Financial and Business Strategy Leverages Rise of Consumer Mobile Engagement in $70B Mobile App Market
New York, NY, June 23, 2017 -- Sparta Commercial Services, Inc. (SRCO), a leader in the development, management, and servicing of custom mobile applications, has seen promising results from its subscription-based web and mobile app development services, and continued traction from its vehicle history report products and municipal finance business.
Anthony Havens, CEO of Sparta Commercial Services, Inc. said, “Our latest app development offerings are positioning us to become a leader in the mobile space. Companies are finding that their customers are demanding quick and easy on the go access to their products and services. This means engaging customers through native mobile applications. We’ve found a way to quickly and efficiently provide quality apps to these businesses.”
Over 60% of internet traffic is now coming from handheld devices, and the company’s diverse product portfolio is evidence that Sparta has the ability to capitalize on this. The Company has already built hundreds of mobile applications for customers in 49 states and Canada through its iMobileApp business, and is now exploring synergies with its other businesses, including its vehicle history report products (Cyclechex, CarVIN, RVChecks, and Truckchex) which have been sold in all 50 states as well as 61 other countries around the globe. These synergies assist with the building of recurring revenue streams, which is a continued focus for the company, as that will lead to more predictable and sustainable revenue growth moving forward.
The company has also been working to nurture existing and build new municipal relationships through the Sparta Municipal business, which will allow the Company to help municipalities across the country acquire essential equipment while building safe and steady revenue streams. To date, the Company has completed transactions totaling approximately $10 million for a variety of municipalities in the continental United States.
About Sparta Commercial Services, Inc.
Sparta Commercial Services, Inc. (http://spartacommercial.com/), through its subsidiary, iMobile Solutions, Inc., is a leader, in developing, managing, and servicing custom mobile apps (https://imobileapp.com) for vehicle dealers from Harley-Davidson® to John Deere, automobiles and RVs, restaurants, liquor stores, clubs, and other businesses in 49 states and Canada. In addition to mobile apps, Sparta provides motor vehicle title history reports to dealers, insurance companies, credit unions, and consumers via its report sites: https://www.carvinreport.com/ (automobiles and light trucks), https://cyclechex.com/ (motorcycles), https://www.rvchecks.com/ (recreational vehicles) and https://truckchex.com/ (commercial trucks).
Sparta's Municipal Leasing Division (http://spartamunicipal.com/) offers and administers a specialized municipal leasing program for local and state agencies. The Company is dedicated to serving jurisdictions with small and growing vehicle fleets who seek a better and more economical way to finance their essential equipment needs - from police motorcycles and cruisers, to EMS equipment and busses, to virtually any type of equipment a municipality requires. The Municipal Leasing Division also works with larger jurisdictions to provide competitive leasing facilities for specific segments of their fleet portfolio.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are valid only as of today and we disclaim any obligation to update this information. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to potential future losses, competition, financing and commercial agreements and strategic alliances, seasonality, potential fluctuations in operating results and rate of growth, management of potential growth, system interruption, consumer and industry trends, limited operating history, and government regulation. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC, which are available on its website at: http://www.sec.gov.
Sandra L. Ahman
Sparta Commercial Services, Inc.