BERKELEY, Calif., Nov. 22, 2013 /PRNewswire/ -- Chancellor
Group Inc. (OTCBB: CHAG), announced today that its recently
acquired 51%-owned subsidiary, The Fuelist, has begun private alpha
testing of its cloud-based mobile app platform designed for
consumers interested in the classic and collector vehicle market.
The Fuelist is a company specializing in a cloud-based mobile app
platform that brings data-driven valuations for consumers in the
collector vehicle market via individual mobile apps for
smartphones, tablets and other mobile devices running Apple's iOS
and Google's Android. We believe that this market represents one of
the fastest growing and most valuable collectable asset classes
with the highest return for investors interested in collector
vehicles or classic cars.
We believe that Fuelist's potential addressable market may be as
high as $8B with the potential for
rapid growth worldwide from a large and diverse group of over 9,000
businesses. However, we believe that there is not currently a
single company or group of dominant companies in the market.
With this investment, Chancellor Group continues to seek to
strengthen its position in the area of cloud-based mobile
application, big data analytics, in-app payments and subscription
revenue.
As reported in its Form 8-K filed on August 20, 2013, as consideration for its
ownership interest in Fuelist, Chancellor will contribute to
Fuelist a total of $271,200 in cash
payable in 12 monthly instalments of $22,600, beginning in August 2013. As additional consideration for the
ownership interest, Chancellor contributed a total of 2,000,000
shares of newly issued common stock to Fuelist on Monday, August 19, 2013. Under the binding term
sheet, certain founders of Fuelist will be entitled to additional
cash and stock consideration in the event that Fuelist is sold
under certain circumstances.
On October 29, 2013 Chancellor
filed a Form 8-K/A, which included the required historical
financial statements of Fuelist and the pro-forma financial
information required by item 9.01 of Form 8-K.
For further information and details, see Chancellor's filings
at: www.sec.gov
ABOUT The Fuelist, LLC.
The Fuelist, a subsidiary of
The Chancellor Group (CHAG)
http://www.chancellorgroupinc.com, is a mobile and web platform
that leverages deep segment expertise and big data analysis tools
to value classic vehicles. These tools enable users to quickly find
values, track valuations over time and to identify investment and
arbitrage opportunities in this market. The Fuelist is based in
Berkeley, California. For
more information about The Fuelist, please visit:
http://www.fuelist.com
Safe Harbor Statement:
This press release
contains statements that may constitute "forward-looking
statements" within the meaning of the Securities Act of 1933 and
the Securities Exchange Act of 1934, as amended by the Private
Securities Litigation Reform Act of 1995. Those statements include
statements regarding the intent, belief or current expectations of
Chancellor Group, Inc., and members of its management as well as
the assumptions on which such statements are based. Prospective
investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those contemplated by such forward-looking statements. Important
factors currently known to management that could cause actual
results to differ materially from those in forward-statements
include fluctuation of operating results, the ability to compete
successfully and the ability to complete before-mentioned
transactions. The company undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions,
the occurrence of unanticipated events or changes to future
operating results.
SOURCE Chancellor Group Inc.
