Vancouver –– June 9, 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 quarter ended March 31, 2017 (“Q1 2017”). All amounts herein are presented in Canadian dollars unless otherwise stated.
Q1 2017 Highlights
- Revenue of $47,822, a decrease 88.4% compared to $408,973 in Q1 2016. Revenue derived from software license sale, hardware, and engineering services.
- Quarter-end cash at $144,672 compared to $302,929 end of Fiscal 2016.
- 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 8 cities worldwide.
- Sean Bromley joined as our interim CFO in lieu of Juliet Jones’s resignation on April 17, 2017. Juliet continues to support LOOPShare and is expected to continue her close role with the company.
- The negotiations with OE Tech of China did not conclude successfully due to OE Tech’s inability to meet its commitments under the signed Letter of Intent.
- A short-term loan of $CDN 26,000 from Anwar Sukkarie was secured.
- LOOPShare actively continues to seek partnerships in China to address the Chinese electric scooter sharing market.
Management Commentary:
“Building the LOOPShare business requires a stable product, a committed team, professional partners who meet their commitments, and strong financial resources”, ”, said Anwar Sukkarie, President and Chief Executive Officer of LOOPShare. “LOOPShare is working towards securing further funding to allow us to execute on our plans. The recent commercial field trial in Beirut confirmed that LOOPShare has the viable product required to offer a commercial service. All we need now is to show further traction, and to secure the necessary resources required to launch in other locations, increase the number of scooters available to subscribers, and continue development work until we commercially launch in 2018.”
Financial Highlights for Q1 2017:
| Operations: | Q1 2017 ($) |
| Revenue | 47,822 |
| Gross Margin | 5,362 |
| Expenses | 644,702 |
| Total comprehensive loss | 441,336 |
| Loss per share | ($0.01) |
| Balance Sheet: | |
| Total current assets | 932,682 |
| Total assets | 1,140,330 |
| Total liabilities | 1,528,286 |
| Shareholders’ Equity | (387,956) |
The Company’s annual consolidated financial statements for the years ending December 31, 2016 and first quarter ending March 31, 2017, 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.