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.