LOOPShare Ltd. is pleased to announce that an aggregate total of 220 electric scooters have arrived in Vancouver and are being prepared for ridesharing operations by the Company. These electric scooters form the initial units that the Company intends to use to launch its electric scooter ridesharing service into British Columbia and international markets. The Company has also delivered an aggregate of 110 electric scooters to Loop s.a.l., the Company’s Zone Operator located in Beirut, Lebanon. A further 109 electric scooters are expected to be received in Vancouver next month.
Matthew Clayton, Chief Executive Officer of LOOPShare commented: “I am excited that almost of all the initial fleet of electric scooters has been received in Vancouver or by our Zone Operator in Lebanon. The LOOPShare service provides an eco-friendly sustainable way to move goods and people, and 2020 will be the year where the service is finally launched on a commercial level.”
The Company intends to provide the electric scooters required to conduct ridesharing or hourly rental arrangements with partners operations, along with the Company’s proprietary Transportation-as-a-Service technology solution. The Company’s deployment plan for 2020 involves working with various partners in cities in British Columbia and internationally.
In 2019 the Company was operating a pilot program with its partner Harbour Air – North America’s largest seaplane airline. Based on the data and operational knowledge gained from the pilot program, the Company will expand its operations with Harbour Air in 2020 to launch a service that will be available to the public.
The Company will provide additional details on specific cities and partnerships in future press releases as it moves into an exciting period of growth.
The Company also confirms that it has closed its previously announced restructuring of its bridge loan facility and issued convertible debentures with a principal amount of Cdn$257,595 (see press release dated January 17, 2020 for further details). No new funds will be received by the Company in connection with this transaction. All securities issued are subject to a resale restriction in accordance with applicable securities laws, which expires on May 23, 2020.