Facedrive Clarifies Disclosure in Its Recent News Release Regarding Potential Acquisition of Foodora Canada

TORONTO--(BUSINESS WIRE)--Facedrive Inc. (“Facedrive”) (TSXV: FD), reports that, as required by the Investment Industry Regulatory Organization of Canada (IIROC), Facedrive is clarifying and supplementing certain disclosure in the news release dated May 14, 2020 regarding the entering into of a binding term sheet with Foodora Inc. (“Foodora Canada”) whereby Facedrive would purchase certain assets of Foodora Canada (the “Proposed Transaction”). In particular, Facedrive is clarifying that it does not anticipate having to raise additional funds in order to complete the Proposed Transaction.

About Facedrive

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.

Facedrive Inc.
100 Consilium Pl, Unit 400, Scarborough, ON, Canada M1H 3E3
www.facedrive.com

Forward-Looking Information

Certain information in this press release contains forward-looking information, including with respect to the timing of entry into a definitive purchase agreement and the closing in respect thereof. 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.