Facedrive Inc. (“Facedrive”) (TSXV: FD), the first Canadian peer-to-peer, eco-friendly and socially responsible ridesharing network, is pleased to announce that on July 9th, 2020, the company closed the transaction (the “Acquisition Transaction”) to acquire certain assets of foodora Inc. (“foodora Canada”). Facedrive had initially disclosed the Acquisition Transaction on May 14, 2020, by announcing that it had entered into a binding term sheet with foodora Canada within the context of the proposal proceedings commenced by foodora Canada under the Bankruptcy and Insolvency Act (“Proposal Proceedings”). Facedrive and foodora Canada formalized the terms of the binding term sheet in a definitive purchase agreement dated June 1, 2020 (the “Purchase Agreement”).
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Pursuant to the terms of the Purchase Agreement, Facedrive will gain immediate access to foodora Canada’s hundreds of thousands of customers, subject to customer consent and opt in. In addition, Facedrive will gain access to the information and certain data associated with over 5,500 restaurant partners previously served by foodora Canada. In exchange for these assets, Facedrive paid a purchase price of $500,000. When the deal was initially announced, the Acquisition Transaction was subject to several conditions, including the negotiation and execution of the Purchase Agreement and obtaining Court approval. Today’s announcement indicates that all necessary conditions and approvals have been satisfied and obtained such that Facedrive is able to complete the Acquisition Transaction.
The Acquisition Transaction intends to significantly accelerate the business development and market penetration of Facedrive Foods, Facedrive’s food delivery platform, and marks a significant win for the division. Facedrive Foods pursues a “people and planet first” business ethos offering eco-friendly deliveries, with each delivery contributing a portion of the fee towards local tree-planting initiatives to help reduce carbon emissions.
Facedrive Foods is committed to community well-being and offers healthy, nutritious, and sustainably sourced choices supplied by like-minded restaurant businesses, with consumers’ wellness in mind. Moreover, Facedrive has taken a proactive approach to deal with the COVID-19 pandemic by ensuring the highest level of safety for its customers. Facedrive drivers receive comprehensive training in COVID-19 safety protocols and contactless deliveries ensure safety for both customers and drivers.
“By completing the transaction on time and as envisioned, the Facedrive team has shown once again our commitment to deliver on our promises to our customers, partners and shareholder,” said Facedrive Chairman and CEO Sayan Navaratnam. “We are absolutely excited and honoured to service foodora’s customers and work with foodora’s restaurant partners.”
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 electric, hybrid and conventional vehicles. Facedrive Marketplace offers curated merchandise created from sustainably sourced materials. Facedrive Foods offers contactless deliveries of a wide variety of foods with the focus on 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. Facedrive is currently operational in the following cities and municipalities of Ontario: The Greater Toronto Area, Ottawa, Hamilton, London, Guelph, Kitchener, Waterloo, Cambridge and Orillia.
For more about Facedrive, visit www.facedrive.com.
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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.
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