GEMCAP SOLUTIONS, LLC TO AUCTION THE PERSONAL PROPERTY OF PARAMOUNT RESTYLING AUTOMOTIVE INC, CRIUS AUTOMOTIVE INC., SELKET AUTOMOTIVE INC., RAPTOR AUTOMOTIVE INCORPORATION AND SHANXI WARNER ECOMMERCE WAREHOUSING INC. VIA PUBLIC SALE

SAN ANTONIO, Oct. 8, 2024 /PRNewswire/ -- Pursuant to Section 9-610 of the Uniform Commercial Code, GemCap Solutions, LLC, as servicer and attorney-in-fact for secured party GemCap Holdings, LLC (the "Secured Party") will hold a secured party public sale to the highest and best bidder for cash, with reserve, to be conducted telephonically by the Secured Party on Thursday, October 24, 2024 at 11:00 a.m. Central Standard Time (the "Public Sale"). Qualified Bidders (defined below) may attend the Public Sale telephonically.

The Secured Party is conducting the Public Sale to foreclose the security interest held by the Secured Party in and to substantially all of the personal property assets PARAMOUNT RESTYLING AUTOMOTIVE INC., a California corporation as reorganized pursuant to and under the Plan of Reorganization, CRIUS AUTOMOTIVE INC., a California corporation, SELKET AUTOMOTIVE INC., a California corporation, RAPTOR AUTOMOTIVE INCORPORATION, a California corporation, and SHANXI WARNER ECOMMERCE WAREHOUSING INC., a California corporation, jointly and severally (the "Borrower") including, without limitation, (i) inventory ("Inventory"), (ii) accounts receivable ("Accounts Receivable"), (iii) certain machinery and equipment owned by the Borrower all as set forth on the schedule prepared by Secured Party (collectively, the "FF&E"), (iv) all of its patents, trademarks and trade names, including "Paramount Restyling Automotive", "Warner Science", "Crius Automotive", "Selket Automotive", and "Raptor Automotive"; domain names owned by Borrower, including paramountautomotive.com; and the Borrower's customer list (collectively, the "Intellectual Property"), and (v) trade fixtures ("Trade Fixtures"); but specifically excluding accounts receivable generated from the Borrower's seller account at Amazon, funds in Borrower's seller account at Amazon, and inventory held in Amazon fulfillment (the "Excluded Assets"). The Inventory, Accounts Receivable, FF&E, Intellectual Property and Trade Fixtures, excluding the Excluded Assets, are collectively referred to as the "Public Sale Collateral".

The Secured Party is conducting the Public Sale to foreclose the lien and security interest held by the Secured Party in and to the Public Sale Collateral. At the Public Sale, all of Borrower's right, title and interest in and to the Public Sale Collateral will be sold "as is" and "where is" and the Secured Party shall make no representation or warranty, either express or implied, relating to title, use, quiet enjoyment, possession, merchantability or fitness for a particular purpose, completeness, condition or the like, all of which are hereby disclaimed, in the sale or disposition of the Public Sale Collateral. In addition, the Public Sale Collateral is being sold (i) free and clear of Secured Party's liens and any subordinate security interests, and (ii) without recourse to Secured Party, its attorneys and representatives. The Public Sale of the Public Sale Collateral, if made, shall be to the highest and best bidder.

In order to participate in the bidding process, each person or entity (a "Potential Bidder") must deliver to the undersigned (i) an executed confidentiality agreement in form and substance acceptable to Secured Party, (ii) current financial statements of the Potential Bidder or other evidence acceptable to Secured Party that will show the financial ability of the Potential Bidder to purchase the Public Sale Collateral, (iii) a completed and executed Asset Purchase Agreement in the form provided by Secured Party, and (iv) a deposit in an amount equal to ten percent of the bid amount which will be held in escrow by Secured Party. A Potential Bidder that complies with the foregoing requirements shall be deemed a "Qualified Bidder". Those Qualified Bidders participating at the Public Sale shall be provided with the telephone number and passcode to attend the Public Sale and shall be given the opportunity to bid on a competitive basis. 

At the Public Sale, each of the Inventory, Accounts Receivable, and the Intellectual Property, may be offered for sale in separate lots or in combination lots and the Public Sale Collateral will be offered as a single lot. At the conclusion of the Public Sale, the successful bidder(s) must pay the final bid amount in full by a wire transfer of funds to the Secured Party. The Secured Party reserves the right to credit bid on any or all of the Public Sale Collateral at the Public Sale. The Secured Party reserves the right to reject all bids, adjourn or cancel the Public Sale.

For further details regarding the Public Sale Collateral, obtaining the confidentiality agreement and the form asset purchase agreement, and information regarding the Public Sale, you may contact either Michael Berens, Esq. by email at [email protected] or by telephone at (530) 304-6922 or David Ellis by email at [email protected] or by telephone at (310) 494-1437.

Media Contact:
David Ellis
Email: [email protected]
Direct: 310-494-1437

SOURCE GemCap Solutions, LLC

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