LOOPShare Announces Partnership with Harbour Air to Launch Electric Scooter Sharing Service in Vancouver, British Columbia
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2019) - LOOPShare Ltd. (TSXV: LOOP) (OTCQB: LPPPF), world's first fully-integrated electric scooter sharing platform, is pleased to announce a partnership with Harbour Air to launch its electric scooter ridesharing service into Vancouver, British Columbia. Loop's electric scooters will be available for use in Vancouver on a station to station basis with pick-up and drop-off locations located at Harbour Air terminal points, hotels and restaurant partners.
Harbour Air is North America's largest seaplane airline - and the first to be fully carbon-neutral. With a showcase fleet of more than 40 aircraft, Harbour Air offers up to 300 daily scheduled flights, scenic tours, adventure packages, and private flights. Harbour Air recently demonstrated its commitment to green electric transportation by announcing partnership to transform Harbour Air seaplanes into an all-electric commercial fleet powered by the magni500, a 750 horsepower (HP) all-electric motor.
The partnership with Loop will provide Harbour Air customers, residents of the Lower Mainland and tourists with access to Loop's electric scooters to use for transportation and sightseeing within Vancouver. Loop intends to launch a pilot deployment of up to 88 electric scooters for ridesharing, with plans to expand the fleet after conclusion of the pilot. The pilot will last for three months commencing in the third quarter of 2019. Loop share will provide the electric scooters and all operational support for the venture. Harbour Air will provide access to parking facilities at its terminal locations and assist with identifying additional private parking locations at hotel and restaurant partners.
After the completion of the pilot period, subject to the attainment of certain key performance indicators, the parties intend to enter into a longer-term agreement to deploy electric scooters for ridesharing in Vancouver. Additional details, including the official launch date and how users can access these electric scooters, will be provided prior the scheduled 2019 launch date.
Matthew Clayton, Executive Chair of LOOPShare commented: "With Harbour Air's commitment to sustainability and green transportation, they make an ideal partner for LOOPShare to launch with in Vancouver," said Matthew Clayton, Executive Chair of LOOPShare. "Driven by our commitment to follow the City of Vancouver's regulations and guidelines, I am excited to be launching the Loop electric scooter ridesharing service in our hometown of Vancouver for residents and tourists alike, confirming its status as one of the world's greenest cities."
"Harbour Air is excited to be involved with LOOPShare as we have the ability to provide convenient, accessible locations upon launch. It is yet another forward thinking, green transportation option for British Columbians and Visitors to our beautiful city" stated Harbour Air Executive Vice President, Chad Wetsch.
In conjunction with the Harbour Air partnership, LOOPShare intends to undertake a non-brokered private placement to raise up to a total of C$2.5 million consisting of 50 million units (the "Units") at a price of C$0.05 per Unit (the "Offering"). Each Unit will consist of one class "A" common share (each a "Share") and one Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall be exercisable to acquire one Share for a period of 36 months at an exercise price equal to $0.075.
The Company intends to use the net proceeds of the Offering to continue to launch the Harbour Air partnership, complete related software and hardware development of the LOOPShare platform and for general corporate and working capital purposes.
The Offering will be non-brokered; however, the Company may pay finder's fees in accordance with the rules and policies of the TSX Venture Exchange. The Offering is subject to the approval of the TSX Venture Exchange.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the Unites States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
Stock Option Grants
The Company also announces that it has granted an aggregate of 3,400,000 stock options to certain directors, officers, employees and consultants (collectively, the "Optionees") of the Company for the purchase of up to an aggregate of 3,400,000 Shares of the Company, pursuant to its Stock Option Plan, at an exercise price of $0.06 per common share. Shares issuable upon the exercise of stock options held by the Optionees of the Company will be subject to an exchange hold period of four months and one day from the date of the grant of the stock options. All of the stock option granted are exercisable until expiry on July 18, 2024 and vest as follows: (i) 40% on the first anniversary of the date of grant, (ii) 30% on the second anniversary of the date of grant, and (iii) 30% on the third anniversary of the date of grant.
About Harbour Air
Founded in 1982 with two small seaplanes, Harbour Air is North America's largest seaplane airline - and the first to be fully carbon-neutral. The company's international seaplane service, which originally began as a service for the forestry industry in B.C., is now a quintessential west coast experience. With a showcase fleet of more than 40 aircraft, Harbour Air offers up to 300 daily scheduled flights, scenic tours, adventure packages, and private flights. With 12 scheduled destinations connecting downtown Vancouver, Victoria, Seattle (WA), Nanaimo, Tofino, Whistler, Richmond (YVR South), Sechelt, Salt Spring Island, Pitt Meadows, Maple Bay and Comox, B.C. born Harbour Air welcomes 500,000 passengers every year. For more information, visit www.harbourair.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.
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 Vancouver expansion plans, (ii) the conclusion of a long term agreement after the end of the trial period, (iii) the specific terms of the transaction with Harbour Air, including its duration and the number of electric scooters that will be deployed, (iv) the Company's competitive advantages; (v) the functionality of the Company's technology; (vi) the Company or Zone Operators future profitability; and (vii) 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 and licenses; 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.
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