Facedrive Announces Closing of Acquisition of HiRide

TORONTO--(BUSINESS WIRE)--Facedrive Inc. (“Facedrive”) (TSXV:FD), the first Canadian peer-to-peer, eco-friendly ridesharing network, is pleased to announce that it has received final approval of the TSX-V and closed its acquisition (the “Acquisition”) of HiRide Share Ltd. (“HiRide”), an arm’s length socially responsible ridesharing and car-pooling app, pursuant to a share exchange agreement (the “Agreement”) as previously disclosed.

On closing, shareholders of HiRide received a total of $1,000,000 in common shares of Facedrive issued at $3.76 per share (“Facedrive Shares”) and future conditional payments of up to $2,500,000 (“Conditional Payments”) over the course of 2 years. The Conditional Payments are contingent upon the achievement of certain financial, technical and business development milestones set out in the Agreement. Per the terms of said Agreement, such Conditional Payments can be either paid in a combination of cash and shares, or Facedrive Shares exclusively, with all shares being issued at $3.76 per share. There are no finder’s fees payable in connection with the Agreement or Acquisition.

“Our acquisition of HiRide is of strategic significance in linking us with the high-demand university and education markets while also bringing its completed AI engines, fully functional app and update releases in the pipeline. It increases our global expansion power several times, adding HiRide’s 20,000+ network of longer-distance commuter customers to our first-and-last-mile ride-sharing platform,” said Facedrive CEO Sayan Navaratnam.

About Facedrive

Facedrive is a unique people and planet first ridesharing platform committed to doing business fairly and equitably. As a community platform, drivers are real partners in the company, benefitting from uniquely customized incentives and rewards that reflect a dedication to shared success. For more about Facedrive, visit www.facedrive.com.

Forward-Looking Information

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