Vancouver, British Columbia--(Newsfile Corp. - April 8, 2019) - LOOPShare Ltd. (TSXV: LOOP) (OTC: LPPPF), world's first fully-integrated electric scooter sharing platform, has entered into a letter of intent with GreenMo Rent BV (GreenMo) to expand its electric scooter ridesharing service into Europe.
GreenMo is the European market leader in the rental of electric vehicles. These include electric scooters, electric vans and electric bicycles, for last mile delivery focused on meal, parcel delivery, and mail delivery in the Netherlands, Belgium, Germany and England. GreenMo currently has a fleet of over 3,000 electric vehicles deployed in Europe.
LOOPShare and GreenMo will launch a pilot deployment of 55 electric scooters for ridesharing in the Netherlands, with plans to expand the fleet after conclusion of the pilot rapidly. The pilot will last for three months commencing in summer of 2019.
After the completion of the pilot period, subject to the attainment of certain key performance indicators, the parties intend to enter into a formal joint venture to deploy electric scooters for ridesharing in additional cities in the Netherlands and across Europe, operating as 'Loop Europe.'
The transaction between LOOPShare and GreenMo allows LOOPShare to expand into Europe with a proven partner in the electric vehicle segment and provides GreenMo with access to the proprietary LOOPShare platform and the company's ridesharing expertise.
"I am very impressed with the team at GreenMo, their operational excellence, and the rapid triple-digit growth that GreenMo has achieved in recent years," said Anwar Sukkarie, LOOPShare president and CEO. "GreenMo is the ideal partner for LOOPShare in Europe as they have existing expertise in the electric vehicle segment, presence in several European cities, and are well positioned to provide on the ground operational support for the venture. Combining GreenMo's service offering with LOOPShare's technology and expertise in shared electric scooter fleet deployment and management, represents a strong, competitive market presence with a significant opportunity for growth in Europe."
Doeke Boersma, managing director of GreenMo, commented: "LOOPShare's unique scooter design and telematics provide competitive advantages that make its scooters more desirable to ride. However, most important are their passive and active safety features, and particularly these latest innovations we're announcing today. This partnership capitalises on the strength of our established service platform, that will provide LOOPShare with a head-start vis-a-vis its peers and concurs with our strategy to tap into the most promising - and fastest expanding - market in the world, that of mirco-mobility and ridesharing."
The transaction with GreenMo is conditional on the execution of a definitive agreement (the "Agreement") and the satisfaction of certain conditions that will be contained in the Agreement. These conditions will include, among other things, the receipt of all other necessary consents, approvals and authorizations required by either party.
GreenMo Rent is the market leader in the full-service rental of electric vehicles in Western Europe. These include electric scooters, electric vans and electric bicycles, for last mile delivery focused on meal and mail delivery in the Netherlands, Belgium, Germany and England. GreenMo Rent's full-service rental concept consists of a wide product range of very high-quality vehicles, mobility guarantee, preventive periodic maintenance and all-risk insurance. To learn more, visit www.greenmo.nl.
LOOPShare Ltd. is an emerging global leader in ridesharing, micro-mobility and sustainable transportation. Through its wholly owned subsidiary, Saturna Green Systems Inc., it has commercialized a first generation, wireless ruggedized 7-inch touchscreen dashboard with telematics functionality for electric inner-city vehicles. LOOPShare's highly specialized display enables a broad range of services for consumer, tourism or commercial use.
LOOPShare offers connected end-to-end solutions for inner-city transportation vehicles specifically geared toward Transportation-as-a-Service (TaaS). Through Zone Operators worldwide, LOOPShare is implementing TaaS solutions that offer commuter convenience and tourist applications to subscribers based on LOOPShare's state-of-the-art, wireless electric two-wheel vehicle sharing technology. To learn more, visit www.loopscooters.com.
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Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events related to LOOPShare Ltd. (or the "Company") that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the Company's Europe expansion plans, (ii) the conclusion of the Agreement, (iii) the specific terms of the transaction with GreenMo, (iv) the Company's competitive advantages; (v) the functionality of the Company's technology; (vi) the Company or Zone Operators future profitability; and (vii) the Company's growth plans.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "scheduled", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the accuracy, reliability and applicability of the Company's business model; the timely receipt of governmental approvals; the timely receipt of e-scooters by the Company; the success of existing and future operations; the ability of the Company to implement its business plan as intended; the Company's ability to access financing necessary to implement its business plan; the regulatory environments of the jurisdictions where the Company will carry on business or have operations; the impact of competition; and the availability of e-scooters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to acts of God, the impact of general economic conditions, changing domestic and international transportation industry conditions, increases in operating costs, terrorism, currency fluctuations, interest rates, risks specific to the transportation industry, the ability of management to implement the Company's operational strategy, the ability to attract qualified management and staff, labour disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund operations may not be obtained and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update any forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
Loop is a trademark of LOOPShare Ltd.
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