TORONTO, May 16, 2022
/CNW/ - Facedrive Inc. ("STEER" or "the
Company") (TSXV: FD) (OTCQX: FDVRF), an integrated ESG
technology platform, is pleased to announce it has successfully
rolled out its Delivery as a Service ("DaaS") offering with
over 200 small and medium businesses ("SMBs"), and is now
marketing such services to large big box retailers. STEER's DaaS
offering provides a last mile logistics solution for retailers to
offer just-in-time deliveries to end-users. The Company expects the
DaaS platform to be a key element of its business and a valuable
driver of ESG data, reporting and analytics.
STEER's DaaS offering has demonstrated operational success, with
over 200 local merchants in the Greater
Toronto Area and a 99% on-time delivery rate. The Company
has also seen many of its customers transition from a hybrid to a
full-time arrangement with STEER. Following its success with
smaller local vendors, STEER's DaaS offering is being promoted to
big box retailers, some of whom have also expressed an interest for
the offering. The Company feels its ESG value proposition, powered
by its proprietary EcoCRED carbon offset analytics platform, sets
the STEER DaaS offering apart from competitors. In particular,
EcoCRED's capabilities to capture, analyse and report on key ESG
data can appeal to socially-responsible brands and larger
retailers, who are increasingly conscious of environmental tracking
and reporting protocols.
The global Delivery as a Service market, valued at USD 18.7Bn in 2020, is expected to grow at 18.9%
CAGR for the period 2021-20271, making it one of the
high-growth sectors in today's global economy. This growth has been
accelerated by the global impact of the COVID-19 pandemic and goes
beyond food deliveries, spanning nearly all categories of consumer
products. This megatrend presents qualified providers like
STEER with a potentially-lucrative opportunity to increase market
presence and significantly increase revenues.
STEER's DaaS offering leverages the assets and technology
developed by the Company through its existing on-demand offerings.
Specifically, introduction of DaaS enables the Company to draw on
its tech stack, operational expertise, and its existing
infrastructure—including drivers—to deliver a nimble, agile, cost
efficient, and customizable product. STEER's tech-driven delivery
management software integrates directly with the merchant's
Point of Sale ("POS") solution and provides visibility, KPI
controls and data processing. Moreover, STEER leverages its
built-in data science algorithms to analyse daily demand cycles for
each individual offering and to streamline resource allocation. In
the future, this data will be utilized to identify cross-selling
opportunities within the STEER platform and provide customers with
analytics, metrics and data that quantify their carbon reduction
efforts.
STEER's DaaS offering also capitalizes on synergies with its
existing on-demand services through a shared driver fleet. For
drivers, this means potentially higher earnings through an
additional revenue stream, minimized idle time, and the convenience
of managing fewer apps on their phone. For the Company,
introduction of the DaaS functionality results in greater
operational efficiencies through unified driver acquisition,
training and optimized marketing spend across the platform. The
Company feels these operational efficiencies will translate into
economies of scale as STEER's DaaS onboards more vendors and
launches operations in new geographies.
"Delivery as a Service represents a natural evolution for our
Company. Having built significant assets and expertise in the
mobility and food delivery segments, it is important for us to
leverage our existing assets to enter a growing market space. It
allows us to grow incremental revenues in the near future while not
increasing costs at the same rate. We have confirmed the demand
during our launch with over 200 small and medium vendors and are
now focused on large retail customers. With the launch of DaaS,
STEER's vision of creating a one-stop shop ecosystem for an
environmentally-conscious B2C and B2B consumer has come a step
closer to fulfilment", said Suman
Pushparajah, Chief Executive Officer.
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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 system 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, B2B marketplace,
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,
analyse, 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.facedrive.com.
STEER
100 Consilium Pl, Unit 400
Scarborough, ON
Canada M1H 3E3
www.facedrive.com
Forward-Looking
Information
Certain information in this press release contains
forward-looking information, including with respect to the
Company's business, operations and condition, management's
objectives, strategies, beliefs and intentions, and the company's
forward plans to rebrand. 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, such as those
pertaining to the Company's next step launch with big box
retailers, 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
Company's Annual Management Discussion & Analysis (MD&A)
for the year ended December 31, 2021
(filed on SEDAR on may 2, 2022) and
its interim MD&A for the period ended September 30, 2021 (filed on SEDAR on
November 29, 2021) 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. 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 legislation and
regulatory requirements.
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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SOURCE Facedrive Inc.