-- Company plans to increase fleet by 20% by year-end to 600+ vehicles
-- BoxVn growing fleet to meet expected uptick in demand for services due to pandemic
-- In Spring 2020, demand for vehicle delivery outpaced supply and projections are for demand levels to remain permanent
Demand Levels Expected to Remain Permanent
The BoxVn fleet expansion supports the company’s mission to continue to meet the growing needs of the logistics market sector by providing a critical one-stop service, alongside our focused customer service, which in turn allows our business partners to grow and further expand their market share. This fleet expansion was driven by the need to respond to the developing needs of the growing retail and logistics sectors in response to the Covid-19 pandemic. Earlier this year, demand for vehicles outstripped supply causing major logistics issues. By being proactive, BoxVn is prepared to offer the supply required by our partners to drive their businesses forward.
The Covid-19 pandemic has proven beyond doubt the importance of the online retail and logistics sectors, and has expedited the behavioural shift in shopping habits. In the absence of traditional retail stores, online retail enjoyed growth of 30% in
BoxVn Financing the New Vehicles
Given the ongoing e-commerce expansion favorably impacting BoxVn’s business, the Company recently began negotiating with multiple finance partners to give BoxVn various platforms with which to sustain its ongoing growth. Across the 6 confirmed finance partners the initial purchase of 100 new vehicles will start to meet the shortfall of the ever-increasing demand.
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Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, filing patent applications, product development, and business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in BoxVn periodic reports filed from time-to-time with the
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For the Company CEO jg@boxvn.co.uk +44 (0) 203 553 5353 | For Investor Relations Launchpad IR swunderlich@cfsg1.com 1-800-625-2236 |
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