LOOPShare Uplists to OTCQB Venture Market and Receives DTC Eligibility
Vancouver, British Columbia--(Newsfile Corp. - May 6, 2019) - LOOPShare Ltd. (TSXV: LOOP) (OTCQB: LPPPF), the world's first fully-integrated electric scooter sharing platform, has been approved to up-list from the OTC Pink® to the OTCQB® Venture Market, with its common stock to commence trading on the exchange beginning Tuesday, May 7, 2019 under the symbol, "LPPPF."
The shares will continue to be dual listed, trading on the TSX Venture Exchange under the symbol "LOOP." The company’s common shares have also received DTC eligibility by The Depository Trust Company (DTC) for electronic settlement and transfer in the United States.
"Joining the OTCQB elevates LOOPShare's profile in the investment community, which we expect to improve liquidity and broaden our shareholder base," said LOOPShare's president and CEO, Anwar Sukkarie. "It represents the next step in our capital and corporate development strategy designed to build shareholder value as we begin the global launch of our ridesharing service with the deployment of more than 400 e-scooters in key markets around the world."
Earlier this year, LOOPShare announced plans to deploy the 400 e-scooters across at least eight cities internationally with a targeted initial deployment beginning in the second quarter of 2019. It recently initiated a new partnership with GreenMo, a European market leader in electric vehicle rentals, with plans to launch a pilot deployment of 55 Loop e-scooters in the Netherlands.
Operated by The OTC Markets, the OTCQB is the premier marketplace for entrepreneurial and development stage U.S. and international companies that are committed to providing a high-quality trading and information experience for U.S. investors. To be eligible, companies must be current in their financial reporting, pass a minimum bid price test, and undergo an annual company verification and management certification process.
The DTC is a subsidiary of the Depository Trust & Clearing Corporation (DTCC). It manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through the DTC are considered "DTC eligible." This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors and brokers reducing transactional costs for participating brokerage firms, enabling the stock to be traded over a much wider selection of brokerage firms by coming into compliance with their requirements.
About the OTCQB Venture Market
The OTCQB Venture Market is operated by OTC Markets Group, which also operates the OTCQX Best Market and the Pink Open Market, which collectively trades more than 10,000 U.S. and global securities. Through OTC Link ATS and OTC Link ECN, OTC Markets connects a diverse network of broker-dealers that provide liquidity and execution services. The platform enables investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors. For more information, visit www.otcmarkets.com.
LOOPShare Ltd. is an emerging global leader in ridesharing, micro-mobility and sustainable transportation. Through its wholly owned subsidiary, Saturna Green Systems Inc., it has commercialized a first generation, wireless ruggedized 7-inch 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 offers connected end-to-end solutions for inner-city transportation vehicles specifically geared toward Transportation-as-a-Service (TaaS). Through Zone Operators worldwide, LOOPShare is implementing TaaS solutions that offer commuter convenience and tourist applications to subscribers based on LOOPShare's state-of-the-art, wireless electric two-wheel vehicle sharing technology. To learn more, visit www.loopscooters.com.
Investor Relations Contact:
Tel (949) 432-7566
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events related to LOOPShare Ltd. (or the "Company") 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 competitive advantages; (ii) the functionality of the Company's technology; 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 the Company's business model; the timely receipt of governmental approvals; the timely receipt of e-scooters by the Company; the success of existing and future operations; the ability of the Company to implement its business plan as intended; the Company's ability to access financing necessary to implement its business plan; the regulatory environments of the jurisdictions where the Company will carry on business or have operations; the impact of competition; 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 the Company'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.
Loop is a trademark of LOOPShare Ltd.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44534