Vancouver –– November 28, 2016 –– LOOPShare Ltd. (TSX-V: LOOP) (“LOOPShare”), a global provider of electric scooter shared fleet services and technology, today announced that has secured working capital and issued a promissory note in the amount of $250,000.
The loan is unsecured and repayable from proceeds of certain subsidies and grants and proceeds of future financings. It bears interest at a rate of 10% per annum payable monthly and matures on November 26, 2017. The proceeds of the loan will be used for general working capital purposes.
Anwar Sukkarie stated “The Company entered into this loan agreement in order to extend its cash position to allow it to operate its scooter sharing field trials in North America and to provide working capital for its operations in Japan.”
About LOOPShare Ltd.
LOOPShare Ltd. (TSX-V: LOOP) 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.
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