Vancouver, British Columbia–(Newsfile Corp. – January 28, 2020) – LOOPShare Ltd. (TSXV: LOOP) (OTCQB: LPPPF) (FSE: 3KZ) (“LOOPShare” or the “Company”) is pleased to announce that it has entered into a partnership, and concluded a licensing agreement with Greenlines Technology Inc. (“Greenlines”). The partnership will entail the integration of LOOPShare’s electric scooter telematics and digital dashboard platform, with the proprietary Greenlines Carbon Engine process. The Carbon Engine will allow LOOPShare to capture and sell the carbon reductions generated by the users of its fleet of electric scooters by developing an offset project.
The global fight against climate change has led to many countries regulating greenhouse gas emissions (GHG) through carbon taxes and Cap-and-Trade schemes. A carbon offset is a credit for greenhouse gas reductions achieved by one party that can be purchased and used to compensate (offset) the emissions of another party. This regulatory environment has created a large market for the purchase of carbon offsets. With the integration of the Greenlines Carbon Engine, every kilometre travelled on a LOOPShare electric scooter will be converted into a carbon offset. After these carbon offsets are verified by a third-party independent verifier, they are an asset that LOOPShare will be able to sell either directly to a third party looking to offset its emissions, or through a broker/exchange. The offset project will allow LOOPShare to convert carbon reductions into revenues for LOOPShare and help the fight against climate change.
Matthew Clayton, Chief Executive Officer of LOOPShare commented: “I am pleased to announce that LOOPShare has secured the first global partnership of its kind with Greenlines to utilize its ground breaking Carbon Engine. Once the technical integration is complete, our system will be able to quantify the carbon reductions generated by every kilometre travelled by our end-users using our scooters, and generate verifiable carbon offsets for our company. As consumers choose to use electric options for their intermodal transportation needs, we now know that we can quantify their carbon reductions, monetize them as carbon offsets, and use this currency to contribute to the fight against global climate change.”
David Oliver, Chief Executive Officer of Greenlines commented: “We are very excited to announce this ground-breaking partnership with LOOPShare, the first of many licensing agreements in the mobility and transportation sector. Greenlines is the first company worldwide to successfully convert physical movements of people into verifiable carbon offsets using an app, which companies such as LOOPShare are able to sell. Thanks to our patent-pending Carbon Engine, and app-based modal shift methodology, Greenlines is transforming the mobility space while its licensees such as LOOPShare are monetizing the reduction in GHG from users utilizing their electric scooters and other LOOPShare products such as the Scoot-E-Bike” said David Oliver, Chief Executive Officer of Greenlines.
Mr. Oliver continued: “Climate Change is the most critical challenge we all face. We believe our patent-pending Carbon Engine has the potential to not only transform the transportation sector and help phase out fossil fuels globally but also become a major contributor to help nations around the world meet their Paris Agreement goals. The transportation sector, with over 20% of global emissions according to the World Bank, is one of the leading contributors to carbon emissions in the world.”
Greenlines Technology Inc. is a leading Canadian cleantech company, the first to develop and commercialize a scalable system able to produce verifiable and high-quality mobility carbon offsets out of the physical movements of people, goods and services. To learn more, visit www.greenlines.cc
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 the partnership with Greenlines including its benefits, the ability to capture and monetize carbon offsets and the Company’s growth plans.
In certain cases, forward-looking information can be identified by the use of words such as “expects”, “intends”, “anticipates” or variations of such words and phrases or state that certain actions, events or results “may”, “would”, or “might” suggesting future outcomes, or other expectations, 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 and licenses; the timely receipt of e-scooters by the Company; the success of operations; the ability of the Company to implement its business plan as intended; the Company’s ability to access financing; and the impact of competition. While the Company considers these assumptions to be reasonable, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed by the forward-looking information. Such factors include risks related to acts of God, the impact of general economic conditions, changing transportation industry conditions, increases in operating costs, terrorism, currency fluctuations, interest rates, risks specific to the transportation industry, the ability to attract qualified management and staff, labour disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses, financing, capitalization and liquidity risks, including the risk that the financing may not be obtained and the additional risks identified in the “Risk Factors” section of the Company’s filings with applicable Canadian securities regulators.
Although the Company has attempted to identify factors that could cause actual results to differ materially from those described in forward-looking information, there may be other factors that cause 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.