TORONTO--(BUSINESS WIRE)--Facedrive Inc. (“Facedrive”) (TSXV:FD), the first Canadian peer-to-peer, eco-friendly ridesharing network, is pleased to announce that it has received final approval of the TSX-V and closed its acquisition (the “Acquisition”) of HiRide Share Ltd. (“HiRide”), an arm’s length socially responsible ridesharing and car-pooling app, pursuant to a share exchange agreement (the “Agreement”) as previously disclosed.
On closing, shareholders of HiRide received a total of $1,000,000 in common shares of Facedrive issued at $3.76 per share (“Facedrive Shares”) and future conditional payments of up to $2,500,000 (“Conditional Payments”) over the course of 2 years. The Conditional Payments are contingent upon the achievement of certain financial, technical and business development milestones set out in the Agreement. Per the terms of said Agreement, such Conditional Payments can be either paid in a combination of cash and shares, or Facedrive Shares exclusively, with all shares being issued at $3.76 per share. There are no finder’s fees payable in connection with the Agreement or Acquisition.
“Our acquisition of HiRide is of strategic significance in linking us with the high-demand university and education markets while also bringing its completed AI engines, fully functional app and update releases in the pipeline. It increases our global expansion power several times, adding HiRide’s 20,000+ network of longer-distance commuter customers to our first-and-last-mile ride-sharing platform,” said Facedrive CEO Sayan Navaratnam.
About Facedrive
Facedrive is a unique people and planet first ridesharing platform committed to doing business fairly and equitably. As a community platform, drivers are real partners in the company, benefitting from uniquely customized incentives and rewards that reflect a dedication to shared success. For more about Facedrive, visit 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 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. 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.
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