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Facedrive Inc. ("Facedrive") (TSXV:FD), (OTC:FDVRF), a Canadian "people-and-planet first" tech ecosystem, announced today that key executives of the company have voluntarily agreed with the Company to extend the lock-up period of their shares ("Lockup Period").
Sayan Navaratnam – Chairman, CEO and largest shareholder of Facedrive – has extended the Lockup Period for all Facedrive shares that he owns (both directly and indirectly) by two years to March 31, 2023, meaning all of his shares will only gradually begin releasing from lock-up on that date over 18 months (at a rate of 15 percent every 90 days). Similarly, Junaid Razvi, Executive Vice President and Suman Pushparajah, Chief Operating Officer (with all of the aforementioned, including Mr. Navaratnam, being "Key Executives") have also extended their Lockup Period in respect of all shares held by them (both directly and indirectly) by one year to March 31, 2022, meaning all such shares will only gradually begin releasing from lock-up on that (at a rate of 15 percent every 90 days) over 18 months. All of the Locked-Up Shares belonging to said Key Executives total 46.57 million common shares ("Key Executive Shares") in the Company. Collectively, the Key Executive Shares account for approximately 49% of Facedrive’s total issued and outstanding shares.
As the Lockup Period approached an end, the Key Executives voluntarily agreed to extend the applicable Share Lockup Period to demonstrate their continued belief in the mission of the company and the opportunity ahead. This voluntary action signals the commitment of Facedrive’s Key Executives to the company’s long term success and further aligns the interests of the individuals to those of the company.
"My leadership team and I are very pleased to extend our share lock-up period – as a way to demonstrate to the investors that have put their faith in us – of our conviction in the opportunity ahead for our Verticals and, particularly, our TraceSCAN, Facedrive Foods and Steer businesses. We all realize we are on the cusp of something great, and our only objective is to continue pushing forward our ESG mandate while building long-term sustainable value for our employees, partners and shareholders", said Sayan Navaratnam, CEO and Chairman of Facedrive. "As the initial lock-up period came to an end, we felt it was necessary to assure the market that we had no plans to sell our shares and that we are all in this for the long term. Markets can be irrational, and we continue to keep our focus on building products that deliver true value to our customers and partners."
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 verticals that either leverage existing technologies of the Company or project synergies with existing lines of business (the "Facedrive Verticals"). The Facedrive Verticals include its rideshare business ("Facedrive Rideshare"), sustainable e-commerce platform ("Facedrive Marketplace"), food-delivery service ("Facedrive Foods"), e-social platform ("Facedrive Social") and its contact-tracing and sustainable health services business ("Facedrive Health").
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 created from sustainably sourced materials. 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.
100 Consilium Pl, Unit 104, Scarborough, ON, Canada M1H 3E3
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.
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