CarSmartt, Inc. (OTC Pink: CRSM) is a Palo Alto-based ride-sharing company that aims to bring a safer and more affordable option for riders. Shares of the ride-sharing company skyrocketed 140.26%, during trading on Monday, May 20, 2019. Over the past month, CarSmartt has seen average daily volume of 982,626 shares. However, volume of 8.59 million shares or dollar volume of $1.59 million, exchanged hands during trading on Monday.
Shares of CarSmartt soared on Monday, after the company announced it has completed and released its new app, which is available on Android and iOS. The app will allow CarSmartt drivers to earn money and pick up riders in their local area. Management says drivers will earn 90% of total fares and looks to become the third option behind Uber Technologies, Inc. (NYSE: UBER) and Lyft, Inc. (NASDAQ: LYFT). The company says it will begin marketing its services in the Miami-Fort Lauderdale are immediately. Here is the full press release detailing of the app release:
CarSmartt, Inc. Press Release:
PALO ALTO, Calif., May 20, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE — CarSmartt, Inc., (USOTC: CRSM), is pleased to announce the completion of the new Carsmartt App (iOS and Android). The platform has multiple features that will enable CarSmartt’s drivers to earn more money and allow riders to save more on fares. The application can be downloaded at app.carsmartt.com.
Our CBO, Mr. Robert Scott, commented, “I am excited to announce that the new version of the App is finally complete. Today we are facing significant problems with large technology companies such as Uber and Lyft, drivers around the world held strikes and demonstrations in numerous cities last Wednesday to lobby for better pay and transparency, joining a growing movement to demand better treatment. At Carsmartt we value hard work, drivers will earn 90% of the total fare improving their lives significantly. We are expecting many users to download the App as a third option to Uber and Lyft. A marketing campaign will start in the Miami-Fort Lauderdale area immediately. Also, Carsmartt has an advertisement display, each time a rider or driver opens the App., a banner will appear on the screen to promote local businesses within 5 miles radius. We are expecting the advertising component to provide additional revenue to the company. CarSmartt’s primary goal is to increase the income and happiness of hardworking drivers and simultaneously lower fares for our riders.”
CarSmartt(R) Inc., is a new ride-sharing company based out in Palo Alto, CA. At CarSmartt(R), we aim to make long and short distance traveling safer and more affordable while connecting with people along the way. All CarSmartt(R) drivers are subject to a background check to reassure the safety of passengers.
Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although CARSMARTT(R), Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, CARSMARTT(R), Inc. is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company’s ability to meet the conditions necessary to, among other matters, obtain a public listing on a major national exchange.