Envoy Drives East Coast Expansion Forward with $8.1 Million Grant-Funded New Jersey Initiative

Property owners and housing providers are invited to nominate locations for Envoy's fully managed electric vehicle car-sharing service, supported by a broader $8 million grant-funded initiative.

JERSEY CITY, NEW JERSEY, Oct. 19, 2026 (GLOBE NEWSWIRE) -- Envoy, a provider of on-site electric vehicle car-sharing services and a wholly owned subsidiary of CID HoldCo, Inc., doing business as Dot Ai (Nasdaq: DAIC), (“Dot AI”) is inviting residential property owners and housing providers across New Jersey to nominate locations for its expanding electric car-sharing service. Participating properties will have the opportunity to offer residents access to shared electric vehicles at no cost to the building, with Envoy providing the vehicles and managing insurance, maintenance and day-to-day operations.

For property owners, the opportunity is simple: bring a new transportation amenity to their communities without purchasing vehicles or taking on the responsibility of managing them. For residents, it means having access to an electric vehicle right where they live, available to reserve by the hour or day through the Envoy app, without the costs and commitments of car ownership.

“We want to make it easier for New Jersey property owners to bring electric car sharing directly to their residents, without the cost or complexity of operating the service themselves,” said Drew Hopkins, President of Envoy. “We provide the vehicles, manage the operations and make the service accessible through our app. Now we're looking for communities ready to bring that opportunity to their residents.”

The expansion is part of a broader $8.1 million grant-funded initiative to increase access to electric vehicles and charging infrastructure in underserved New Jersey communities. The funding will support the deployment of shared electric vehicles at participating properties, helping bring the service to residents at no cost to building owners.

Envoy is seeking nominations from affordable housing communities, market-rate residential properties and housing providers across New Jersey, with a particular focus on expanding transportation access in underserved communities. Shared electric vehicles can help residents with everyday needs, from grocery shopping and medical appointments to trips not easily served by public transit.

The effort builds on Envoy's experience providing shared electric vehicles in residential communities across the United States, including community car-sharing initiatives in Los Angeles's Rancho San Pedro and Pacoima neighborhoods. In Rancho San Pedro, revenue from resident use grew to cover the service's full operating costs, demonstrating the potential for long-term financial sustainability.

The New Jersey initiative comes as Envoy enters its next phase of growth following its recent $65 million acquisition by Dot Ai (Nasdaq: DAIC). The acquisition supports Envoy's plans to expand its electric car-sharing service into additional residential, hospitality and campus properties across the United States.

Property owners, housing providers and municipalities interested in bringing Envoy's electric car-sharing service to their communities are encouraged to nominate a site at https://www.envoythere.com/nominate/. Submitted properties will be evaluated for potential participation.

About Envoy Technologies

Envoy provides on-site electric vehicle car-sharing services for residential communities, hotels, resorts and campus properties. Through the Envoy app, residents and guests can reserve shared electric vehicles by the hour or day, while Envoy manages insurance, maintenance and day-to-day operations. The service gives residents convenient access to electric transportation without the costs of individual vehicle ownership and offers property owners an additional amenity without the responsibility of managing vehicles.

Headquartered in Culver City, California, Envoy is a wholly owned subsidiary of Dot Ai (Nasdaq: DAIC).

For more information, visit https://www.envoythere.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts, including statements regarding the anticipated benefits of the acquisition of Envoy, including, for example, the expected expansion of the Company’s commercial operations and market presence; opportunities to introduce and integrate Dot Ai’s asset-intelligence technology into Envoy’s existing platform and operations; the potential expansion of Envoy’s electric vehicle carsharing business into additional residential, hospitality, campus and international markets; anticipated revenue opportunities and future growth; the Company’s ability to successfully integrate Envoy’s business and operations; the Company’s belief regarding its stockholders’ equity and its ability to regain and maintain compliance with applicable Nasdaq listing requirements; the Company’s ability to obtain the required stockholder approval in connection with the transaction and the anticipated conversions of the Series C preferred stock and Envoy convertible note; and the Company’s ability to support Envoy’s operations and expansion. All forward-looking statements are based on Dot Ai’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are subject to risks and uncertainties — including the risk that required stockholder, Nasdaq, or regulatory approvals may not be obtained, that Nasdaq may not accept the Company’s evidence of compliance with the stockholders’ equity requirement, that the Company may not successfully integrate Envoy’s operations, that anticipated benefits and synergies of the acquisition may not be realized, that additional financing may not be available on acceptable terms or at all, and that the Company may be unable to regain or maintain compliance with applicable Nasdaq listing requirements — that could cause actual results to differ materially from those expressed in the forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and Dot Ai assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Important Information for Stockholders

In connection with the proposed transactions, the Company intends to file a proxy statement with the SEC. The Company also plans to file other documents with the SEC regarding the proposed transactions. After the proxy statement has been cleared by the SEC, a definitive proxy statement will be filed with the SEC and mailed to the stockholders of record of the Company. The Board will set the record date prior to mailing the definitive proxy statement. STOCKHOLDERS OF THE COMPANY ARE URGED TO CAREFULLY READ THE PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE PROPOSED TRANSACTIONS THAT WILL BE FILED WITH THE SEC IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS. Stockholders will be able to obtain free copies of the proxy statement and other documents containing important information about the Company once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov.

Participants in the Solicitation

The Company and its executive officers, directors, other members of management and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from the Company’s stockholders with respect to the proposed transactions. Information regarding the executive officers and directors of the Company is set forth in the Company’s definitive proxy statement for the Company’s 2026 annual meeting of stockholders filed with the SEC on April 17, 2026 and in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on March 11, 2026. More detailed information regarding the identity of potential participants, and their direct or indirect interests, by securities holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the transactions contemplated by the Purchase Agreement.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transactions and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

# # #

Contact:
DAIC
Charles Maddox, CFO
Investors@daic.ai