Earlier today, on April 14, 2021, Facedrive Inc. ("Facedrive" or the "Company") (TSXV:FD) (OTC:FDVRF), a Canadian "people-and-planet first" tech ecosystem, announced it had completed the acquisition of 100% of the equity ownership of EcoCRED, LLC ("EcoCRED"), from Exelorate Enterprises, LLC, a wholly-owned subsidiary of Exelon Corporation (NASDAQ:EXC). The announcement noted that Facedrive acquired EcoCRED in exchange for aggregate consideration of USD $1,000,000, which was paid through the issuance of 38,936 Facedrive Shares ("Acquisition Shares"), issued at a deemed price of USD $32.36 per Acquisition Share (which was determined and agreed upon based on a volume weighted average trading price figure). However, the currency expressed for the price per Acquisition Share figure should have been Canadian, making the actual deemed price per Acquisition Share CAD $32.36 (or USD $25.68 per share, being USD $1,000,000 divided by 38,936 shares). All Acquisition Shares are subject to an 18-month lock-up period.
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 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.
100 Consilium Pl, Unit 104, Scarborough, ON, Canada M1H 3E3
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 is made as of the date of this press release. Actual results 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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