BROOKLYN, N.Y., Oct. 14, 2014 /PRNewswire/ -- TGI SOLAR POWER
GROUP INC. (PINKSHEETS: TSPG) a diversified technology
company, announced last week it has entered into an
Agreement with CitiScooter.com, NYC based "Shared Ride" business.
The transaction is subject to customary due diligence.
The TSPG management team is devising a detailed
operating model for the business and anticipates closing
transaction in the next quarter.
"The Shared Ride" industry has seen rapid growth in the last few
years. As urban dwellers seek alternatives to the expense and
inconvenience of out right vehicle ownership and other forms
of public transportation. The use of shared bikes and cars
have seen meteoric growth. Look no further than companies such as
Rent the Runway, Cars2Go, Zipcar, Uber, Lyft and CitiBike to see
this industry model showing tremendous traction, In Addition to the
revenue from the customers, advertising sponsorship has stepped up
from major financial institutions to other fortune 1000 consumer
based corporations. This sector has tremendous growth potential and
significant room for more players.
The RIDE SHARING can be broken down into to subsectors Taxi
Alternatives and Car Sharing.
The two leading players in
the TAXI ALTERNATIVE sector are UBER and LYFT.
Recent report indicates tremendous revenues growth and remarkable
valuation increases.
Uber, Inc. the taxi replacement service is operating in 98 US
cities and 44 countries, They have raised over $1.6 billion and achieved a recent valuation in
excess of $18 bln. The company has
seen tremendous growth since its inception. Recent valuation has
increased over $13 billion
and The top VC's and investment banking in silicon
valley have participated in recent, including Google (GOOG),
Black Rock, Kleiner Perkins and
Menlo Ventures
Lyft is a much smaller competitor to UBER, operating in 64 US
cities with no international operations. Recent valuation is over
$700 mm having raised $333mm in
financing. http://www.lyft.com/.
The business model includes incorporating smartphone
technology to locate the scooter, bill processing,
advertising, brand building and marketing. This
convergence of modern smart phone technology and an age old
transportation concept of "shared rides" is a perfect combination
to take advantage of consumers desires for cost effective,
convenient solutions to the high cost and inconvenience of
urban transportation. The convenience of temporary
usage, no fuel cost, no insurance, expensive taxis, no
maintenance or repairs, inconvenient public transportation,
unavailable parking and massive parking fines and
fees are compelling urbanites in droves to seek cost
effective alternatives.
ABOUT CitiScooter.com
CitiScooter is a shared transportation company
offering Scooters by the hour from your phone. Locate, rent, start
and ride scooters without the hassle of owning, gas and Insurance
included. Smart Phone App gives you ability to get around the town,
no sweat, traffic reports and much more.
About TGI Solar
TGI SOLAR POWER GROUP INC. is a diversified holding company.
TGI's strategy is to acquire new-patented technologies, components,
processes, designs and methods with commercial value that will give
market advantage and generate shareholder value.
Safe Harbor Statements under the Private Securities Litigation
Reform Act of 1965: Those statements contained herein which are not
historical are forward-looking statements, and as such, are subject
to risks and uncertainties that could cause actual operating
results to materially differ from those contained in the
forward-looking statements. Such statements include, but are not
limited to, certain delays that are beyond the company's control,
with respect to market acceptance of new technologies, or product
delays in the testing and evaluation of products, and other risks,
as detailed in the company's periodic filings with the Securities
and Exchange Commission.
SOURCE TGI Solar Power Group Inc.