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FACEDRIVE ( FD TSX.V ) – TRADING ALERT
Facedrive ( FD-TSXV ) The viral success of this $800 million Canadian company’s multiple gig economy platforms: Facedrive Rideshare, Facedrive Marketplace, Facedrive Health, and Facedrive Foods. With Uber and Lyft already suffering under the massive pressure of lawsuits, CO2 footprints, unhappy drivers, and now, coronavirus threats, one innovative Canadian tech company is moving at breakneck speed with global expansion, acquisitions, partnerships, and offerings that promise it major new market share.
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When it launched in 2017, Facedrive was the first company to offer green transportation solutions in the ride-hailing space. While revenue from ride-hailing services in Canada alone totaled $2.7 billion in 2020, Facedrive’s vision is to ultimately become the market leader in what Goldman Sachs projects will be a $7 trillion+ global mobility market by 2029 — the much more lucrative Mobility-as-a-Service market.
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Fast-forward through a series of acquisitions (e.g. Foodora, HiRide), partnerships (e.g. Westbrook Inc), expansion into new cities, and the reality of COVID-19. Facedrive has expanded into new verticals and is in the process of creating a fully integrated ecosystem, including first- and last-mile ride-sharing for both short- and long-distance commuters; food and grocery delivery; a health initiative partnering with hospitals and healthcare workers; and a marketplace offering exclusive merchandise developed through partnerships with like-minded iconic brands, including Bel-Air Athletics, subsidiary of Will Smith and Jada Pinkett Smith’s parent company, Westbrook Inc.
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The nature of these verticals allows Facedrive to leverage its transportation and logistics network to create a self-sustaining, easily monetizable ecosystem. Drivers on Facedrive’s rideshare app can choose to participate in its delivery services, healthcare workers are provided with consistent, reliable, and cost-effective transportation solutions, and Facedrive Marketplace deliveries will be handled by drivers in its existing driver network. This promises to reduce Facedrive’s operational overhead by ensuring economies of scope.
Quick Facts: Acquisitions, Expansion, and Partnerships.
Acquisition – HiRide Share Ltd
Acquisition of 100% of HiRide Share Ltd (“HiRide”), a socially responsible ride-sharing and car-pooling app which shares Facedrive’s “people and planet first” principles. This is a strategic acquisition that will give Facedrive access to HiRide’s 20,000+ car-pooling network targeting the high-demand university and education markets with its completed AI engines, fully functional app, and update releases in the pipeline.
The acquisition comes amid the expansion of both companies into new cities, globally, and will help Facedrive deliver end-to-end service to its users, with Facedrive acting as the first and last mile for longer-distance commuters using the HiRide car-pooling app.
Acquisition – Foodora Inc.
Following Foodora’s announcement that it was leaving Canada, Foodora Canada began bankruptcy proceedings at the end of April, declaring a $4.7 million CAD debt owed to both restaurants and creditors. The company officially ceased operations on May 11. Under the conditions of the binding term sheet, Facedrive would gain access to 5,500 restaurant partners previously served by Foodora Canada, as well as to Foodora Canada’s customers, the latter being subject to customer consent.
The purchase is not yet final. Following a negotiation of the purchase agreement and court approval, Facedrive said it expects the transaction to close within 45 days. Facedrive added, “[there] can be no assurances that the transaction will be completed on the terms set forth in the term sheet, or at all.”
Expansion – Facedrive Marketplace
The Facedrive Marketplace represents the launch of the company’s ecosystem approach to engaging and retaining its user base by featuring exclusive, sustainably sourced high-value products and services. The Facedrive Marketplace features exclusive content, merchandise, and more from its partners, showcasing only socially responsible organizations and sustainable brands whose mission and values align with Facedrive’s “people and planet first” principles. These partners will gain privileged access to Facedrive’s loyal environmentally-motivated customer base as well as the opportunity to take advantage of the Company’s extensive driver network to provide fast and reliable shipments.
The company has secured partnerships with a number of like-minded businesses, influencers and celebrities which shall be announced shortly.
Expansion – Facedrive Health
Facedrive Health is an initiative that offers assistance to frontline healthcare workers in their response to the COVID-19 pandemic. This initiative is available in all the regions that Facedrive currently operates in. It provides such services as discounted rides to healthcare professionals, designated pick-up locations at clinics and assessment centres, dedicated drivers trained in the virus response protocols, and delivery of over-the-counter medicines and supplies.
Expansion – TraceSCAN
TraceSCAN is a joint initiative between Facedrive Health and the University of Waterloo aiming to provide a comprehensive contact tracing solution to help slow down the spread of COVID-19, flatten the curve and forecast possible new waves of the pandemic. The TraceSCAN technology uses Bluetooth relative signal strength indicator and artificial intelligence to notify users who had come in close contact with individuals who had tested positive for COVID-19. It incorporates a contact tracing application and a wearable technology which allows users to take precautionary measures and mitigates further spread of the virus. TraceSCAN’s AI platform is designed to predict any further waves of the infection and reduce future outbreaks without compromising the identity of its users or tracking their geographic movements.
Partnership – Will Smith and Westbrook Inc.
To mark the launch of the new platform, Facedrive and Bel-Air Athletics (Westbrook Inc.’s sports-inspired streetwear brand) have partnered to develop an exclusive co-branded capsule collection. This limited collection is available for purchase through Facedrive Marketplace, fully integrated into the company’s website (www.facedrive.com) and Rider app. Facedrive reports that based on the volume of inquiries received, interest in the capsule collection is projected to be extremely strong.
About Facedrive
Facedrive is a multi-faceted “people-and-planet first” platform offering socially-responsible services to local communities with a strong commitment to doing business fairly, equitably and sustainably. Facedrive rideshare was the first to offer green transportation solutions in the TaaS space, planting thousands of trees and giving users a choice between EVs, hybrids and conventional vehicles. Facedrive Marketplace offers curated merchandise created from sustainably sourced materials. Facedrive Foods offers contactless deliveries of healthy foods right to consumers’ doorsteps. Facedrive Health develops innovative technological solutions to the most acute health challenges of the day. Facedrive is changing the ridesharing, food delivery, e-commerce and health tech narratives for the better, for everyone.
For more about Facedrive, visit www.facedrive.com.
Facedrive Inc.
100 Consilium Pl, Unit 400, Scarborough, ON, Canada M1H 3E3
www.facedrive.com
Forward-Looking Information
Certain information in this press release contains forward-looking information. This information is based on management’s reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.
See “Forward-Looking Information” and “Risk Factors” in Facedrive’s Filing Statement dated August 28, 2019 for a discussion of the uncertainties, risks and assumptions associated with these statements. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.
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