TORONTO--(BUSINESS WIRE)--Facedrive Inc. (“Facedrive”) (TSXV: FD), the first Canadian peer-to-peer, eco-friendly ridesharing network, is pleased to say it is currently working on a number of new initiatives, including potential transactions. However, no such initiative or transaction has progressed to a level where any agreements have been entered into. Accordingly, there is no certainty that any such initiative or transaction will be completed in the near term, or at all.
Facedrive is also pleased to announce that it has entered into a “shares for services” consulting agreement (the “Consulting Agreement”) with Medtronics Online Solutions Ltd. (“Medtronics”), pursuant to the provisions of TSX Venture Exchange (the “Exchange”) Policy 4.3. Pursuant to the Consulting Agreement, Medtronics will provide and perform marketing and strategic consulting services for and on behalf of Facedrive.
“As Facedrive prepares for global expansion, it is more important than ever to get our ‘people-and-planet first’ message across to audiences not only in Canada, but in the United States and Europe, in the most efficient and effective way. With that in mind, I am excited to work with Medtronics, whose unique marketing strategy and proven global outreach will help us ensure that our first-of-its-kind eco-friendly ride-sharing platform reaches the widest audience possible with maximum impact,” said Facedrive CEO Sayan Navaratnam.
Under the terms of the Consulting Agreement, Medtronics will receive a monthly consulting fee which will be satisfied by the issuance of Facedrive common shares (“Facedrive Shares”), which shares will be issued at a deemed price per share equal to the five-day volume-weighted average price of Facedrive shares as traded on the Exchange calculated at the end of each month in which the services are provided. During the 8 month term of the agreement, each time the shares are issued to Medtronics, Facedrive will disseminate a press release reflecting the number of shares issued, also the shares will be issued monthly and will be subject to customary lock-up arrangements commencing upon the date of issuance. Facedrive Shares issuable in accordance with the Consulting Agreement are subject to Exchange acceptance.
Facedrive is a “people-and-planet first” ridesharing platform, and the first to offer green transportation solutions in this space. Facedrive is committed to doing business fairly, equitably and sustainably, with a firm dedication not only to seamless customer service that offsets CO2 by planting thousands of trees and gives riders a choice between EVs, hybrids and conventional vehicles, but also to its drivers. Facedrive is a community platform designed to become the #1 recognized eco-friendly and socially responsible TaaS platform in any market that it enters. Facedrive is changing the ride-sharing narrative for the better, for everyone.
For more about Facedrive, visit www.facedrive.com.
Certain information in this press release contains forward-looking information. This information is based on management’s reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.
See “Forward-Looking Information” and “Risk Factors” in Facedrive’s Filing Statement dated August 28, 2019 for a discussion of the uncertainties, risks and assumptions associated with these statements. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.