Contrary to the chatter in the media, Citi Bike is alive and growing.

In the months since Citi Bike was announced, almost 100,000 people have purchased annual memberships, exceeding our expectations. Last summer and fall, as many as 36,000 people each day took trips on Citi Bikes. We are getting ready for Spring, and expect even more people to ride Citi Bikes.

As with any new industry, there are challenges. Bike share is a seasonal business, and one of the coldest winters on record in New York meant fewer visitors used Citi Bikes than we expected. We have had to work out bugs in our new software. And, the Citi Bike system has some of the highest usage in the country, which means Citi Bikes members ride more often than other places and thus the bikes need more frequent maintenance. All these things are fixable and we are working diligently to fix them.

Because of this tremendous success, Alta Bicycle Share is looking for investors to help expand the Citi Bike system into new neighborhoods and communities. Alta Bicycle Share is also talking to investors about expanding our own operations, as the opportunities to open new bike share systems increase.

As a company, we are financially sound and more committed than ever to making bike share a daily part of American life across the country.

Statement on media reports about Citi Bike — Motivate

Statement on media reports about Citi Bike

Contrary to the chatter in the media, Citi Bike is alive and growing.

In the months since Citi Bike was announced, almost 100,000 people have purchased annual memberships, exceeding our expectations. Last summer and fall, as many as 36,000 people each day took trips on Citi Bikes. We are getting ready for Spring, and expect even more people to ride Citi Bikes.

As with any new industry, there are challenges. Bike share is a seasonal business, and one of the coldest winters on record in New York meant fewer visitors used Citi Bikes than we expected. We have had to work out bugs in our new software. And, the Citi Bike system has some of the highest usage in the country, which means Citi Bikes members ride more often than other places and thus the bikes need more frequent maintenance. All these things are fixable and we are working diligently to fix them.

Because of this tremendous success, Alta Bicycle Share is looking for investors to help expand the Citi Bike system into new neighborhoods and communities. Alta Bicycle Share is also talking to investors about expanding our own operations, as the opportunities to open new bike share systems increase.

As a company, we are financially sound and more committed than ever to making bike share a daily part of American life across the country.