LOOPShare Announce Distribution of Scoot-E-Bikes(R) through Walmart and Amazon
Vancouver, British Columbia--(Newsfile Corp. - April 28, 2020) - LOOPShare Ltd. (TSX-V: LOOP) (OTCQB: LPPPF) (FSE: 3KZ) ("LOOPShare" or the "Company") is pleased to announce that its Scoot-E-Bikes® will be available for sale through Amazon.com and is currently available on Walmart.com. The Company has placed an order for delivery of new Scoot-E-Bike® units from its manufacturer and once completed they will be available for purchase through these new sales channels. The Scoot-E-Bike will now be available from Amazon, Walmart.com, London Drugs and on www.scootebike.ca. The Company will provide an update once inventory has been delivered and is available for purchase through Amazon.
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Walmart Inc. ("Walmart") is a multinational retail giant that operates a chain of hypermarkets, discount department stores, and grocery stores across the globe. Walmart has more than 11,200 stores operating under 55 banners in 27 countries around the world. It has eCommerce websites in 10 countries. Each week, nearly 265 million customers and members shop at Walmart.
The Scoot-E-Bike® brand was originally created by Ray J, a successful tech-entrepreneur, TV personality and musician. It was acquired by LOOPShare to provide an eco-friendly and convenient mode of transportation, which directly aligns with LOOP's core sustainable transportation business model. High profile celebrities like Sean "Diddy" Combs, Justin Bieber, Chris Brown, Brandy Norwood, and Snoop Dogg have all been seen riding and enjoying their Scoot-E-Bikes. Ray J is a key member of the Loop team and he works closely with the Company as a Brand Ambassador for Scoot-E.
Regulatory Filing Update
The Company also announces that, as a result of delays due to COVID-19, it is relying on the exemption provided in BCI 51-515 (and similar exemptions provided by other Canadian Securities Regulators) to delay the filing of the following continuous disclosure documents (collectively the "Documents"):
- The Company's Annual Audited Financial Statements for the year ended December 31, 2019.
- The Company's Management Discussion & Analysis for the year ended December 31, 2019.
- The Company's Interim Financial Statements for the three months ended March 31, 2020.
- The Company's Management Discussion & Analysis for the three months ended March 31, 2020.
The Company is working with its auditors and expects that it will be able to file its annual documents no later than June 12, 2020 and its first quarter documents no later than July 14, 2020. Members of the Company's management and other insiders are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207. An update on material business developments since the filing of the Company's interim financial reports has been provided in prior press releases and are noted above in this press release.
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 the sale of Scoot-E-Bikes® and the filing of the Documents.
In certain cases, forward-looking information can be identified by the use of words such as "expects", "intends", "anticipates" or variations of such words and phrases or state that certain actions, events or results "may", "would", or "might" suggesting future outcomes, or other expectations, 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 licenses; the timely receipt of inventory; operational success; the implementation of the Company's business plan as intended; the Company's ability to access financing; and the impact of competition. While the Company considers these assumptions to be reasonable, they may be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed 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, currency fluctuations, risks related to the effect of the COVID-19 pandemic on the global economy and demand for the Company's products and services, interest rates, risks specific to the transportation industry, the ability to attract qualified personnel, labour disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses, financing, capitalization and liquidity risks, including the risk that the financing may not be obtained and the additional risks identified in the "Risk Factors" section of the Company's filings with applicable Canadian securities regulators.
Although the Company has attempted to identify factors that could cause actual results to differ materially from those described in forward-looking information, there may be other factors that cause 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 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.
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