Vaccex Inc. (fka VCEX)

[nycdream]

BoxVn Set to Commence a Major Fleet Expansion
Press Release | 10/28/2020
-- Company plans to increase fleet by 20% by year-end to 600+ vehicles

-- BoxVn growing fleet to meet expected uptick in demand for services due to pandemic

-- In Spring 2020, demand for vehicle delivery outpaced supply and projections are for demand levels to remain permanent


LONDON, Oct. 28, 2020 (GLOBE NEWSWIRE) -- BoxVn Limited (OTCPINK:VCEX), an emerging leader in the fast-growing Driver and Light Commercial Vehicle (LCV) supply segment of the logistics industry, announced today that it plans to expand its fleet vehicles by 20% by year end in order to meet the expected uptick in demand for delivery vehicles. Once the expansion is complete, the Company will reach more than 600 vehicles on the road, of which more than two thirds are vehicles with a short wheel base.

Demand Levels Expected to Remain Permanent

The BoxVn fleet expansion supports the company’s mission to continue to meet the growing needs of the logistics market sector by providing a critical one-stop service, alongside our focused customer service, which in turn allows our business partners to grow and further expand their market share. This fleet expansion was driven by the need to respond to the developing needs of the growing retail and logistics sectors in response to the Covid-19 pandemic. Earlier this year, demand for vehicles outstripped supply causing major logistics issues. By being proactive, BoxVn is prepared to offer the supply required by our partners to drive their businesses forward.

The Covid-19 pandemic has proven beyond doubt the importance of the online retail and logistics sectors, and has expedited the behavioural shift in shopping habits. In the absence of traditional retail stores, online retail enjoyed growth of 30% in April 2020 alone. While some of the growth could be attributed to the public’s short-term reaction to the pandemic, industry pundits have predicted that a sales demand and growth are likely to be permanent.

BoxVn Financing the New Vehicles

Given the ongoing e-commerce expansion favorably impacting BoxVn’s business, the Company recently began negotiating with multiple finance partners to give BoxVn various platforms with which to sustain its ongoing growth. Across the 6 confirmed finance partners the initial purchase of 100 new vehicles will start to meet the shortfall of the ever-increasing demand.

James Gilzean, BoxVn CEO, said: “As the UK government announces more precautionary measures against the spread of coronavirus it’s now more important than ever to ensure the sector has enough vehicles to meet with compressed growth. BoxVn is proud to play a critical role in this process.”

https://www.otcmarkets.com/stock/VCEX/news/BoxVn-Set-to-Commence-a-Major-Fleet-Expansion?id=278336