LOOPShare Provides CEO Update to Shareholders
Vancouver, British Columbia--(Newsfile Corp. - January 29, 2019) - LOOPShare Ltd. (TSXV: LOOP) (OTC Pink: LPPPF) (the "Company" or "LOOP") is pleased to provide a comprehensive update on its action plan for 2019 and beyond, as well as recognizing its progress made to date.
2019 Action Plan
- Expansion of existing e-scooter sharing operations.
- Multi-city expansion of the LOOP e-scooter sharing service offering in North America and Globally.
- Integration of the 'Scoot-E' brand and partnership with Raytroniks and Ray J.
- Furthering LOOP's competitive advantage through the technological development of the LOOP platform, including the touchscreen dashboard with Telematics functionality.
2019 will be an exciting year for LOOP's plans to grow and expand its core e-scooter sharing business. There is significant interest from cities all around the globe in LOOP's products and services. With the initial fundraising completed in 2018, LOOP has placed orders for e-scooters and is in process of finalizing arrangements for a multi-city roll-out of its e-scooter sharing business.
The previously announced acquisition of the 'Scoot-E' brand, and partnership with Raytroniks and Ray J, will provide a catalyst for growth and expansion. The 'Scoot-E' brand will allow LOOP to increase its visibility and target multiple layers within the micro-mobility and ridesharing industry. It also integrates Ray-J as a key part of the LOOP executive team, becoming an ambassador to the LOOP brand, and enriching the Company's go-to-market strategy.
The Raytroniks (Scoot-E) transaction was just the start and there are a number of other strategic initiatives that LOOP is working on that will provide significant catalysts for rapid growth and expansion.
The past two years have witnessed the rise of competition on a global scale in the micro-mobility market. Congruently, come the rise of awareness and public acceptance of micro-mobility as important part of transportation for urbanities. The overall micro-mobility market is in an accelerated growth phase as a result of the increasing awareness. Differentiation is key and the LOOP product achieves this due to superior technology, quality and safety.
LOOP has patented technology that it has integrated into its platform. Each e-scooter includes a wireless ruggedized 7" touchscreen dashboard with Telematics functionality for electric inner-city vehicles. LOOP's highly specialized display enables a broad range of services for consumer, tourism or commercial use. This greatly enhances the user experience and provides a competitive advantage to LOOP. LOOP's e-scooters also offer a higher degree of quality and safety than the offerings of many of its competitors.
What awaits us in 2019? More technology, more cities, more value, and more pieces of the puzzle created then added to complete our picture as a valuable and global provider of the LOOP service based on our own technology. 2019 will be marked as the true accelerated growth year in our business history and the year when many of our e-scooters will be deployed, in several cities around the world, unlocking our value, and making our vision a reality.
- Development of key technology and intellectual property.
- Completion of $3.2 million financing; clean balance sheet.
- Expansion of the management team to include key expertise.
- Evolution of the Zone Operator Model and data collection for existing operations.
The last few weeks of 2018 were pivotal to LOOPShare and its ability to execute on the plans designed to create a global provider of micro-mobility services. The past year was important in terms of technology. LOOP has developed and owns the intellectual property of most of the critical components that constitute the technology necessary to deploy and operate a shared fleet of e-scooters in an efficient manner. The solution includes a unique e-scooter, a feature-rich and validated Telematics-enabled dashboard, and an electric scooter sharing solution including backend and mobile applications (both Android and iOS).
LOOPS successfully attracted a group of investors who appreciated the solid value locked in the company's vision and ability to execute, then unlocked that value by completing a $3.2 million financing on November 23rd, 2018. Operationally, 2018 demonstrated a solid evolution of our Zone Operator model and generated a wealth of information from our live operation in Beirut and elsewhere. The end result is a realistic understanding of the process necessary to scale operationally and of the functionality and features for an inherently reliable and feasible service offering.
About LOOPShare Ltd.
LOOPShare Ltd., a Vancouver company established in 2009 focused on ridesharing, micro-mobility and sustainable transportation, and its wholly owned subsidiary Saturna Green Systems Inc. have commercialized a first generation, wireless ruggedized 7" touchscreen dashboard with Telematics functionality for electric inner-city vehicles. LOOPShare's highly specialized display enables a broad range of services for consumer, tourism or commercial use.
LOOPShare's purpose is to develop and deploy connected end-to-end solutions for inner-city transportation vehicles, specifically geared toward Transportation as a Service ("TaaS"). Through Zone Operators worldwide, LOOPShare will implement TaaS solutions to offer Commuter Convenience and Tourist applications to subscribers based on LOOPShare's commuter/tourism/business-focused, unique, state-of-the-art wireless two-wheel electric sharing technology. "Loop" is a trademark of LOOPShare Ltd. For further information, please visit www.loopscooters.com.
ON BEHALF OF THE BOARD
President & CEO
For further information on LOOPShare, please contact:
Olen Aasen, Director
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the Company's plans for 2019 including city expansions, technology development and the integration of the 'Scoot-E' brand, (ii) the Company's competitive advantages; and (iii) the Company's growth plans.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "scheduled", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the accuracy, reliability and applicability of LOOP's business model; the timely receipt of governmental approvals; the timely commencement of operations by LOOP and the success of such operations; the ability of LOOP to implement its business plan as intended; LOOP's ability to access financing necessary to implement its business plan; the regulatory environments of the jurisdictions where LOOP will carry on business or have operations; the impact of competition; the closing of the acquisition of the 'Scoot-E' brand and the availability of e-scooters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to acts of God, the impact of general economic conditions, changing domestic and international transportation industry conditions, increases in operating costs, terrorism, currency fluctuations, interest rates, risks specific to the transportation industry, the ability of management to implement LOOP's operational strategy, the ability to attract qualified management and staff, labour disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund operations may not be obtained and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update any forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42511