VANCOUVER, BRITISH COLUMBIA, February 13, 2019 – LOOPShare Ltd. (TSX-V: LOOP) (OTC: LPPPF), world’s first fully-integrated electric scooter sharing platform, has begun a worldwide expansion of its Loop™ micro-mobility rideshare system with the purchase of more than 400 custom-configured sit-down scooters from a top-tier global manufacturer.
LOOPShare plans to deploy the 400 e-scooters across at least eight cities internationally, including four in the U.S., beginning in the second quarter of 2019. About half will be allocated to the company’s contracted Loop Zone™ operators, with the rest deployed in pre-established locations operated by the company.
The global launch follows successful pilot deployments and engagement of the company’s first Loop Zone operator over the past year. This has generated a significant amount of field data that validates LOOPShare’s business model, technological advantages, and superior ease-of-use.
“We’ve proven that we can rapidly scale our global deployment, and therefore see these 400 e-scooters as being just the start of a major global roll-out throughout 2019 and beyond,” said Anwar Sukkarie, president and CEO of LOOPShare, as well as one of the lead technologists behind the creation of the Loop telematics-driven platform. “We believe the unique design of our e-scooters and patented technology provides us several competitive advantages, as well a much better user experience.”
Every Loop scooter features the company’s industry-leading ruggedized 7-inch touchscreen dashboard, with integrated GPS and telematics functionality designed for electric inner-city vehicles. The capabilities of the Loop tablet-like dashboard represent one of the key features that distinguishes a Loop from other sit-down and stand-up scooters.
The onboard GPS also allows users to easily locate and guide them to the nearest Loops e-scooter via the Loop mobile app, and reserve the scooter until they arrive. For Loop Zone operators, the onboard telematics supports real-time remote monitoring of scooter usage and heath, including tire pressure and battery level. Field support staff can easily locate a Loop and swap in a charged battery, keeping the e-scooter in constant use.
“Our proprietary design and technology make Loop more than about scooters — it’s a completely integrated Transportation-as-a-Service hosted in the cloud that is available to any enterprise globally, from luxury resorts and educational institutions, to planned communities and major corporations,” explained Sukkarie. “Virtually anyone who can has a significant group of micro-mobility users can become a Loop Zone operator. This means our addressable market is far greater than other micro-mobility providers. Our global potential is simply huge.”
The company plans to announce the launches of the new Loop e-scooters in each city as they occur over the next several months.
LOOPShare looks to take advantage of the phenomenal growth of the global ride sharing market, which according to MarketsandMarkets is increasing at a compounded annual growth rate of nearly 20% and will reach US$218 billion by 2025. Major market drivers include the growing need for personal mobility in the wake of rising urbanization, falling car ownership, growing smartphone usage, and stringent CO2 reduction targets.
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” 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 [email protected] or 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 plans for 2019 including city deployments, dates for deployment of e-scooters, marketing campaigns, and technology development, (ii) the Company’s competitive advantages; (iii) the functionality of the Company’s technology; and (iv) 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.
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Loop is a trademark of LOOPShare Ltd.