EzFill Announces New Revolving Credit Facility

Rhea-AI Summary

EzFill Holdings has secured a $16 million revolving credit line with City National Bank of Florida to enhance its financial position. This agreement will support the company’s operational expansion in both existing and new markets. CFO Arthur Levine stated that the credit facility will help meet the rising demand for mobile fueling services, building on momentum gained since their IPO in September 2021. The credit line is secured by the company's investment portfolio with the Bank, aimed at facilitating growth in the mobile fueling industry.

Positive

• Secured a $16 million revolving credit line to support operational expansion.
• CFO stated the facility strengthens financial position to meet growing demand.
• Credit line secured by investment portfolio, providing additional financial stability.

Negative

• None.

--Strengthens Financial Position to Support Operational Expansion--

MIAMI, FL, Dec. 16, 2021 (GLOBE NEWSWIRE) -- EzFill Holdings, Inc. (“EzFill” or the “Company”) (NASDAQ: EZFL), a pioneer and emerging leader in on-demand mobile fueling, announced today that it has entered into a revolving credit line agreement with City National Bank of Florida (the “Bank”). Under the revolving credit facility, the Company may borrow up to approximately $16 million, a number that will vary over time. Funds can be used for general corporate purposes. The revolving credit line is secured with the securities held in the Company’s investment portfolio with the Bank.

“During 2021, we have undertaken key financing initiatives, including our Initial Public Offering in September. Now, we can utilize the credit facility to strengthen our financial position in order to meet growing demand for mobile fueling services in our existing markets and strategically enter new high-growth markets in Florida and beyond,” said Arthur Levine, Chief Financial Officer of EzFill. “With increased financial flexibility and momentum building in the business, we believe that we are well positioned to achieve the next stage of our operational growth.”

Further details about the credit facility can be found in the Company’s Form 8-K filed with the Securities and Exchange Commission on December 15, 2021.

About EzFill

EzFill is a leader in the fast-growing mobile fueling industry, with the largest market share in its home state of Florida. Its mission is to disrupt the gas station fueling model by providing consumers and businesses with the convenience, safety, and touch-free benefits of on-demand fueling services brought directly to their locations. For commercial and specialty customers, at-site delivery during downtimes enables operators to begin their daily operations with fully fueled vehicles. For more information, please visit https://ezfl.com.

Forward Looking Statements

This press release contains “forward-looking statements” Forward-looking statements reflect our current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements, include, but are not limited to, statements contained in this press release relating to our business strategy, our future operating results and liquidity and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, our ability to raise capital to fund continuing operations; our ability to protect our intellectual property rights; the impact of any infringement actions or other litigation brought against us; competition from other providers and products; our ability to develop and commercialize products and services; changes in government regulation; our ability to complete capital raising transactions; and other factors relating to our industry, our operations and results of operations. Actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.

Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

For further information, please contact:

Investor and Media Contact
KCSA Strategic Communications
Kathleen Heaney / Joshua Greenwald
EzFill@kcsa.com

FAQ

What is the significance of the $16 million credit line for EZFL?

The $16 million credit line will enhance EzFill's financial position, enabling operational expansion and meeting increased demand for mobile fueling services.

When did EzFill Holdings go public?

EzFill Holdings had its Initial Public Offering (IPO) in September 2021.

Who is providing the credit facility to EzFill Holdings?

City National Bank of Florida is providing the revolving credit facility to EzFill Holdings.

How will the credit line impact EzFill Holdings' growth?

The credit line is expected to support EzFill's operational growth and market expansion, particularly in high-growth areas in Florida and beyond.