Motos America Inc., a publicly-traded motorcycle dealership group, announced the addition of two independent board members, Jennifer Danielson and Brent L. Brown, effective June 1, 2020. This move aims to enhance corporate governance as the company pursues acquisitions of European luxury motorcycle dealerships. Danielson brings over 20 years of experience in healthcare policy and M&A, while Brown is recognized for founding the largest volume Toyota dealership in Utah and holds extensive automotive industry experience. The board now comprises five members, with a majority being independent.
Motos America Inc. has partnered with CIM Securities to act as its placement agent for a new securities offering effective May 17, 2022. The company aims to raise up to $14,492,500 by offering 2,250,000 Common Voting Shares at $3.33 each, along with several series of convertible bonds. The initiative is designed to expand its dealership network, following a previous successful offering that raised over $5 million. Currently, Motos America operates four dealerships and plans further expansions in the motorcycle industry.
Motos America Inc. has successfully closed its first round of financing, raising $5 million from private investors. This funding will support working capital and the acquisition of three BMW motorcycle dealerships in Florida. CEO Vance Harrison noted a strong potential for expanding their luxury motorcycle dealership network, particularly focusing on BMW, Ducati, and Triumph brands, which have fewer dealers compared to their Japanese counterparts, aiding competitive margins. The company aims for a subsequent $12 million financing round.
Motos America Inc. has announced its intent to acquire three motorcycle dealerships in Florida for $5 million in cash and securities, alongside inventory costs. The targeted dealerships include Motorcycles of Orlando, Motorcycles of Tampa, and Motorcycles of Daytona, specializing in European luxury brands like BMW, Triumph, and Ducati. This acquisition aligns with the company's strategy to consolidate motorcycle dealerships across the U.S., aiming for synergies and improved sales throughout the year. The company has recently raised approximately $5 million in equity and convertible debt.
Motos America Inc. (OTC PINK:WECT) has recently acquired three motorcycle dealerships in Oregon for a total price of $4,196,841. The purchase includes BMW Motorcycles of Portland, BMW Motorcycles of Eugene, and Triumph Portland. The company utilized $676,887 in cash and obtained approximately $3,019,954 through financing. A total of 250,000 shares were issued as part of the transaction. This acquisition aligns with Motos America's strategy to enhance profitability through dealership consolidation in the European luxury motorcycle market.
Motos America Inc. (OTC PINK:WECT) has acquired the only BMW motorcycle dealership in Nashville, Tennessee, effective March 14, 2022. This acquisition includes the assets of Bloodworth Motorsports, Inc., allowing operations to continue at the existing location under a new subsidiary, Motos America Nashville, Inc. The dealership generated approximately $4.0 million in gross sales in 2021, with projections of $5.5 million in the upcoming year. By year three, anticipated sales could reach $9.0 million with an 8% return on sales.
WECONNECT TECH INTERNATIONAL INC. (OTC PINK:WECT) has completed a significant transaction involving the sale of 436,482,690 shares of common stock and 10 million shares of Series A Preferred stock to Vance Harrison, who now possesses a controlling voting interest. Following this, a new Board of Directors was elected and the company has officially changed its name to MOTOS AMERICA INC.. The shareholders also approved a 1-for-300 reverse stock split and shifted the business focus towards owning and operating motorsport dealerships in the U.S.