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Bloomberg's report Thursday that Zipcar Inc. has set its sights on a 2010 initial public offering is a gross misinterpretation, Nancy Scott Lyon, a representative for the car-sharing rental company, tells The Deal. "We did not announce an IPO and have no immediate plans to go public," she says. The news Zipcar was hoping to play up this week was the introduction of a cool new iPhone application that enables users to choose, reserve and locate a Zipcar, says Lyon. If you can't find your reserved car in a crowded lot, the app, which was introduced at the World Wide Developers Conference on Monday, even enables you to honk its horn remotely. "This really validates the car-sharing model," Lyon said. Those fundings culminated in a merger for Zipcar in 2007, as it acquired for an undisclosed price privately held Flexcar, its big car-sharing rival. The deal helped grow Zipcar to a fleet of 6,500 that serves 50 cities in the U.S. as well as two Canadian provinces and London. - Olaf de Senerpont Domis and Gerald Magpily
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From: Mary Kathleen Flynn,
Judith, Re: Bloomberg's story "Zipcar Seeks IPO as Once ‘Wacky’ Car-Sharing Gains" The Deal's reporting, including speaking directly with Zipcar, indicates the company has taken no steps to seek an IPO. Regards,
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June 11, 2009 5:48 PM
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The BLOOMBERG NEWS(R) story is accurate. During a taped interview, the CEO said that an IPO is absolutely "the right outcome for us." Asked when, the CEO responded, "2010."