TORONTO--(BUSINESS WIRE)--Facedrive Inc. (“Facedrive”) (TSXV: FD), a “people-and-planet first” business, is pleased to announce that it has entered into a Strategic Advisory Services Agreement (the “Advisory Agreement”) with Craven Street Capital Limited (“Craven Street”) to assist Facedrive in executing its European expansion plans.
The scope of services to be provided by Craven Street to Facedrive includes research and evaluation of expansion opportunities, as well as sourcing of strategic acquisition and investment opportunities. Under the terms of the Advisory Agreement, Craven Street will leverage its extensive network of corporate and technology relationships in order to assist Facedrive in securing opportunities that align with Facedrive’s European expansion plans. Specifically, Craven Street will: assist in identifying and evaluating expansion opportunities at the national, regional and municipal level; establish relationships with the public and private sectors; and identify potential strategic acquisition and investment opportunities for Facedrive in Europe.
Facedrive believes that European expansion is a strategic priority for Facedrive in that European consumers and businesses generally tend to have a greater degree of environmental consciousness than their North American counterparts. For example, a 2015 Pew Research Center survey found that 60% of Western Europeans believe that climate change is currently having a negative impact on society, while only 41% of North Americans share this view (Spring 2015 Global Attitudes Survey). Facedrive believes that their “people-and-planet” first message and business model will resonate with European citizens.
Craven Street has extensive experience in “buy and build” programs and working with high growth businesses. “Craven’s rich network and experience in Europe provides us with a great launchpad for our expansion plans in Europe,” said Sayan Navaratnam, Chairman and CEO of Facedrive. “Facedrive’s Transport-as-a-Service (TaaS) and COVID-19 contact tracing technologies have gained significant traction in the North American market, and we are hopeful that our solutions will be equally well-received in Europe.”
“Facedrive is a young fast-growing multi-faceted technology company with strong socially responsible credentials. In other words, Facedrive is exactly the type of company Craven Street Capital likes to represent,” said Soondra Appavoo, CEO of Craven Street. “We believe that Facedrive fulfills serious gaps in several underserved European markets. We look forward to working with Facedrive to evaluate and target strategic opportunities throughout Europe.”
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.
About Craven Street Capital
Craven Street Capital Limited is a London-based corporate finance business specializing in M&A, fundraising, IPO and debt advisory with a focus on long term, multi-deal relationships with a small number of clients in selected sectors. The Craven Street team is experienced in mergers and acquisitions, IPOs, private placements, asset sales, debt financing, seeding and the establishment of corporate structures. Transactions have included the £140m IPO of Nucleus Financial, the £575m IPO of Sabre Insurance, the £153m sale of Punter Southall Limited and numerous buy side mandates for Punter Southall Group. Craven Street’s breadth of expertise spans Financial Services, Structured Finance, Cleantech, Healthcare and Infrastructure.
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 the Corporation’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.
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