Vancouver, BC / September 21, 2016 –– LOOPShare Ltd. (TSX-V: LUP) (“LOOP” or the “Company”), a global provider of electric scooter shared fleet services and technology today announced that it has entered into an agreement with Prolog S.A. de C.V. (“Prolog”), of Mexico City to license its WebTrack software platform.
The Company has been working with Prolog since May, 2015 to integrate various applications of Prolog’s WebTrack software platform. Under a revised agreement effective August 17th, 2016 LOOP will acquire the right to use the WebTrack System for transportation as a service (“TAAS”) for light-weight inner-city vehicles world-wide. The total license price is US $428,570 of which US $80,000 has been credited from prior licenses paid. The balance of US $348,570 is payable US $268,570 by the issuance of 1,463,217 LOOP class A common shares at an agreed price of CAD $0.2365 per share and US $80,000 payable in cash. LOOP has the option to acquire the underlying source code, taking full ownership of the software without limitation of use, for an additional US $200,000. The agreement is subject to TSX Venture Exchange approval.
WebTrack is a proven technology that has been sold to over 1,250 clients worldwide, providing fleet management, asset tracking/control, maintenance records, logistics, data collection/analysis, reporting, notifications/alerts, member management and other features. Prolog’s Software Factory will work with LOOP to integrate WebTrack with the Company’s LOOPShare software and to develop additional functionality for commuters and fleet operators world-wide. Under the license agreement, all software developed by the Prolog Software Factory for LOOP will be the exclusive property of LOOP.
Anwar Sukkarie, LOOP’s President and CEO stated, “Working with Prolog’s engineering team over the past year, we have had the opportunity to evaluate the WebTrack software and have been impressed with its depth and versatility. The acquisition of this license will greatly reduce the time to market for implementation of dozens of Telematics and Location-Based Services features and significantly reduce the time horizon for a scalable, robust TAAS system at the forefront of the two-wheel TAAS market.” Mr. Sukkarie continued “I have had a long-standing relationship with Prolog and I am confident that Prolog will deliver and support LOOP in the long-term. Prolog is one of our earliest investors, representing its commitment to LOOP.”
About Prolog S.A. de C.V.
Prolog S.A. de C.V. is a logistics consulting and systems integration company with over 20 years of experience in the Mexican market. Additionally, its international offices provide coverage to the southern U.S., Spain and Central America. Prolog specializes in supply chain management, execution and control, logistics and processes re-engineering, and the design of applied systems and materials distribution facilities. The company has gained a reputation for its success in delivering turnkey solutions to a wide variety of clients with very specialized needs. For more information, please visit www.prolog.com.mx.
About LOOPShare Ltd.
LOOPShare Ltd. (TSX-V: LUP) 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
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).
For further information on LOOPShare, please contact:
Anwar Sukkarie, CEO
+1 (604) 568-1598, firstname.lastname@example.org
Investor Relations Contact:
+1 (604) 343-8661
+1 (604) 306-8477 [email protected]
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.
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