Vancouver, British Columbia--(Newsfile Corp. - May 5, 2020) - LOOPShare Ltd. (TSXV: LOOP) (OTCQB: LPPPF) (FSE: 3KZ) ("LOOPShare" or the "Company") is pleased to announce that it has executed a letter of intent with Moduurn Mobility Inc. ("Moduurn") of Victoria, British Columbia with respect to a potential partnership between the companies. Moduurn's mobile ordering platform, enables businesses of all sizes, to deploy their own brand of mobile ordering applications to serve their customers and employees from anywhere in the world. The Moduurn technology has been implemented into multiple sectors including restaurants, hotels, retail stores, grocery, cafeterias, golf courses, stadiums, and festivals. Moduurn's clients have included: BC Hydro, Compass Group, Husky Energy, Atco Logistics, Big Wheel Burger, Baan Thai Restaurant, and the 2014 Olympic Games in Sochi.
The potential partnership would involve the integration of Moduurn's mobile ordering platform with LOOPShare's fleet of electric scooters and the LOOPShare technology platform. LOOPShare and Moduurn will be able to provide a turn-key solution to businesses seeking to run a delivery operation, whether they be restaurants, pharmacies or similar businesses. This collaboration will provide business with an alternative to outsourcing delivery to third party providers and allow them to self-manage the process through an eco-friendly, affordable and easy to use application and electric transportation package. This in turn will allow business to garner higher margins from their delivery operations without a significant administrative burden.
"We are extremely excited to work with Moduurn Mobility, and see an amazing opportunity to produce a comprehensive technology product that will allow clients to handle all components of ordering, fulfilment and now delivery using our zero emission scooters", said Matthew Clayton, CEO of Loopshare Ltd. "We will immediately tap into Moduurn's two hundred plus existing clients, and equally, start to bring our vendors over to Moduurn's online platform. This is a winning partnership that will allow for exponential growth for both brands"
"Our software platform and ordering system continues to grow throughout North America, and with the intensity that COVID 19 has brought to industry, delivery has never been more important", said Alex Cook, CEO of Moduurn Mobility Inc. "We are excited to pair our services up with LOOPShare, and look forward to offering our clients a zero emissions option for delivering their meals and supplies".
The transaction with Moduurn is conditional on the execution of a definitive agreement (the "Agreement") and the satisfaction of certain conditions that will be contained in the Agreement. These conditions will include, among other things, the receipt of all other necessary consents, approvals and authorizations required by either party.
Moduurn Mobility Inc. is a company that makes it easy for businesses to create their own branded, beautiful, and reliable mobile ordering apps. Promote your business, build a loyal clientele, increase sales and reach, set up special offers or just test out new ideas. Moduurn's App Builder has everything you need to create a fully branded, high-quality mobile ordering app for your business. To learn more, visit www.moduurn.com.
LOOPShare Ltd. is an emerging global leader in ridesharing, micro-mobility and sustainable transportation. To learn more, visit www.loopscooters.com.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events related to LOOPShare Ltd. (or the "Company") that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to the potential partnership with Moduurn and its opportunities for businesses to manage delivery operations.
In certain cases, forward-looking information can be identified by the use of words such as "expects", "intends", "anticipates" or variations of such words and phrases or state that certain actions, events or results "may", "would", or "might" suggesting future outcomes, or other expectations, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the accuracy, reliability and applicability of the Company's business model; the timely receipt of licenses; the timely receipt of inventory; operational success; the implementation of the Company's business plan as intended; the Company's ability to access financing; and the impact of competition. While the Company considers these assumptions to be reasonable, they may be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed by the forward-looking information. Such factors include risks related to acts of God, the impact of general economic conditions, changing transportation industry conditions, increases in operating costs, terrorism, currency fluctuations, risks related to the effect of the COVID-19 pandemic on the global economy and demand for the Company's products and services, interest rates, risks specific to the transportation industry, the ability to attract qualified personnel, labour disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses, financing, capitalization and liquidity risks, including the risk that the financing may not be obtained and the additional risks identified in the "Risk Factors" section of the Company's filings with applicable Canadian securities regulators.
Although the Company has attempted to identify factors that could cause actual results to differ materially from those described in forward-looking information, there may be other factors that cause results not to be as anticipated. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
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