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Later, El-Batrawi said the company never got Lyft's cease-and-desist order, and Bob Vanech, a Yay Yo board member, said it has some "clever strategies" to deal with the fact that Uber and Lyft are denying companies like Yay Yo access to their information. But the moment we start launching and generating revenue, which is not far along, our valuation is so much lower than what you would consider what Uber and Lyft is and everybody else." The IPO, with a share price of , already values the company at 0 million.Yay Yo plans to partner with ride-hailing companies "three through 100," he said. Which brings us to those TV ads with John O'Hurley of "Seinfeld" fame.

"Because of Yay Yo's business model, Yay Yo can scale faster than any one of these ride-share companies can alone," the ad says.In Tier 1, a company can raise up to million from investors in a year.Importantly, Tier 1 is regulated more by individual states than the SEC.Yay Yo is in "contact" with Uber and it has an "agreement" with Lyft, he said. "We sent Yay Yo a cease-and-desist letter several weeks ago and have suspended their access to Lyft," Adrian Durbin, a Lyft spokesman, told Business Insider."I think it's fair to say that their CEO's characterization of our relationship is wildly inaccurate." Uber has no deal of any kind with Yay Yo, according to Kaitlin Durkosh, a spokeswoman for Uber.

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