E Automotive Inc. d/b/a EINC Announces Search for Chief Financial Officer

TORONTO, June 9, 2023 /CNW/ - E Automotive Inc. d/b/a EINC ("EINC" or the "Company") today announced that it has engaged an external firm to initiate a search for a new Chief Financial Officer (CFO) as a result of an agreement between the Company and Andrew Bohlin that he intends to pursue new opportunities. Mr. Bohlin will remain with EINC as CFO through a transition period until September 1, 2023.

"Andy has been a highly valued member of our team as we have executed six acquisitions in two years and completed an IPO," said Jason McClenahan, CEO of EINC. "Andy recruited and mentored a strong team within our finance group and led the design and implementation of our policies and procedures as a public company such that we are well positioned to continue to scale the business on our existing cost base, which has dramatically improved. On behalf of the entire company, we thank Andy for his contribution and wish him our best in his next endeavour."

"My journey with Jason and EINC has been a tremendous opportunity. The vision of EINC to transform the automotive wholesale market with its digital-meets-physical strategy is the future of the market," said Andy Bohlin. "I have the utmost respect and confidence in the team's ability to deliver on that potential. From a personal standpoint, it was the right time for me to explore a new opportunity with both the voluntary delisting and the 2022 cost restructuring now complete."

Mr. Bohlin will continue to oversee the financial reporting through the second quarter of 2023 while the executive search proceeds. The Company will update the market on the search upon its completion.

About EINC
EINC's mission is to optimize the online vehicle buying, selling, and management experience for automotive dealers and consumers. EINC has a digital platform (the "Platform") that provides automotive dealerships with access to an online wholesale auction marketplace where they can purchase or sell vehicles to other dealers, as well as access innovative software solutions to support dealers' digital retailing and inventory management. Access to EINC's Platform is complemented by ancillary service offerings to assist dealers with supplementary auction-related needs, including driving consumer traffic to their digital properties and optimizing other business processes. E Inc.'s digital wholesale marketplace goes to market under the brand EBlock, and EINC's digital retail suite of products goes to market under the brand EDealer.

Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking information that reflects the current expectations of management about the future results and opportunities for EINC. Forward-looking statements generally can be identified by words such as "will", "expects", "anticipates", "intends", "plans", "believes", "estimates", "prospects", "continues", or similar expressions suggesting future outcomes or events. More particularly and without limitation, this press release contains forward-looking statements and information concerning the Company's future positioning, vision of the market, scaling of the business on its existing cost base, future business prospects and potential. Such forward-looking statements reflect EINC's current beliefs and are based on information currently available to management, and EINC can give no assurance that these statements will prove to be correct. Although EINC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements. By its nature, forward-looking information is subject to various risks and uncertainties (including those risks outlined in the Company's most recent annual information form), which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof and to not use such forward-looking information for anything other than its intended purpose. EINC undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

For further information, please contact:
Ross Marshall
Investor Relations
Email: [email protected]
Tel: 416-526-1563

SOURCE E Automotive Inc.