Porch Group Prevails in Lawsuit
June 22 2022 - 4:05PM
Porch Group, Inc. (“Porch Group” or “the Company”) (NASDAQ: PRCH),
a leading vertical software company reinventing the home services
and insurance industries, announced it had prevailed on all counts
in the matter of Kandela, LLC v. Porch.com, Inc. et al. The
presiding arbitrator has also determined that Porch, as the
prevailing party, is entitled to reimbursement of its legal costs
and expenses. The arbitral tribunal’s decision is
anticipated to be final and unappealable.
In the dispute filed several years ago, owners and managing
members of Kandela, LLC at such time filed a complaint against
Porch.com, Inc. (“Porch”) in the Superior Court of the State of
California, alleging breach of contract and other claims related to
Porch’s acquisition of the Kandela business, which included an
earnout provision. The case was transferred to JAMS
arbitration pursuant to the terms of the acquisition
agreement.
“We are pleased with the arbitrator’s decision and are happy to
have this matter and any related uncertainty behind us,” said Matt
Ehrlichman, Founder, Chairman and CEO of Porch Group.
About Porch GroupSeattle-based
Porch Group, the vertical software platform for the home, provides
software and services to more than 25,500 home services companies
such as home inspectors, mortgage companies and loan officers,
title companies, moving companies, real estate agencies, utility
companies, and warranty companies. Through these relationships and
its multiple brands, Porch provides a moving concierge service to
homebuyers, helping them save time and make better decisions on
critical services, including insurance, warranty, moving, security,
TV/internet, home repair and improvement, and more. To learn more
about Porch,
visit porchgroup.com or porch.com.
Forward-Looking StatementsThis press release
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Words such as
“believe,” “intend, “demonstrate,” “expect,” “estimate,”
“anticipate,” “should” and “likely” and similar expressions
identify forward-looking statements. In addition, statements that
are not historical should also be considered forward-looking
statements. Readers are cautioned not to place undue reliance on
those forward-looking statements, which speak only as of the date
the statement was made. Such forward-looking statements are based
on current expectations that involve a number of known and unknown
risks, uncertainties and other factors which may cause actual
events to be materially different from those expressed or implied
by such forward-looking statements. Other factors may cause Porch’s
actual results to differ materially from those expressed or implied
in the forward-looking statements and such factors are discussed in
Porch’s filings with the U.S. Securities and Exchange Commission
(“SEC”), including its Annual Report on Form 10-K for the fiscal
year ended December 31, 2021 and subsequent reports filed by Porch
with the SEC. Copies of Porch’s filings with the SEC may be
obtained at the “Investors” section of Porch’s website at
www.ir.porchgroup.com or on the SEC’s website at www.sec.gov.
The forward-looking statements included in this announcement are
made as of the date hereof. Porch is not under any obligation to
(and expressly disclaims any such obligation to) update any of the
information in this press release if any forward-looking statement
later turns out to be inaccurate whether as a result of new
information, future events or otherwise, except as otherwise may be
required by the federal securities laws.
Investor Relations Contact:Emily Lear, Head of
Investor Relations Porch Group, Inc.(701)
214-8177Emilylear@porch.com
Matt Glover and Alex ThompsonGateway Group, Inc.(949)
574-3860PRCH@gatewayir.com
Porch Press contact:Catherine AdcockGateway
Group, Inc.(949) 386-6332PRCH@gatewayir.com
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