Vancouver –– September 8, 2016 –– LOOPShare Ltd. (TSX-V: LUP), a global provider of electric scooter shared fleet services and technology location-based and fleet Telematics services, received an approval of subsidy from JETRO, Japan External Trade Organization (“JETRO”), a Japan government-related organization that works to promote mutual trade and investment between Japan and the rest of the world. The subsidy is provided to LOOP Japan K.K., a fully-owned subsidiary of LOOPShare Ltd., to localize LOOPShare’s solution for the local Japanese, Chinese, and South Korean markets.
“Taping into Japanese technical talent and an opportunity to access the Japanese market is a substantial achievement for LOOPShare”, said Anwar Sukkarie, President and Chief Executive Officer of LOOPShare. “JETRO approved our application based on the Loop service deployment potential that meets the subsidy’s objectives and based on our current technical status. The subsidy is obviously a component of our investment in LOOP Japan but will certainly help LOOPShare establish a base in Japan that would allow us to access Chinese and Korean markets in addition to the Japanese 2-wheeled vehicle OEM market for global penetration of our fleet Telematics services for electric scooters and bicycles”.
LOOP Japan K.K will locally contract a team of executives in addition to LOOPShare engineers to execute on a research and development plan with an objective to localize and improve on specific components of the LOOPShare current product portfolio, in addition to deploying a LOOP Zone Operator. It is expected that LOOPShare will extend its investment beyond the subsidiary to offer the LOOP service in targeted local Japanese geographies once the JETRO subsidy program is completed in February 2017.
“JETRO Toronto identified LOOPShare as a candidate of our subsidy program a few months ago,” said Ogawa-san, JETRO Director in Toronto. “The subsidy covers the costs for researcher’s and engineer’s employment, business trips, interpretation and translation, outsourced localization of LOOPShare software, and electric scooter and bicycle equipment to ensure the proper execution of the planned agreement to by JETRO. The subsidy will be disbursed at the end of March 2017 upon meeting JETRO bookkeeping and project process requirements. We are very pleased with approving this application especially since LOOPShare is the first company in Canada to meet our criteria and successfully secure this JETRO subsidy.”
About LOOPShare Ltd.
LOOPShare Ltd. (TSX-V: LUP) a Vancouver company established in 2010 (formerly known as Saturna Green Systems), has commercialized a first generation, wireless ruggedized 7” touchscreen dashboard with Telematics functionality for electric inner-city vehicles. LOOP’s highly specialized display enables a broad range of services for consumer, tourism or commercial use.
LOOP’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, LOOP will implement TaaS solutions to offer Commuter Convenience and Tourist applications to subscribers based on LOOP’s commuter, tourism, business-focused, and 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.
JETRO, or the Japan External Trade Organization, is a government-related organization that works to promote mutual trade and investment between Japan and the rest of the world. Originally established in 1958 to promote Japanese exports abroad, JETRO’s core focus in the 21st century has shifted toward promoting foreign direct investment into Japan and helping small to medium size Japanese firms maximize their global export potential.
Forward Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the Corporation’s business plans and the outlook of the shared transportation industry. Although the Corporation 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 Corporation 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 Corporation assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation, Saturna, their securities, or their respective financial or operating results (as applicable).
For further information on LOOPShare, please contact:
Press / Media Contact:
+1 (604) 568-1598, [email protected]
Investor Relations Contact:
+1 (604) 343-8661
+1 (604) 306-8477
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.