Facedrive Foods Mobile Application to Become Available for Partnering Restaurants and Drivers

TORONTO--()--Facedrive Inc. (“Facedrive”) (TSXV: FD), one of the first Canadian peer-to-peer, eco-friendly and socially responsible ridesharing and delivery networks, and a “people-and-planet first” business, is pleased to announce that restaurants partners will be able to sign-up with Facedrive Foods delivery service starting next week. Furthermore, interested drivers will undergo onboarding and training processes to be able to provide delivery services in the second half of June.

Facedrive Foods intends to transform the traditional food delivery model with its eco-friendly mandate. Facedrive Foods enables customers to make a positive impact on the environment when they order food online from the convenience of their home or workplace. Like its original Facedrive rideshare platform, Facedrive Foods will donate a portion of fees to offset carbon that is emitted from food delivery towards tree planting initiatives in the communities it operates. In Ontario, Facedrive Foods tree planting partner is Forests Ontario (www.ForestsOntario.ca).

The announcement of the operational launch of the Facedrive Foods platform comes shortly after Facedrive announced on May 14,2020, that it has entered into a purchase agreement (“Purchase Agreement”) to acquire certain assets of Foodora Canada. This addition will undoubtedly expedite Facedrive’s plans to expand across Canada and internationally. Moreover, growing consumer demand for online food delivery services due to COVID-19 response measures marks a unique moment of upheaval in the country’s app-based food delivery business. This presents a rare opportunity for new entrants to establish a quicker presence in the market, while finding more efficient ways to deliver food. Revenue in this segment amounts to US$2.50B in 2020, and is expected to show a compound annual growth rate of 8.6%, resulting in a market volume of US$3.47B by 2024 in Canada (Statista, 2020).

“We are pleased to announce the operational launch of the Facedrive Foods food delivery platform which constitutes a fundamental pillar in our vision to become the one stop shop platform for eco-conscious and socially responsible users,” said Facedrive Chairman and CEO Sayan Navaratnam. “We are working hard to build a full ecosystem with rideshare, food service, home and work deliveries, entertainment, gamification and social components all in a single app. This provides discerning, environmentally conscious and busy customers the ability to meet their needs efficiently and effectively while doing good for their planet and communities.”

About Facedrive

Facedrive is a multi-faceted “people-and-planet first” platform offering socially-responsible services to local communities with a strong commitment to doing business fairly, equitably and sustainably. Facedrive rideshare was the first to offer green transportation solutions in the TaaS space, planting thousands of trees and giving users a choice between EVs, hybrids and conventional vehicles. Facedrive Marketplace offers curated merchandise created from sustainably sourced materials. Facedrive Foods offers contactless deliveries of healthy foods right to consumers’ doorsteps. Facedrive Health develops innovative technological solutions to the most acute health challenges of the day. Facedrive is changing the ridesharing, food delivery, e-commerce and health tech narratives 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. 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.

Contacts

Media: Sana Srithas | sana@facedrive.com

Sayan Navaratnam
Chief Executive Officer and Director
Tel: 1-888-300-2228

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Contacts

Media: Sana Srithas | sana@facedrive.com

Sayan Navaratnam
Chief Executive Officer and Director
Tel: 1-888-300-2228