Facedrive Finalizes Major Acquisition of foodora Assets
July 10 2020 - 6:00AM
Business Wire
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.”
About Facedrive
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.
Facedrive Inc. 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. 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.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200710005088/en/
Media: Sana Srithas | sana@facedrive.com
Sayan Navaratnam Chief Executive Officer and Director Tel:
1-888-300-2228
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