TOLLAND, Conn., March 21, 2017 /PRNewswire/ -- Lot 78, Inc. (OTCPink: LOTE), formally announces its new CEO David Schmid.
As part of an executive team that took Hartford, Connecticut-based Propark America from a small regional parking management company to a leading national parking management firm and parking real estate acquisition company, David has held key positions within the company including Chief Financial Officer, Chief Investment Officer and Chief Operating Officer. As COO, David was responsible for daily operations of over 400 locations in 45 cities in 14 states. This responsibility encompassed 1,200 employees and generated over $100 million-dollars in cash flow with $1.2 billion dollars in parking assets.
David will be leading LOTE in its mission to provide value to shareholders through the acquisition of investments that show potential to be profitable scaled regionally or nationally or investments that drive outsized returns.
LOTE's first acquisition is planned to be a two-phase acquisition of Garage Juice Bar (Juice Bar EV), an Electric Vehicle Charging Station provider. Juice Bar EV (www.juicebarev.com) is a company ready to be scaled. Juice Bar EV has products that have been developed, tested, deploy and sold in over 10 states and to nationally recognized clients and government agencies. The first step of the acquisition will be an investment to acquire a 20% stake in Juice Bar EV in the first quarter, with the remaining 80% of the company anticipated to be acquired before the end of the year.
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SOURCE Lot 78, Inc.