Shift Executives Announce Purchase of Shares

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November 24, 2020

SAN FRANCISCO, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Shift (NASDAQ: SFT), a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience, today announced both completed and intended purchases of SFT Class A common stock on the open market by certain executives and board members: Co-Founder and Co-CEO George Arison; Chief Operating Officer Sean Foy; Chief Revenue Officer Mark McCollum; and Board Member and Audit Committee Chair Victoria McInnis.

“Our decision to purchase shares on the open market reflects our continued confidence and excitement about Shift’s opportunity in the $840 billion used car market,” commented Arison. “We have a tremendous opportunity before us, as we continue to offer our customers one of the best used car buying experiences available anywhere. Shift‘s business continues to grow, and our announced initiatives should create increasing long-term shareholder value.”

About Shift
Shift is a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience. Shift’s mission is to make car purchase and ownership simple — to make buying or selling a used car fun, fair, and accessible to everyone. Shift provides comprehensive, digital solutions throughout the car ownership lifecycle: finding the right car, having a test drive brought to you before buying the car, a seamless digitally-driven purchase transaction including financing and vehicle protection products, an efficient, digital trade-in/sale transaction, and a vision to provide high-value support services during car ownership. For more information please visit www.shift.com.

Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “outlook”, “future” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to the Insurance Acquisition Corp.’s and Shift’s future prospects, developments and business strategies. In particular, such forward-looking statements may include statements concerning the timing of the Business Combination; the business plans, objectives, expectations and intentions of the public company once the transaction is complete, and Shift’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These statements are based on the Insurance Acquisition Corp.’s or Shift’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Insurance Acquisition Corp.’s or Shift’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to, (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination; (2) the inability to complete the transactions contemplated by the Business Combination due to the failure to obtain approval of the stockholders of Insurance Acquisition Corp. or other conditions to closing in the Business Combination; (3) the ability of the public entity to meet Nasdaq’s listing standards following the Business Combination; (4) the inability to complete the private placement; (5) the risk that the Business Combination disrupts current plans and operations of Shift as a result of the announcement and consummation of the transactions described herein; (6) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with suppliers and agents and retain its management and key employees; (7) costs related to the proposed transaction; (8) changes in applicable laws or regulations and delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals required to complete the Business Combination; (9) the possibility that Shift may be adversely affected by other economic, business, regulatory and/or competitive factors; (10) the outcome of any legal proceedings that may be instituted against Insurance Acquisition Corp., Shift or any of their respective directors or officers, following the announcement of the Business Combination; and (11) the failure to realize anticipated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions and purchase price and other adjustments.

Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in Insurance Acquisition Corp.’s most recent annual report on Form 10-K, subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K, which are available, free of charge, at the SEC’s website at www.sec.gov, and are also be provided in the Registration Statement on Form S-4 and Insurance Acquisition Corp.’s proxy statement/prospectus. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Insurance Acquisition Corp. and Shift undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Insurance Acquisition Corp. and is not intended to form the basis of an investment decision in Insurance Acquisition Corp. All subsequent written and oral forward-looking statements concerning Insurance Acquisition Corp. and Shift, the Business Combination or other matters and attributable to Insurance Acquisition Corp. and Shift or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Investor Relations Contact:
Jennifer Jarman, The Blueshirt Group
IR@shift.com

Media Contact:
Jeff Fox, The Blueshirt Group
jeff@blueshirtgroup.com