LOOPShare Announces Partnership with OpenStreet - for Electric Scooter Sharing Technology Integration in Japan
Vancouver, British Columbia--(Newsfile Corp. - September 17, 2019) - LOOPShare Ltd. (TSXV: LOOP) (OTCQB: LPPPF), the world's first fully-integrated electric scooter sharing platform, has entered into a partnership with OpenStreet Co., Ltd. with the goal of integrating LOOPShare's electric scooter telematics and digital dashboard technology with OpenStreet's service in Japan. OpenStreet is an affiliate of SoftBank Corporation and Yahoo! Japan Corporation that provides electric bike sharing. OpenStreet has a current fleet of over 10,000 electric bikes under the 'Hello Cycling' brand.
Anwar Sukkarie, President & CEO of LOOPShare commented: "OpenStreet has become a market leader in electric bicycle sharing in Japan. Expanding their product offering to provide users with the ability to use advanced telematics and digital dashboard services is the next logical step in the development of a micro-mobility solution for Japan. The integration of OpenStreet's existing Hello application and services with LOOPShare's digital dashboard is a powerful combination that is unique in the industry."
The CEO of OpenStreet added: "We have spent several years reviewing the LOOPShare technology and platform. We are impressed with what LOOPShare has developed and believe it can seamlessly integrate with the Hello service and allow Hello subscribers to access an additional mode of transportation for longer trips, in addition to providing digital and data services from integration of the LOOPShare digital dashboard. OpenStreet is excited about the potential of this partnership."
The Company previously announced a non-brokered private placement to raise up to a total of C$2.5 million consisting of 50 million units at a price of C$0.05 per unit (the "Offering"). Please refer to the Company's press release dated July 18, 2019 for further details. The Offering is continuing and the Company has received a 30-day extension from the TSX Venture Exchange for the closing date. The Company now expects to close the Offering on or before October 13, 2019. The Offering is subject to the final 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.
LOOPShare offers connected end-to-end solutions for inner-city transportation vehicles specifically geared toward Transportation-as-a-Service. To learn more, visit www.loopscooters.com or on Instagram - @loopeletricmopeds.
OpenStreet provide short distance sustainable transportation infrastructure. Their service is a shared-cycling platform providing a management console and IoT device to each regional share-cycling operator in Japan. Their investors include SoftBank Corp. and Yahoo! Japan Corp. For more information please see the following websites: https://www.softbank.jp/corp/aboutus/group and https://www.hellocycling.jp/
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 terms of the transaction with OpenStreet, (ii) the functionality of the Company's technology; (iii) the closing of the Offering; and (iv) the Company's growth plans.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects", "scheduled", "intends", 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, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this 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 execution of definitive agreements with OpenStreet; 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; and the impact of competition. 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 transportation industry conditions, increases in operating costs, terrorism, interest rates, risks specific to the transportation industry, the ability of management to implement the Company's operational strategy, 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 herein, 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 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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