doesn't have an interest in waiting in line at the DMV office for hours."
"Set-up for the services should take about three to six months, with beta testing to begin immediately thereafter. We'll do testing in various locations to ensure complete viability of the program before the official launch. We are eager to introduce this program as it benefits all parties involved and see this as another value-added offering for our customers, as well as a step toward increasing revenue and income," added Parlontieri.
"We are excited about our joint venture agreement with Speedemissions, and based on prior experience, I know that this will be a real convenience for the consumer. Although RVR's initial plan is to offer this registration service in the Speedemission network, our long-term goals for this partnership encompass a significantly greater presence and higher participation across the country," stated Mr. Hagdel.
About Speedemissions, Inc.
Speedemissions, Inc., based in Atlanta, Georgia, is a national brand offering customers quick and efficient emission testing and/or safety inspection as required by law. The Company is in the Atlanta, GA, Houston, TX, Salt Lake City, UT and St. Louis, MO markets. The Company has expanded its business model through its newly introduced SpeedEmissions Car Care Stores and SpeedEmissions Car Care franchise unit. Speedemissions hopes to be among the first companies to offer its customers quick and efficient vehicle emissions testing and repair services. For more information, visit: www.speedemissions.com
Speedemissions, Inc. owns and developed the CARbonga line of apps for smart phone users. CARbonga is the first app which allows the average person to detect automotive car problems for their own vehicle or when buying a used vehicle. The CarBonga-SRI app provides a quick and easy way for consumers to stay on top of the safety of their vehicle by providing the most current safety-related recalls and service bulletins for their vehicles. For more information, visit www.carbonga.com and for CarBonga news updates follow @CarbongaApp on Twitter.
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Forward Looking Statements
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to market acceptance for Speedemissions' products and services, its ability to succeed in increasing revenues in the near term to attain profitable operations and generate sufficient cash flow from operations, the effect of new competitors in its markets, its integration of acquired businesses, and other risk factors identified from time to time in its filings with the Securities and Exchange Commission, including Speedemissions' Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K which are available at the SEC's website www.sec.gov. Other factors not currently anticipated may also materially and adversely affect Speedemissions' results of operations, financial position, and cash flows. There can be no assurance that future results will meet expectations. While Speedemissions believes that the forward-looking statements in this news release are reasonable, the reader should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. Speedemissions does not undertake, and expressly disclaims any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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