Vancouver –– March 20, 2017 –– LOOPShare Ltd. (TSX-V: LOOP) (“LOOPShare”), a global provider of electric scooter shared fleet services and technology, today announced that it has issued promissory notes in the approximate aggregate amount of CAD $265,250.
Promissory notes totaling 7 million Japanese Yen (“JPY”) (approximately CAD $82,400) were issued JPY 1 million to a director and officer of Loop Japan K.K., a wholly owned subsidiary of LOOPShare and JPY 6 million to a company in which the officer holds a 50% interest.
A promissory note in the amount of US $80,000 (approximately CAD $107,850) was issued to a company held 100% by the officer. The funds have been allocated for general working capital and shall be repaid on their maturity dates on or before February 1, 2018, or from the proceeds of subsidies receivable by LOOP Japan K.K. or from the proceeds of a financing in the minimum amount of CAD$ 1 million.
A promissory note in the amount CAD $75,000 was issued to Anwar Sukkarie, President and CEO of LOOPShare, the proceeds of which will be used for general working capital. This promissory note will be payable on the earlier of March 7, 2018 and from the proceeds of a financing in the minimum amount of CAD $1 million.
The above promissory notes are unsecured and bear no interest.
About LOOPShare Ltd.
LOOPShare Ltd. (TSX-V: LOOP) a Vancouver company established in 2009 (formerly Known as Kenna Resources Corp.) 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.
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