Vancouver –– May 16, 2017 –– LOOPShare Ltd. (TSX-V: LOOP) (“LOOPShare”), a global provider of electric scooter shared fleet services and technology, today announced its financial and operating results for the year ended December 31, 2016 (“Fiscal 2016”). All amounts herein are presented in Canadian dollars unless otherwise stated.
Fiscal 2016 Highlights
- Revenue of $613,266, an increase of 48% compared to $413,240 in fiscal 2015 (“F2015”). Revenue derived from software license sale, hardware, and engineering services.
- Year-end cash at $302,929 compared to $20,501 in F2015.
- Reverse take-over of Kenna Resources Corp. successfully completed in June 2016.
- Established Loop Japan KK as a 100% owned subsidiary to conduct business in Japan. Loop Japan successfully delivered a 30-scooter system in Naha, Okinawa and consequently received JETRO subsidy funds.
- Shipped over 1000 SVD-400 units to a US-based OEM and for assembly line installation on scooters targeted for Loop service field trial deployments in several cities worldwide.
- Continued the development of the Zone Operator Loop service deployment model with Loop SAL, LOOPShare’s Zone Operator in Beirut.
- Continued the development of LOOPShare Platform, the Loop service solution offering.
- Continued the development of LOOPShare “plug-and-play” end-to-end solution to allow for scalable, global growth and efficient time to market deployment.
- Team of 10 professionals in Vancouver and 4 in Japan.
- 58 scooters undergoing field trials and testing in 4 cities worldwide. Trial fleets range from 2 to 30 in size. Additional scooters are planned for some of these trials.
Management Commentary:
“LOOPShare pursued the public listing domain in order to secure the funding necessary for the execution of our plans,” said Anwar Sukkarie, LOOPShare President and CEO. “The year end results demonstrate our ability to accomplish much with limited resources, a testimonial to our team’s professionalism and ability to build a technology designed for scalable, sustainable, worldwide growth.”
Mr. Sukkarie continued: “Our primary objectives in 2016 were to secure the funding, continue with our technical development, establish a foothold in at least three cities, and lay the foundations for commercial field trials, official launch, and a verification of our business model and approach in 2017. LOOPShare has achieved the difficult task of structuring such foundations with truly limited resources, evident by our presence in several cities, our public listing, our continued technology and business model development, and our Zone Operator Loop SAL. We look forward to a strong 2017 where we expect to launch our solution, and thereof to grow the business and realize our vision.”
Financial Highlights for Fiscal 2016:
| Operations: | Fiscal 2015 ($) | Fiscal 2015 ($) |
| Revenue | 613,266 | 413,240 |
| Gross Margin | 397,167 | 262,198 |
| Expenses | 2,090,105 | 1,055,253 |
| Total comprehensive loss (1) | 3,400,343 | 830,022 |
| Loss per share | ($0.11) | ($0.04) |
| Balance Sheet: | ||
| Total current assets | 1,075,849 | 464,279 |
| Total assets | 1,198,470 | 602,786 |
| Total liabilities | 1,192,058 | 1,481,622 |
| Shareholders’ Equity | 6,412 | (878,836) |
(1)Total comprehensive loss in 2016 includes listing expense of $1,743,614.
The Company’s annual consolidated financial statements for the years ending December 31, 2016 and 2015, together with its corresponding management’s discussion and analysis can be found under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.loopscooters.com.
Anwar Sukkarie
President & CEO, Founder
Forward Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the Company’s business plans and the outlook of the shared transportation industry. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).
-Ends-
About LOOPShare Ltd.
LOOPShare Ltd. (TSX-V: LOOP) a Vancouver company established in 2009 and its wholly owned subsidiary Saturna Green Systems Inc. have commercialized a first generation, a wireless ruggedized 7” 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’s purpose is to develop and deploy connected end-to-end solutions for inner-city transportation vehicles, specifically geared toward Transportation as a Service (“TaaS”). Through Zone Operators worldwide, LOOPShare will implement TaaS solution to offer Commuter Convenience and Tourist applications to subscribers based on LOOPShare’s commuter/tourism/business-focused, unique, state-of-the-art wireless two-wheel electric sharing technology. “Loop” is a trademark of LOOPShare Ltd. For further information, please visit www.loopscooters.com.
Trademarks are the property of their owners.
| For further information on LOOPShare, please contact: Anwar Sukkarie, CEO +1 (604) 568-1598 |
Investor Relations Contact: Walter Spagnuolo +1 (604) 343-8661 +1 (604) 306-8477 |
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.