Gotcha to Deploy 2,500 E-Bikes, 1,000
E-Scooters, and 400 Cruisers to 10 Cities and Four
Universities Across the U.S.
CHARLESTON, SC and VANCOUVER, BC, Oct. 5,
2020 /CNW/ - Last Mile Holdings Ltd. ("MILE" or the
"Company") (TSXV: MILE) (OTC: AZNVF), a leading
micro-mobility company with the broadest product suite in the
industry, announced today its fourth quarter plans to launch 2,500
new e-bikes, 1,000 new e-scooters and 400 cruisers across 10 cities
and four universities in the United
States via its Gotcha Mobility ("Gotcha") operating
subsidiary.
Gotcha will expand and launch exclusive e-mobility systems in
cities and universities throughout the remainder of 2020.
Expansion in existing markets include:
- Auburn University, AL
- Baton Rouge, LA
- Mobile, AL
- San Gabriel Valley, CA
- Syracuse, NY
- University of Alabama
- University of North Carolina at
Charlotte
New launch markets include:
- Birmingham, AL
- Little Rock, AR
- Richmond, CA
- Sonoma and Marin Counties, CA
- Springfield, MO
- Missouri State University
- St. Augustine, FL
MILE is expanding existing mobility fleets in markets like
Baton Rouge, where demand for
Gotcha's services has risen significantly, and working alongside
university and municipal partners to implement new, exclusive
systems. Several of the Company's newer systems will qualify for
private and federal subsidies per regional regulations and
incentives. The Company remains focused on ensuring each of its
markets are profitable and meeting or exceeding utilization
goals.
"Our ambitious cross-country expansion plans will allow us to
materially increase the size and scope of our new and existing
mobility systems, all in a highly-targeted fashion," said Last Mile
Holdings CEO Max Smith. "Most
notably, we're looking forward to establishing a base of operations
in California, which will provide
us with an attractive west coast foothold to be built upon in
subsequent months. These e-bikes, e-scooters and cruisers were
purchased directly with funds from our recent, successfully
oversubscribed offering and will be deployed in markets where we
already have agreements in place, allowing us to grow quickly, but
still predictably with the plan we've laid out. We remain focused
on driving incrementally positive unit economics in all of our
markets, which will ultimately allow us to achieve EBITDA
profitability in the relatively near future."
For more information on Last Mile Holdings, visit
lastmile-holdings.com.
About Last Mile Holdings
Last Mile Holdings
(TSXV: MILE) (OTC: AZNVF), formerly OjO Electric, is one
of the largest micro-mobility companies in the U.S., offering the
broadest product suite in the industry. Last Mile has 30
university and 50 municipal contracted shared mobility systems
under the OjO and Gotcha brands. The acquisition of Gotcha in
the first quarter of 2020 provides an expansive growth pipeline and
a portfolio of products including electric bikes, scooters, and
cruisers. For more information,
visit lastmile-holdings.com.
Follow us on social:
LinkedIn: Last Mile Holdings
About Gotcha Mobility
Gotcha, a subsidiary of Last
Mile Holdings, is a shared electric mobility company dedicated to
providing innovative products and technologies that get people out
of single-occupancy cars and safely onto efficient, sustainable
micro-transit products. The company operates electric bikes,
scooters, and cruisers as transportation solutions tailored to
cities and universities across the US. Gotcha empowers communities
to lead happier, more productive lives through the transformative
power of affordable, accessible micro-transit. For more
information, visit ridegotcha.com.
Follow us on social:
Instagram: @RideGotcha
Facebook: @RideGotcha
Cautionary Statement Regarding Forward-Looking
Information
This news release includes certain
"forward-looking statements" and "forward-looking information"
under applicable Canadian securities legislation that are not
historical facts. Forward-looking statements involve risks,
uncertainties, and other factors that could cause actual results,
performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements with respect to: Last Mile Holdings and
Gotcha's business and prospects and the Company's objectives, goals
or future plans, including the planned deployment of its mobility
units; and the business, operations, expected future costs and
revenues for and management of the Company. Forward-looking
statements are necessarily based on a number of estimates and
assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties and other factors which may cause
actual results and future events to differ materially from those
expressed or implied by such forward-looking statements. Such
factors include, but are not limited to: the ability of Company to
meet its deployment targets, access to sufficient mobility units,
usage of mobility units, meeting the requirements of the permits
granted to Company including insurance, general business, economic
and social uncertainties including the impact of COVID-19;
litigation, legislative, environmental and other judicial,
regulatory, political and competitive developments; delay or
failure to receive board, shareholder or regulatory approvals;
those additional risks set out in the Company's public documents
filed on SEDAR at www.sedar.com; and other discussed in this news
release. Accordingly, the forward-looking statements discussed in
this release, may not occur and could differ materially as a result
of these known and unknown risk factors and uncertainties affecting
the companies. Although the Company believes that the assumptions
and factors used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed time frames or at all. Except where required by law, the
Company disclaims any intention or obligation to update or revise
any forward-looking statement, whether as a result of new
information, future events, or otherwise.
Reader Advisory
Neither the TSX-V nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX-V) accepts responsibility of the adequacy or
accuracy of this release.
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SOURCE Last Mile Holdings Ltd.
