Facedrive Inc. ("Facedrive") (TSXV:FD) (OTCQX:FDVRF), a Canadian "people-and-planet first" technology ecosystem, is excited to announce that it will be launching Steer, America's fastest-growing electric vehicle subscription service and an integral part of Facedrive's TaaS vertical, in Toronto, Ontario. Toronto will be the first Canadian city to welcome this hassle-free, low-emission alternative to owning, leasing or renting vehicles. The launch is scheduled for the first week of March, 2021, and is aligned with the company's expansion strategy in North America and globally.
Steer is a Washington, D.C.-based, technology-driven monthly vehicle subscription service acquired by Facedrive from Exelorate Enterprises LLC, a subsidiary of Exelon Corporation (https://www.exeloncorp.com), in September, 2020. The acquisition was intended to complement Facedrive's original ridesharing and food delivery services and presented a natural fit between its ESG philosophy and Steer's market offering. Incubated within and backed by Exelon, a Fortune 100 company and the largest producer of clean energy in the United States, Steer was created to challenge traditional car ownership and accelerate the switch to environmentally-friendly transportation. Strategically positioned in the automotive subscription services market which was projected to grow by USD $9.15 billion between 2020 and 2024 (Automotive Subscription Services 2020 Global Market Report), Steer has achieved multi-million annual recurring revenue in less than 12 months of operation.
The Steer business model has capitalized on the ongoing dramatic shift in the automotive industry and consumer behavior patterns, embracing the rising global trends of environmental consciousness and sharing economy. The compelling story behind Steer's vision is combined with flawless execution and fine-tuned operation. The signup process is easy and can be done in one click of a button at www.steerev.com, with subsequent vehicle selection, booking or upgrade just as hassle-free. Steer's seamless user experience, bespoke concierge services and continuously growing fleet enables it to maintain a leadership position in the industry and grow a loyal fan base in its existing market. Weeks away from the scheduled launch in its first Canadian city, the service has already generated a lot of excitement among Torontonians and experienced demand in excess of the original vehicle supply estimates. Perfectly integrated into the Facedrive ESG ecosystem to take advantage of its inter-vertical synergies and cater to shared user base of green and socially responsible consumers, Steer is set to successfully fill a gap in the Canadian market with an innovative EV subscription offering and grow considerably within months of its Toronto launch.
The announcement of Steer's upcoming expansion to Canada comes on the heels of the growing public attention to the issue of climate change and governments' intensifying efforts to mitigate its effects. Just over a month ago, Canada's Prime Minister Justin Trudeau announced the country's strengthened climate plan to protect the environment through investments into clean energy and green affordable transportation (https://pm.gc.ca/en/news/news-releases/2020/12/11/prime-minister-announces-canadas-strengthened-climate-plan-protect). In the USA, the newly elected President Joe Biden furthered the country's environmental agenda by announcing plans to replace government fleets with electric vehicles as one of the first decisions made since taking office (https://www.cnbc.com/2021/01/25/biden-plans-to-replace-government-fleet-with-electric-vehicles.html). At the same time, BlackRock, the world's largest money manager, has made sustainability and climate risks key tenets of its investing strategy, thereby reflecting unanimity of attitudes and priorities between the public and private sectors (https://www.washingtonpost.com/business/2020/01/14/blackrock-letter-climate-change/). As an ESG ecosystem, Facedrive has voiced its commitment to addressing environmental, social and governance concerns since its inception, and will continue working towards a better future alongside responsible governments, businesses and individuals.
"We are thrilled to be expanding the Steer operations to Canada's most populous city to provide a seamless EV transportation option to its residents," said Sayan Navaratnam, CEO and Chairman of Facedrive. "Safe and environmentally-friendly TaaS solutions are critical amid the coronavirus pandemic, and in these challenging times Facedrive is working hard to bridge transportation gaps and make user experience as smooth and straightforward as possible. Steer's upcoming launch in Toronto marks an important milestone in our expansion strategy and paves the way for future launches in North America and globally," added Navaratnam.
Facedrive is a multi-faceted "people-and-planet first" tech ecosystem offering socially-responsible services to local communities with a strong commitment to doing business fairly, equitably and sustainably. As part of this commitment, Facedrive's vision is to fulfil its mandate through a number of verticals that either leverage existing technologies of the Company or project synergies with existing lines of business (the "Facedrive Verticals"). The Facedrive Verticals include its rideshare business ("Facedrive Rideshare"), sustainable e-commerce platform ("Facedrive Marketplace"), food-delivery service ("Facedrive Foods"), e-social platform ("Facedrive Social") and its contact-tracing and sustainable health services business ("Facedrive Health").
Facedrive Rideshare was among the first to offer a wide variety of environmentally and socially responsible solutions in the Transportation as a Service (TaaS) space, planting thousands of trees based on user consumption and offering choices between electric, hybrid and conventional vehicles (including, more recently, electric and hybrid vehicles on a subscription basis through Steer). Facedrive Marketplace offers curated merchandise created from sustainably sourced materials. Facedrive Foods offers contactless delivery of a wide variety of foods right to consumers' doorsteps, with a focus on doing so in a socially and environmentally-conscious manner. Facedrive Social strives to keep people connected in a physically-distanced world through its HiQ and other e-socialization platforms that invite users to interact based on common interests and by offering gamification and mutual community support features. Facedrive Health strives to develop and offer innovative technological solutions to the most acute health challenges including its proprietary TraceSCAN wearable technology for contact tracing. Facedrive envisions changing the ridesharing, food delivery, e-commerce, social and health tech narratives for the better, for everyone, and is currently operational in Canada and the United States.
For more about Facedrive, visit www.facedrive.com.
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Certain information in this press release contains forward-looking information. This information is based on management's reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results (such as the success of the implementation or the adoption of TraceSCAN by other First Nations) and the timing of events may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.
See "Forward-Looking Information" and "Risk Factors" in Facedrive's Filing Statement dated August 28, 2019 for a discussion of the uncertainties, risks and assumptions associated with these statements. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.
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