STEER Announces Settlement Agreement with the Ontario Securities Commission and Upcoming Hearing

TORONTO--(BUSINESS WIRE)--STEER Technologies Inc. (“STEER” or the “Company”) (TSXV: STER) (OTCQX: STEEF), an integrated ESG technology platform, today announced that it has entered into a Settlement Agreement (the “Agreement”) with Staff of the Ontario Securities Commission primarily relating to the Company’s continuous disclosure.

Earlier today, the Capital Markets Tribunal issued a Notice of Hearing for an upcoming hearing to consider whether it is in the public interest to approve the Agreement. The hearing will be held on May 19, 2023 at 9:00 a.m. EDT.

About the Company

STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company’s goal is to build a one-of-a-kind ecosystem that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. The Company’s offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, STEER EV, and on-demand services incorporating delivery, Restaurant Supply Business, Delivery-as-a-Service (DaaS) and rideshare businesses. The Company’s platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyze, parse and report on key data points in ways that measure the Company’s impact on carbon reductions and offsets.

For more about the Company, visit www.steeresg.com.

Suman Pushparajah, CEO
[e-mail]
STEER
100 Consilium Pl, Unit 400
Scarborough, ON
Canada M1H 3E3
www.steeresg.com

Forward-Looking Information

Certain information in this press release contains forward-looking information, including with respect to the upcoming hearing involving the Capital Markets Tribunal. 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 future events, such as those pertaining to the date of the hearing and the Tribunal’s review of the Settlement Agreement, 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. In particular, statements pertaining to the timing, terms and completion of the hearing, STEER’s expectations regarding the upcoming hearing constitute forward-looking information.

See “Forward-Looking Information” and “Risk Factors” in the Company’s Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2022 (filed on SEDAR on May 1, 2023) for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. 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. The Company has no intention and undertakes 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 legislation and regulatory requirements.

The TSXV has in no way passed upon the merits of the Agreement and has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.