Facedrive Inc. (“Facedrive” or the “Company”)
(TSXV:FD), (OTCQX:FDVRF), a Canadian “people-and-planet-first” tech
ecosystem, yesterday announced its financial results for the fiscal
quarter ended June 30, 2021 (“Q2 2021”) and would like to
provide this general corporate as a supplement to such
disclosure.
Facedrive Foods & Its Growth Involving Selling and
Delivering Restaurant Supplies
The Company’s revenues attributable to Facedrive Foods’ food
delivery business activities were $4,973,100 in Q2 2021 (as
compared to $Nil in Q2 2020). Facedrive Foods’ food delivery
revenues include revenues from food delivery services, restaurant
commissions and merchandise sales. Initially established as a
project within Facedrive in April 2020 and bolstered by the
Company’s acquisition of certain assets from Foodora Canada Inc.
(July 2020) and the acquisition of Food Hwy Canada Inc. (“Food
Hwy”) (October 2020), Facedrive Foods has been able to
capitalize on the dramatic shift in consumer and business behavior
in the wake of the COVID-19 pandemic and was fulfilling, on
average, 4,700 orders per day for the six months ended June 30,
2021 in 19 cities across Canada. As of June 30, 2021, Facedrive
Foods had 5,312 restaurant partners and 303,025 registered
end-users.
In early 2021, Facedrive Foods expanded its offerings to include
a platform for merchandise sales. In addition to the sale and
delivery of food items from the Company’s restaurant partners (as
described in the paragraph above), Facedrive Foods’ platform has
been expanded in 2021 to include the sale and delivery of various
merchandise items on a business-to-business basis. Such merchandise
inventory is procured, owned and warehoused by Food Hwy (a
wholly-owned subsidiary of the Company) and then, once purchased by
a business utilizing a feature found in the Facedrive Food app, the
merchandise is delivered by the Company to its business
customer.
During Q2 2021, Facedrive Foods had total revenues of
$4,973,139, of which $2,207,042 was attributable to the sale and
delivery of such merchandise on a business-to-business basis. The
Company’s merchandise sales through Facedrive Foods’ platform had
2,493 restaurant customers and Facedrive Foods was fulfilling
orders at the rate of over 4,000 per month as of June 30, 2021.
Facedrive intends to continue with its revenue expansion plans with
contemplated geographical and additional product line expansion
plans for Q3 and Q4 2021.
Facedrive Health Launches its Back-to-Business Tool Suite for
COVID-19
In early August 2021, Facedrive Health initiated the launch of
its proprietary Back-to-Business tool suite which is designed to
assist businesses in reopening safely during the later stages of
the COVID-19 pandemic. The Back-to-Business kit includes a suite of
tools comprised of screening, contact tracing, rapid testing kits
and health wallet solutions. To date, the Company is impressed with
the initial market feedback and adoption. For instance, one element
of the Back-to-Business Kit is SafeCheck™, an application that
helps restaurants and retail vendor and service providers perform
digital screening and contact tracing of customers. Since
SafeCheck™’s launch in early August, 2021, Facedrive Health has
received commitments to adopt this solution from over 1,500
business customers. Based on the data captured to date, 30% of
participating businesses’ visitors have opted to share their
details and receive further communications from Facedrive. This
provides Facedrive Foods, Facedrive’s food delivery platform, with
a cost-effective customer acquisition model, valuable market data,
as well as an additional potential revenue stream through in-app
advertising. At the same time, Facedrive’s distribution, training
and collection program for the Government of Canada’s COVID-19
rapid antigen tests for small and medium-sized organizations, where
Facedrive charges a flat fee for each delivery, has seen increasing
demand. Within the first month of the program’s announcement,
18,000 tests have been delivered to 500+ SMEs across Ontario, with
the second batch of 48,000 tests received for distribution.
Facedrive – Share Price and Market Activity
During recent months and weeks, the Company has experienced
significant stock price volatility and it has witnessed unexpected
capital market events and shareholder activities. As a result,
Facedrive reconsidered some of its contemplated strategic decisions
and operational next steps. In particular, the Company has
temporarily postponed pursuing a prospective private placement and
the Company has also ceased pursuing a specific potential
acquisition transaction it had been exploring over the past few
months. While Facedrive remains committed to pursuing accretive
long-term opportunities, market conditions stabilizing as it
relates to the Company will likely be an important pre-condition to
completing such transactions.
In light of the recent selling activity of a significant
non-management, non-Board member shareholder of the Company
(“Major Outside Shareholder Selling”), the Company has also
considered the feedback of other early investors and, in the
interests of establishing fairness for all shareholders to the
extent possible per the Company’s long-held values, the Company has
taken the important step of removing certain contractual
restrictions on the ability of such early-investors to trade their
shares of the Company. In particular, the Company had, in March of
2021, entered into voluntary amended lock-up agreement extensions
(the “Amended Lock-up Agreements”) with a number of
early-stage investors including members of senior management of the
Company today (collectively, the “Early Investors”) that had
been initially entered into on or around the time of its
going-public reverse takeover in September of 2019 (“Original
Lock-up Agreements”). The effect of such Amended Lock-up
Agreements was for the Early Investors to voluntarily agree to a
more restrictive release schedule than had been established in the
Original Lock-up Agreement. However, in light of the Major Outside
Shareholder Selling, the Company has agreed to revert to terms
found in the Original Lock-up Agreement, which allows for more
shares to release from lock-up on an earlier schedule (as
contemplated in said Original Lock-up Agreements). In the case of
non-executive Early Investors, this means an unlocking of an
additional 10 percent of their holdings (above and beyond a 5
percent release at each interval) at the end of each quarter
beginning March 31,, 2021. In the case of executive Early
Investors, reversion to the Original Lock-up Agreement means 15
percent of their shareholdings being released from lock-up as of
the end of each quarter beginning March 31, 2021. The Company will
provide additional details about the status of the lock-up
agreements once discussions with the Early Investors have been
completed, which is expected later in the month.
“At Facedrive, an ESG ‘people-and-planet-first’ organization, we
have always tried to strive for a long-term commitment to building
value for our shareholders along with equitable principles that
treat all stakeholders fairly. The recent trading activity among
some outside significant shareholders has caused us to take action
to demonstrate our commitment to the principle of fairness, and we
feel confident that we are striking the right balance between
enforcing long-term commitments to the business and the short-term
practical realities for our shareholders. The idea is for Facedrive
to continue focusing on long-term value creation by continuing to
build out and on the fundamentals of the Company’s consolidated
business, which we feel are very positive” – said Suman
Pushparajah, incoming Chief Executive Officer of Facedrive.
About Facedrive
Facedrive is a multi-faceted “people-and-planet first” tech
ecosystem offering socially-responsible services to local
communities with a strong commitment to doing business fairly,
equitably and sustainably. As part of this commitment, Facedrive’s
vision is to fulfil its mandate through a number of services that
either leverage existing technologies of the Company or project
synergies with existing lines of business.
Facedrive’s service offerings include its: (i) eco-friendly
rideshare business, Facedrive Rideshare; (ii) food delivery
service, Facedrive Foods; (iii) electric and hybrid vehicle
subscription business, Steer; (iv) contact-tracing and connected
health technology services, Facedrive Health; (v) e-commerce
platform, Facedrive Marketplace; and (vi) e-social platform,
Facedrive Social. Facedrive Rideshare was among the first to offer
a wide variety of environmentally and socially responsible
solutions in the Transportation as a Service (TaaS) space, planting
thousands of trees based on user consumption and offering choices
between electric, hybrid and conventional vehicles (including, more
recently, electric and hybrid vehicles on a subscription basis
through Steer). Facedrive Marketplace offers curated merchandise
typically created from sustainably sourced materials and linked to
social causes. Facedrive Foods offers contactless delivery of a
wide variety of foods right to consumers’ doorsteps, with a focus
on doing so in a socially and environmentally-conscious manner.
Facedrive Social strives to keep people connected in a
physically-distanced world through its HiQ and other
e-socialization platforms that invite users to interact based on
common interests and by offering gamification and mutual community
support features. Facedrive Health strives to develop and offer
innovative technological solutions to the most acute health
challenges including its proprietary TraceSCAN wearable technology
for contact tracing.
Facedrive envisions changing the ridesharing, food delivery,
e-commerce, social and health tech narratives for the better, for
everyone, and is currently operational in Canada and the United
States.
For more about Facedrive, visit www.facedrive.com.
Facedrive Inc. 100 Consilium Pl, Unit 104, 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 (for
example, those related to: (i) Facedrive Foods’ revenue expansion
plans with contemplated geographical and additional product line
expansion plans for Q3 and Q4 2021; (ii) the continued adoption and
commercialization of Facedrive Health’s Back-to-Business tool
suite; and (iii) the reversion of the lock-up terms of the Early
Investors back to the schedule described in the Original Lock-up
Agreements from 2019) 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 Annual Management Discussion & Analysis (MD&A)
for the year ended December 31, 2020 (filed on SEDAR on April 30,
2021) and its interim MD&A for the period ended June 30, 2021
(filed on SEDAR on August 30, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210901005363/en/
Media Contact: Sana Srithas | sana@facedrive.com Tel:
1-888-300-2228
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