New Risk • Jun 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$5.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$5.1m free cash flow). Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Minor Risks Revenue is less than US$5m (CA$4.6m revenue, or US$3.3m). Market cap is less than US$100m (CA$86.6m market cap, or US$62.5m). Announcement • May 20
Argo Corporation Provides Update on Smart Routing Transit Infrastructure Argo Corporation, a leader in next-generation transit solutions, shared an update and recap on its Smart Routing technology, a transit infrastructure solution that connects riders to public transit more conveniently while helping cities extend the reach and efficiency of their transit networks. Cities around the world are facing growing traffic and congestion pressures, and need to move more people out of cars and into public transit systems. But the first-and-last-mile gap creates challenges for both residents and municipalities. For Residents: Time spent walking to the bus stop, waiting outside, and transferring between lines can make public transit less accessible to many residents including seniors, people with mobility needs, and those farther from fixed-route stops. Cars and ridesharing offer convenience but are costly and add to traffic. For Municipalities: High-capacity fixed-route transit can be highly efficient along major corridors, but it is not designed to cost-effectively pick residents up at their door. Argo’s proprietary Smart Routing solution is a turnkey transit infrastructure platform combining fully electric buses, charging infrastructure, routing software, and end-to-end operational systems. It is designed to address the first-and-last-mile challenge for both residents and municipalities, with increasing efficiency as ridership grows and Argo’s smart infrastructure scales. For Residents: Argo provides on-demand pickups at their door in fully electric, accessible buses for a standard transit fare. Riders can travel point-to-point or connect into high-capacity fixed-route transit lines for longer trips. For Municipalities: Argo’s system is designed to grow ridership by extending the reach of existing transit networks into the first and last mile. The solution integrates with existing fare systems and fixed-route transit lines, while its predictive routing technology groups passengers efficiently, supporting higher vehicle utilization and more cost-effective service. Argo has demonstrated two flexible deployment models for its Smart Routing transit system: augmenting an existing large-scale municipal transit network in a major city, and delivering a full municipal transit network in a smaller town. Augmenting Existing Transit Networks: Argo launched its Smart Routing transit system in downtown Brampton, where an established large-scale transit network already exists but the first-and-last-mile gap remains a challenge for many residents. The service picks riders up from their door for point-to-point trips or connections to Brampton Transit and GO Transit lines through an on-demand, fully electric service integrated with Ontario’s PRESTO fare system. Delivering a Full Municipal Transit Network: Argo’s Smart Routing transit system fully replaced the Town of Bradford West Gwillimbury’s fixed-route bus system, which had previously been operated by a private contractor. The Company reported that average daily transit ridership more than doubled within two months of the April 2025 launch, with a more than 50% reduction in cost-per-ride when compared to BWG’s fixed routes the previous year. Reported Earnings • May 05
Full year 2025 earnings released: CA$0.095 loss per share (vs CA$0.12 loss in FY 2024) Full year 2025 results: CA$0.095 loss per share (improved from CA$0.12 loss in FY 2024). Revenue: CA$2.21m (up 41% from FY 2024). Net loss: CA$15.3m (flat on FY 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Apr 28
Argo Corporation, Annual General Meeting, Jun 29, 2026 Argo Corporation, Annual General Meeting, Jun 29, 2026. Announcement • Mar 28
Argo Corporation announced that it has received CAD 0.75 million in funding Argo Corporation announced a non-brokered private placement of 1,875,000 Common Shares at a price of CAD 0.40 per Common Share for gross proceeds of CAD 750,000 on March 27, 2026. The transaction included participation from a number of strategic and angel investors. All securities issued under the Offering are subject to a statutory hold period expiring on July 28, 2026, in accordance with applicable securities laws. No finder’s fees or commissions were paid in connection with the Offering. The Offering remains subject to final acceptance of the TSX Venture Exchange. Announcement • Dec 22
Argo Corporation announced that it expects to receive CAD 10 million in funding Argo Corporation announced a non-brokered private placement of up to 21,250,000 common shares at a price of CAD 0.40 per share for gross proceeds of CAD 8,500,000 on December 22, 2025. The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. The Company may close the Offering in one or more tranches at its discretion. The Common Shares issued pursuant to the Offering are subject to a statutory hold period of four months and one day from the applicable date of issuance, in accordance with applicable Canadian securities laws. The Company entered into the non-binding letter of intent with North American Bond Company, Limited in respect of the proposed CAD 1,500,000 Loan, expected to bear interest at 12% per annum and mature two years from closing. The Loan is expected to be secured by a first-ranking general security agreement. Completion of the Loan remains subject to the negotiation and execution of definitive documentation and acceptance of the TSXV. In connection with the Loan, the non-binding letter of intent contemplates that the Company would issue to the Lender, subject to TSXV acceptance, up to 2,062,500 non-transferable common share purchase warrants, each exercisable to acquire one Common Share at an exercise price of $0.44, expiring on the Loan maturity date. New Risk • Dec 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Revenue is less than US$5m (CA$1.6m revenue, or US$1.1m). Market cap is less than US$100m (CA$90.9m market cap, or US$65.0m). Reported Earnings • Dec 03
Third quarter 2025 earnings released: EPS: CA$0.021 (vs CA$0.098 loss in 3Q 2024) Third quarter 2025 results: EPS: CA$0.021 (up from CA$0.098 loss in 3Q 2024). Net income: CA$2.97m (up CA$16.0m from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • Sep 03
New major risk - Negative shareholders equity The company has negative equity. Total equity: -CA$4.8m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$4.8m). Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Minor Risks Revenue is less than US$5m (CA$1.9m revenue, or US$1.4m). Market cap is less than US$100m (CA$106.7m market cap, or US$77.4m). Reported Earnings • Aug 31
Second quarter 2025 earnings released: CA$0.079 loss per share (vs CA$0.007 loss in 2Q 2024) Second quarter 2025 results: CA$0.079 loss per share (further deteriorated from CA$0.007 loss in 2Q 2024). Revenue: CA$373.4k (down 9.8% from 2Q 2024). Net loss: CA$10.9m (loss widened CA$10.0m from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Announcement • Aug 25
Argo Corporation Announces the Appointment of Jenna Bendayan as Head of Business Operations Argo Corporation announced the appointment of Jenna Bendayan as Head of Business Operations. Bendayan joins Argo following nearly seven years of experience in the Ontario government. Bendayan served most recently as Head of Priority Initiatives in the Office of the Premier of Ontario, where she played a central role in delivering large-scale initiatives including infrastructure expansion, regulatory reform, and transit modernization. Prior to her role in the Office of the Premier of Ontario, she served as Chief of Staff to the President of the Treasury Board of Ontario, where she oversaw complex files related to fiscal planning and public procurement. Her portfolio included steering the largest sub-sovereign spending portfolio in the country during the post-pandemic recovery. Bendayan also served in Ontario'sMinistry of Red Tape Reduction as Director of Stakeholder Relations. She was recognized by iPolitics in 2023 as one of Queen's Park's top 5 most influential government staffers. New Risk • Aug 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 48% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$4.8m free cash flow). Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Minor Risks Revenue is less than US$5m (CA$1.9m revenue, or US$1.3m). Market cap is less than US$100m (CA$120.6m market cap, or US$86.7m). New Risk • May 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$3.7m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 0.9% per year over the past 5 years. Minor Risks Revenue is less than US$5m (CA$1.6m revenue, or US$1.1m). Market cap is less than US$100m (CA$92.9m market cap, or US$66.7m). New Risk • May 07
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$3.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$3.7m free cash flow). Earnings have declined by 2.9% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Revenue is less than US$5m (CA$1.6m revenue, or US$1.1m). Market cap is less than US$100m (CA$72.1m market cap, or US$52.1m). Reported Earnings • May 07
Full year 2024 earnings released: CA$0.12 loss per share (vs CA$0.007 profit in FY 2023) Full year 2024 results: CA$0.12 loss per share (down from CA$0.007 profit in FY 2023). Revenue: CA$1.56m (down 91% from FY 2023). Net loss: CA$15.4m (down CA$16.3m from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Apr 15
Argo Corporation, Annual General Meeting, Jun 20, 2025 Argo Corporation, Annual General Meeting, Jun 20, 2025. Announcement • Apr 03
Argo Corporation Launches Vertically Integrated Smart Routing Transit System in Bradford West Gwillimbury Argo Corporation announced the staged rollout of its Smart Routing™ transit system in Bradford West Gwillimbury (BWG), Ontario. This new transit system begins providing residents with an easy-to-use app that allows them to request a ride near their door for a standard transit fare, with Smart Routes dynamically adding stops based on rider demand. Argo Transit will begin rolling out gradually to residents starting now, replacing BWG's existing fixed bus routes in the coming months. Argo's vertically integrated transit solution is powered by Argo X1 electric vehicles, intelligent Smart Routing™ software, and comprehensive operational management in a single end-to-end system. The new BWG deployment features: Smart Routing™: Intelligent routing that dynamically optimizes Smart Stops based on real-time data, significantly improving service efficiency and rider experience. Argo X1 Vehicle: Purpose-built accessible electric vehicles by Karsan featuring Argo's proprietary vertical integration hardware enabling Smart Routing™ for efficiency and real-time adaptability in urban environments. Comprehensive Operational Management: Argo's end-to-end operational solution ensures municipalities can effortlessly deploy and scale advanced transit solutions, simplifying complex logistics. Built for Cities. Designed for People. Argo makes public transit work better - for riders, for cities, and for taxpayers. Unlocking Opportunity: Easier access to jobs, education, healthcare, and community improves quality of life for all residents. Increased accessibility supports seniors, those with disabilities, and underserved populations. Reduced Traffic: Reducing the need to walk or drive to transit stops creates a more convenient alternative to private car usage, driving people into transit systems and out of private cars. Taxpayer Savings: Algorithmic routing reduces cost per ride, delivering increased service levels at a lower cost to the taxpayer. Environmental Leadership: Fully electric fleet and smart charging infrastructure reduces emissions and protects the environment. Job Creation: Argo is built proudly in Ontario, creating new high-value tech jobs, hiring locally in the communities serve, and driving more usage into existing transit systems. Phased Rollout in BWG: Residents of BWG will begin seeing Argo X1 vehicles in service immediately as part of a staged rollout plan during the early access period. Existing fixed bus routes will continue to be fully operational with additional information on the municipality-wide rollout and wind-down of existing routes to be communicated in the coming weeks. New Risk • Mar 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.7% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Revenue is less than US$5m (CA$4.0m revenue, or US$2.8m). Market cap is less than US$100m (CA$26.7m market cap, or US$18.6m). Reported Earnings • Nov 30
Third quarter 2024 earnings released: CA$0.02 loss per share (vs CA$0.039 loss in 3Q 2023) Third quarter 2024 results: CA$0.02 loss per share (improved from CA$0.039 loss in 3Q 2023). Revenue: CA$449.6k (down 49% from 3Q 2023). Net loss: CA$2.71m (loss narrowed 47% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. Announcement • Nov 16
Argo Corporation announced that it expects to receive CAD 0.473737 million in funding Argo Corporation announced that it entered into debt settlement agreements to issue 5,263,745 common shares at an issue price of CAD 0.09 per share for an aggregate gross proceeds of CAD 473,737.24 on November 15, 2024. Closing of the transaction is subject to customary closing conditions, including the approval of the TSX Venture Exchange. The common shares to be issued pursuant to transaction will be subject to a hold period of four months and one day following the date of issuance, in accordance with applicable securities laws and TSXV policies. Reported Earnings • Aug 30
Second quarter 2024 earnings released: CA$0.007 loss per share (vs CA$0.009 loss in 2Q 2023) Second quarter 2024 results: CA$0.007 loss per share (improved from CA$0.009 loss in 2Q 2023). Revenue: CA$413.8k (down 59% from 2Q 2023). Net loss: CA$935.8k (loss narrowed 14% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. New Risk • Jun 04
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$4.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$4.3m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 3.8% per year over the past 5 years. Minor Risks Revenue is less than US$5m (CA$3.0m revenue, or US$2.2m). Market cap is less than US$100m (CA$34.6m market cap, or US$25.3m). New Risk • May 27
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (23% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (CA$29.2m market cap, or US$21.4m). Announcement • May 21
Steer Technologies Inc., Annual General Meeting, Jul 24, 2024 Steer Technologies Inc., Annual General Meeting, Jul 24, 2024. Reported Earnings • May 09
Full year 2023 earnings released: EPS: CA$0.007 (vs CA$0.27 loss in FY 2022) Full year 2023 results: EPS: CA$0.007 (up from CA$0.27 loss in FY 2022). Revenue: CA$17.7m (down 68% from FY 2022). Net income: CA$916.0k (up CA$34.4m from FY 2022). Profit margin: 5.2% (up from net loss in FY 2022). Announcement • Feb 09
Steer Technologies Inc. announced that it has received CAD 3.5364 million in funding from ESG Holdings, Inc. On February 8, 2024, Steer Technologies Inc. closed the transaction. Each Warrant is exercisable into one Common Share at the exercise price of CAD 0.06 per Warrant at any time prior to February 8, 2025, subject to certain adjustments and acceleration provisions. The Debentures will mature on the earliest of February 8, 2025, the date that all obligations thereunder are converted into Units in accordance with the certificates representing the Debentures and the date that all obligations thereunder may become due and payable in accordance with the terms of the Debenture Certificates. The Debentures may be prepaid by the Company upon the prior written consent of the Investors and are secured by a first ranking senior security interest in all of the present and after-acquired property and assets of the company and certain of its subsidiaries, but excluding the Company’s indirect 62.5% equity interest in FoodsUp Inc. The repayment of the Debentures by the company is further guaranteed by certain of the company’s subsidiaries. The securities issued and issuable in connection with the Private Placement are subject to a statutory four month and one-day hold period expiring on June 9, 2024. Announcement • Jan 15
Steer Technologies Inc. announced that it expects to receive CAD 3.5364 million in funding from ESG Holdings, Inc. Steer Technologies Inc. announces private placement of 12.0% secured convertible debentures of the Company in the principal amount of a minimum of CAD 3,000,000 and up to a maximum of CAD 3,536,400 on January 15, 2024. The debentures bear an interest rate of 12% per annum and will mature on 12 months from the date of issue. The debentures will be convertible, at a conversion price of $0.06 and at the sole option of the holder, at any time after the completion of the FoodsUp Distribution, into units of the Company. Each Unit will be comprised of one (1) common share in the capital of the Company and one (1) Common Share purchase warrant, which may be exercised into one (1) Common Share at CAD 0.06 (as requested herein) for a period of 12 months from the date of issue. The transaction will include participation from new investors ESG Holdings Inc., Arichandran Investments Inc and one or more additional investors. The transaction is expected to close on February 5, 2024, subject to the approval of the TSX Venture Exchange. On closing date of the transaction, the t two current directors of the Company will resign and be replaced by one nominee of each of ESG Holdings Inc. and Arichandran Investments Inc, who are expected to be Praveen Arichandran and Qamar Qureshi. Reported Earnings • Dec 01
Third quarter 2023 earnings released: CA$0.039 loss per share (vs CA$0.056 loss in 3Q 2022) Third quarter 2023 results: CA$0.039 loss per share (improved from CA$0.056 loss in 3Q 2022). Revenue: CA$884.4k (down 94% from 3Q 2022). Net loss: CA$5.13m (loss narrowed 30% from 3Q 2022). Announcement • Nov 29
STEER Technologies Inc. Appoints Dean Wu as Chief Financial Officer STEER Technologies Inc. announced a change to its senior management team with Dean Wu being appointed as the Company’s Chief Financial Officer (“CFO”), effective immediately. Mr. Wu graduated from Western University in 2016 and worked for a number of private equity firms and technology companies prior to joining STEER. He has been with the Company since June, 2022, quickly rising through the ranks and having been instrumental in the preparation of the Company’s previous quarterly and annual filings. Announcement • Oct 28
Steer Announces Resignation of Suman Pushparajah as Board of Directors STEER Technologies Inc. integrated ESG technology platform, announces a change to its Board of Directors with Suman Pushparajah resigning as the Company’s Director effective October 25, 2023. As previously announced, Suman Pushparajah was terminated from his role as STEER’s CEO on September 11, 2023. Announcement • Sep 12
Steer Technologies Inc. Announces CEO Changes STEER Technologies Inc. announced a change to its senior management team with Suman Pushparajah having been terminated as the Company’s Chief Executive Officer (CEO), effective immediately. Following his termination, Mr. Pushparajah will continue to serve as a director of the Company. In order to ensure continuity going forward, the Company has appointed Mr. Junaid Razvi, the Company’s founder and Chairman of the Board who has remained active in the business since inception, as interim CEO. The Company is commencing a search process to identify a suitable successor to fill the role of CEO on a permanent basis. New Risk • Sep 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 113% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (113% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (CA$17.9m market cap, or US$13.2m). New Risk • Aug 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (CA$19.3m market cap, or US$14.2m). New Risk • Jul 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (168% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (CA$23.9m market cap, or US$18.0m). Reported Earnings • May 04
Full year 2022 earnings released: CA$0.27 loss per share (vs CA$0.31 loss in FY 2021) Full year 2022 results: CA$0.27 loss per share. Revenue: CA$54.9m (up 116% from FY 2021). Net loss: CA$33.4m (loss widened 14% from FY 2021). Reported Earnings • Dec 02
Third quarter 2022 earnings released: CA$0.056 loss per share (vs CA$0.10 loss in 3Q 2021) Third quarter 2022 results: CA$0.056 loss per share. Net loss: CA$7.36m (flat on 3Q 2021). Board Change • Nov 16
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 4 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Founder, Chairman of the Board, Executive VP & Corporate Secretary Junaid Razvi is the most experienced director on the board, commencing their role in 2019. Member of Advisory Board & Independent Director Susan Uthayakumar was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Aug 30
Second quarter 2022 earnings released: CA$0.059 loss per share (vs CA$0.081 loss in 2Q 2021) Second quarter 2022 results: CA$0.059 loss per share. Revenue: CA$15.0m (up 233% from 2Q 2021). Net loss: CA$7.78m (loss widened 2.9% from 2Q 2021). Announcement • May 19
Steer Announces Rollout of Its Delivery as A Service Offering with 200 + Small and Medium Businesses Facedrive Inc. announced it has successfully rolled out its Delivery as a Service offering with over 200 small and medium businesses, and is now marketing such services to large big box retailers. STEER's DaaS offering provides a last mile logistics solution for retailers to offer just-in-time deliveries to end-users. The Company expects the DaaS platform to be a key element of its business and a valuable driver of ESG data, reporting and analytics. STEER's DaaS offering has demonstrated operational success, with over 200 local merchants in the Greater Toronto Area and a 99% on-time delivery rate. The Company has also seen many of its customers transition from a hybrid to a full-time arrangement with STEER. Following its success with smaller local vendors, STEER's DaaS offering is being promoted to big box retailers, some of whom have also expressed an interest for the offering. The Company feels its ESG value proposition, powered by its proprietary EcoCRED carbon offset analytics platform, sets the STEER DaaS offering apart from competitors. In particular, EcoCRED's capabilities to capture, analyse and report on key ESG data can appeal to socially-responsible brands and larger retailers, who are increasingly conscious of environmental tracking and reporting protocols. The global Delivery as a Service market, valued at USD 18.7Bn in 2020, is expected to grow at 18.9% CAGR for the period 2021-20271, making it one of the high-growth sectors in today's global economy. This growth has been accelerated by the global impact of the COVID-19 pandemic and goes beyond food deliveries, spanning nearly all categories of consumer products. This megatrend presents qualified providers like STEER with a potentially-lucrative opportunity to increase market presence and significantly increase revenues. STEER's DaaS offering leverages the assets and technology developed by the Company through its existing on-demand offerings. Specifically, introduction of DaaS enables the Company to draw on its tech stack, operational expertise, and its existing infrastructure--including drivers--to deliver a nimble, agile, cost efficient, and customizable product. STEER's tech-driven delivery management software integrates directly with the merchant's Point of Sale ("POS") solution and provides visibility, KPI controls and data processing. Moreover, STEER leverages its built-in data science algorithms to analyse daily demand cycles for each individual offering and to streamline resource allocation. In the future, this data will be utilized to identify cross-selling opportunities within the STEER platform and provide customers with analytics, metrics and data that quantify their carbon reduction efforts. STEER's DaaS offering also capitalizes on synergies with its existing on-demand services through a shared driver fleet. For drivers, this means potentially higher earnings through an additional revenue stream, minimized idle time, and the convenience of managing fewer apps on their phone. For the Company, introduction of the DaaS functionality results in greater operational efficiencies through unified driver acquisition, training and optimized marketing spend across the platform. The Company feels these operational efficiencies will translate into economies of scale as STEER's DaaS onboards more vendors and launches operations in new geographies. Announcement • May 07
Facedrive Inc., Annual General Meeting, Jul 12, 2022 Facedrive Inc., Annual General Meeting, Jul 12, 2022. Reported Earnings • May 03
Full year 2021 earnings released: CA$0.31 loss per share (vs CA$0.19 loss in FY 2020) Full year 2021 results: CA$0.31 loss per share (down from CA$0.19 loss in FY 2020). Revenue: CA$25.4m (up CA$21.5m from FY 2020). Net loss: CA$29.3m (loss widened 65% from FY 2020). Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Founder, EVP, Corporate Secretary & Chairman of the Board Junaid Razvi is the most experienced director on the board, commencing their role in 2019. Member of Advisory Board & Independent Director Susan Uthayakumar was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Apr 09
Facedrive Inc. announced that it has received CAD 17.5 million in funding from Connex Telecommunications Corporation, Malar Group Inc. On April 8, 2022, Facedrive Inc. closed the transaction. The transaction included participation from a certain insider of the company. The company has paid CAD 47,495 in the transaction. The transaction included participation from returning investor Connex Telecommunications Corporation for 5,508,475 units and Malar Group Inc. for 5,486,786 units. Announcement • Mar 03
Facedrive Inc. announced that it has received CAD 4.7 million in funding On March 1, 2022, Facedrive Inc. closed the transaction. Pursuant to applicable Canadian securities laws, all securities issued are subject to a hold period of four months and one day, expiring on July 2, 2022. The transaction remains subject to the final approval of TSX Venture Exchange. The company did not pay any finders’ fees or issue any finder’s warrants in connection with the transaction. Announcement • Feb 18
Facedrive Inc. announced that it expects to receive CAD 4.7 million in funding Facedrive Inc. announced a non-brokered private placement of approximately 7,343,750 units at a price of CAD 0.64 per unit for gross proceeds of CAD 4,700,000 on February 17, 2022. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase a common share at a price of CAD 0.8 per share for a period of 36 months from issuance, subject to customary adjustment provisions. The transaction will include participation from directors of the company. The closing of the transaction is subject to approval from TSX Venture Exchange. All securities issued are subject to hold period of four months and one day in accordance with applicable Canadian securities laws. Announcement • Feb 15
Facedrive Announces Senior Management Transition Facedrive Inc. announced a change in its senior management team with Nastassia Law resigning as the Company’s Chief Financial Officer, effective March 4, 2022. Ms. Law will be assisting the Company in transitioning, over a three-week period, to Jason Xie, MBA, CPA, FCPA and AICPA, who will serve as Chief Financial Officer going forward. Currently the Company’s Vice President of Operations and Finance, Mr. Xie has become a primary figure in the Company’s financial reporting system since joining the Company in 2021, leading the establishment of key new internal financial, regulatory and accounting controls while providing critical operational oversight and data-backed analysis to senior management and the Board. The transition is part of a broader initiative by the Company to better integrate finance with operations with a view to aligning its financial management and reporting systems with evolving applications of conventional accounting standards relative to gig-economy based technology platforms, particularly in the delivery and logistics space. Mr. Xie has over 15 years of accounting, controlling and financial management experience involving listed multinational enterprises dealing with regulators in the United States, Hong Kong and other regions. Prior to joining Facedrive, Mr. Xie served as Vice President of Miniso, North America, Senior Financial Analyst at University Health Network, Head of Finance at Reflex Winkelmann GmbH, and Partner in Management Consulting at a well-known CPA firm. Reported Earnings • Dec 01
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: CA$0.10 loss per share (down from CA$0.038 loss in 3Q 2020). Revenue: CA$8.37m (up CA$8.10m from 3Q 2020). Net loss: CA$9.93m (loss widened 182% from 3Q 2020). Revenue was in line with analyst estimates. Recent Insider Transactions • Oct 12
Insider recently sold CA$197k worth of stock On the 8th of October, Sayanthan Navaratnam sold around 150k shares on-market at roughly CA$1.31 per share. In the last 3 months, they made an even bigger sale worth CA$5.1m. Insiders have been net sellers, collectively disposing of CA$9.5m more than they bought in the last 12 months. Executive Departure • Oct 03
Chief Financial Officer Heung Lee has left the company During their tenure, earnings grew by 120% annually compared to the industry average of 40%. On the 24th of September, Heung Lee left the company after 2.1 years in the role. We don't have any record of a personal shareholding under Heung's name. A total of 3 executives have left over the last 12 months. Executive Departure • Sep 29
Chief Financial Officer Heung Lee has left the company During their tenure, earnings grew by 120% annually compared to the industry average of 40%. On the 24th of September, Heung Lee left the company after 2.1 years in the role. We don't have any record of a personal shareholding under Heung's name. A total of 3 executives have left over the last 12 months. Recent Insider Transactions • Sep 26
Insider recently sold CA$5.1m worth of stock On the 24th of September, Sayanthan Navaratnam sold around 2m shares on-market at roughly CA$2.51 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$9.3m more than they bought in the last 12 months. Recent Insider Transactions • Sep 15
CEO, COO & Director recently sold CA$750k worth of stock On the 8th of September, Suman Pushparajah sold around 357k shares on-market at roughly CA$2.10 per share. In the last 3 months, they made an even bigger sale worth CA$1.6m. Suman has been a seller over the last 12 months, reducing personal holdings by CA$3.1m. Announcement • Sep 15
An unknown buyer acquired 8.8% interest in Facedrive Inc. (TSXV:FD) from ISRR Holdings Inc. An unknown buyer acquired 8.8% interest in Facedrive Inc. (TSXV:FD) from ISRR Holdings Inc on September 12, 2021.
An unknown buyer completed the acquisition of 8.8% interest in Facedrive Inc. (TSXV:FD) from ISRR Holdings Inc on September 12, 2021. Recent Insider Transactions • Sep 09
CEO, COO & Director recently sold CA$752k worth of stock On the 2nd of September, Suman Pushparajah sold around 183k shares on-market at roughly CA$4.10 per share. This was the largest sale by an insider in the last 3 months. This was Suman's only on-market trade for the last 12 months. Executive Departure • Sep 07
Director William Kanters has left the company On the 1st of September, William Kanters' tenure as Director ended after 3.3 years in the role. As of June 2021, William still personally held 71.84k shares (CA$1.1m worth at the time). A total of 2 executives have left over the last 12 months. Reported Earnings • Aug 31
Second quarter 2021 earnings released: CA$0.081 loss per share (vs CA$0.10 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: CA$5.80m (up CA$5.70m from 2Q 2020). Net loss: CA$7.56m (loss narrowed 19% from 2Q 2020). Recent Insider Transactions • Jun 28
Independent Director recently sold CA$190k worth of stock On the 21st of June, Paul Zed sold around 13k shares on-market at roughly CA$15.05 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$1.4m more than they bought in the last 12 months. Reported Earnings • Jun 01
First quarter 2021 earnings released: CA$0.063 loss per share (vs CA$0.017 loss in 1Q 2020) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2021 results: Revenue: CA$4.26m (up CA$3.87m from 1Q 2020). Net loss: CA$5.88m (loss widened 292% from 1Q 2020). Announcement • May 27
Facedrive's EcoCRED App Piloted by the Department of Parks and Recreation in Prince George's County, MD Facedrive Inc. announced that the Company's EcoCRED mobile application will be part of a pilot project ("Pilot Project") partnering with The Maryland-National Capital Park and Planning Commission, Department of Parks and Recreation in Prince George's County and Pepco, to help the county's residents reduce their carbon footprint and build eco-friendly habits. The initiative to provide Prince George's County residents with EcoCRED as a means to improve sustainability habits is supported by Pepco, a local energy delivery company providing safe, reliable, affordable and sustainable energy service to approximately 894,000 customers in the District of Columbia and Maryland. EcoCRED is a sustainability platform aimed at empowering people to do more for the planet. Through its mobile application, EcoCRED estimates users' daily carbon footprint based on data they input relating to where they live, how they commute, their heating and air conditioning habits, and the type of vehicle they drive. In the weeks prior to this announcement, functionality and data of EcoCRED was expanded to customize the application for residents of Prince George's County. This Pilot Project is aimed at advancing the mission of the Department of Parks and Recreation to conserve and protect the natural spaces and species in the county through sustainable practices. Residents will be able to use the EcoCRED App to track simple daily habits that have the potential to make a significant difference. Furthermore, the EcoCRED App will enable residents to measure, trace and reduce their carbon footprint and obtain carbon credits that can offset the impact on the planet and help bring powerful sustainable initiatives (like wind farms) to life. Residents of Prince George's County will be joining over 40,000 EcoCRED members who, together, have reduced over 4,000,000 pounds of carbon emissions through their usage of the platform. Announcement • May 21
Facedrive Inc. Announces Steer Electric Vehicle Subscription Service Launched in Toronto Facedrive Inc. announced that the Company has successfully launched Steer, the Company’s electric vehicle (“EV”) subscription service in Toronto, Ontario, and delivered its first batch of vehicles to customers. Canadian consumers now have access to Steer’s innovative subscription-based Transportation as a Service (“TaaS”) business model. Originally launched in Washington, DC and currently operating with over 130 EV and plug-in hybrid electric vehicles (“PHEVs”), Facedrive has brought the platform home to Toronto, which will serve as the Canadian launch pad for Steer. Steer, a technology-driven EV/PHEV subscription platform, was acquired by Facedrive from Exelorate Enterprises LLC, a subsidiary of Exelon Corporation in September 2020. Incubated within and backed by Exelon, a Fortune 100 company and the producer of clean energy in the United States, Steer was created to challenge the traditional car purchase and ownership model and accelerate the general public’s switch over to environmentally friendly transportation through an automobile subscription service. The official Steer App for Toronto has now been launched in IOS and Android app stores, making month-to-month subscriptions available to Torontonians. Steer’s all-in subscription price for an EV vehicle includes driver essentials such as insurance, routine maintenance and repair, and a concierge service that removes the hassle of car ownership and enables seamless vehicle swaps. In the first phase of the Toronto launch, Steer’s fleet consists of Tesla Model Y and Model 3 vehicles for the “Practical Member” tier and Tesla Model X and Model S vehicles for the “Premier Member” tier. The Toronto market response has already resulted in over 1,000 registrations to date, as well as a growing number of deposits from subscribing customers. Following this initial launch phase, Steer plans to scale up operations to expand across Canada and the USA. EV vehicle options are growing significantly on an annual basis, presenting Steer as the ideal solution for consumers to explore and select the EV vehicle that fits their lifestyle. This announcement of Steer’s launch in Canada comes on the heels of the growing public attention to the issue of climate change and governments’ intensifying efforts to mitigate these effects. 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. The Company’s Steer vertical provides strategic synergy to Facedrive’s other verticals including Facedrive Rideshare and Facedrive Foods, with Steer’s business model strongly aligning with Facedrive’s ESG mandate and focus on the environmentally conscious consumer. Capitalizing on the ongoing dramatic shift in the automotive industry and consumer behavior patterns, Steer has embraced the rising global trends of environmental consciousness and a sharing economy. The compelling story behind Steer’s vision is combined with excellent customer service standards and a commitment to operational excellence. Reported Earnings • May 03
Full year 2020 earnings released: CA$0.19 loss per share (vs CA$0.084 loss in FY 2019) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: CA$3.93m (up CA$3.34m from FY 2019). Net loss: CA$17.8m (loss widened 156% from FY 2019). Announcement • Mar 14
Facedrive Inc.’s TraceScan Achieves Co-Sell Ready Status with Microsoft Facedrive Inc. announced that its contact-tracing platform TraceSCAN has achieved co-sell ready status on the Microsoft Partner Network. Achieving co-sell ready status will provide Facedrive TraceSCAN with a significant scaling opportunity by gaining access to Microsoft global customer and partner base. Furthermore, co-sell ready status will enable Facedrive and Microsoft teams to collaborate globally on promoting TraceSCAN as a holistic connected health solution powered by Microsoft Azure technology stack. Specifically, Microsoft sales and consulting teams will be able to offer TraceSCAN contact-tracing to their corporate customers as an integrated feature within the enterprise business applications powered by Microsoft products. The greater choice and flexibility provided by being part of the Microsoft Partner’s Network will provide Facedrive TraceSCAN customers with a richer set of options in implementing their contact tracing programs. The TraceSCAN contact-tracing wearable solution, developed jointly by Facedrive Health and a group of researchers from the University of Waterloo, is powered by cutting-edge Bluetooth technology enabling it to work as a standalone device or in conjunction with mobile-powered solutions such as the Government of Canada’s COVID Alert app. TraceSCAN is especially suited for work environments where employees may not be able to carry or have access to mobile devices. The technology also caters to at-risk consumer demographics such as the elderly and low-income individuals and families who may not possess smart phones, have affordable access to data or be familiar with the use of smart phone apps. The TraceSCAN technology is validated by a white paper on privacy and security features issued jointly by Facedrive Health and McCarthy Tétrault’s MT Ventures. Following numerous successful implementations with large enterprise customers such as LiUNA and Air Canada, Waywayseecappo First Nation community, SMEs, and a spiking demand for multifunctional connected health solutions, TraceSCAN has rapidly expanded its use case scenarios into multiple business sectors such as recreation, travel, manufacturing, food processing, construction and other industries. Is New 90 Day High Low • Feb 05
New 90-day high: CA$43.69 The company is up 259% from its price of CA$12.17 on 06 November 2020. The Canadian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 5.0% over the same period. Announcement • Feb 03
Facedrive Inc. announced that it has received CAD 20.499993 million in funding On February 2, 2021, Facedrive Inc. (TSXV:FD) closed the transaction. The company issued 1,518,518 for gross proceeds of CAD 20,499,993. The transaction included participation from members of the First Nations community. Announcement • Jan 31
Facedrive's TTraceSCAN COVID-19 Contact Tracing Solution Adopted by the Waywayseecappo First Nation Following Successful Pilot Project Facedrive Inc. announced that TraceSCAN, the COVID-19 wearable contact tracing solution developed by Facedrive Health, has been adopted for reserve-wide use by the Waywayseecappo First Nation (Waywayseecappo) located in Western Manitoba following a successful pilot project. Waywayseecappo is a Treaty 4 Ojibway First Nation. Many First Nation communities have been hit by the pandemic outbreak particularly hard, and Waywayseecappo is taking a hands-on approach in adopting the TraceSCAN cutting-edge wearable solution to combat the advance of COVID-19 virus in their community and serve as a blueprint for other First Nations. Adoption of the TraceSCAN technology on a reserve-wide scale will involve equipping all members of the Waywayseecappo community, including frontline workers, school children and senior citizens, with a personal wearable device, as well as installation of the supporting infrastructure throughout the First Nation. Visitors will be fitted with the technology. The TraceSCAN team has traveled to Waywayseecappo for deployment of the technology, knowledge transfer and to raise awareness of contact tracing efforts and their effectiveness in preventing the spread of the virus. Moreover, a number of technical support workers have been trained locally to ensure ongoing assistance to all TraceSCAN users. The reserve-wide adoption of TraceSCAN has been extremely well-received by the community members and garnered substantial interest from neighboring businesses, reserves and towns currently considering expanding the rollout into their territories. The TraceSCAN contact-tracing wearable solution is powered by cutting-edge Bluetooth technology enabling it to work as a standalone device. Developed jointly by Facedrive Health and a group of researchers from the University of Waterloo, TraceSCAN has received endorsement of the Government of Ontario and support for further enterprise deployment. TraceSCAN solutions are powered through Microsoft Azure which, as reported earlier, marks the first step in a collaboration between Microsoft Azure and Facedrive. Following numerous successful implementations with enterprise customers such as LiUNA, Air Canada, and others, and a spiking demand for multifunctional connected health solutions, TraceSCAN has rapidly expanded its use case scenarios into multiple business sectors such as recreation, travel, food processing, construction and other industries. Announcement • Jan 22
Facedrive Welcomes Susan Uthayakumar as Newest Advisory Board Member Facedrive Inc. announced the addition of a new member to its Advisory Board. Susan Uthayakumar, Global Leader of Sustainability Business Division at Schneider Electric, brings extensive knowledge of the ESG space and immense expertise in leading organizational sustainability transformation in light of Facedrive’s dynamic growth within its mobility, delivery and contact-tracing verticals. Susan is a proven and accomplished sustainability expert and management consultant. In her current role, Susan is responsible for managing the Global Sustainability Business Division to deliver climate mitigation action to enterprise customers. Announcement • Jan 20
Facedrive Inc. announced that it expects to receive CAD 19.999994 million in funding Facedrive Inc. (TSXV:FD) announced a private placement of up to 1,481,481 common shares at a price of CAD 13.50 per share for gross proceeds of CAD 19,999,993.50 on January 18, 2021. The transaction will involve participation from a single placee. The shares issued in the transaction will have a hold period of four months from the date of issuance. The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. Is New 90 Day High Low • Jan 15
New 90-day high: CA$18.45 The company is up 74% from its price of CA$10.60 on 16 October 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is flat over the same period. Announcement • Jan 14
Facedrive Health’s TraceSCAN Endorsed by LiUNA as the Wearable Contact-Tracing Solution of Choice, Following Provincial State of Emergency Announcement Facedrive Inc. announced that TraceSCAN, Facedrive Health’s proprietary contact-tracing solution, has been endorsed by Labourers’ International Union of North America (“LiUNA”) for implementation across its construction sites. This endorsement comes on the heels of the Government of Ontario declaring an official state of emergency with additional measures of lockdown. In response to this, LiUNA, one of the large labour unions in North America representing over 130,000 members across Canada predominantly in construction – including many men and women who have been deemed essential in the face of various stay-at-home emergency orders – has recommended implementing TraceSCAN, the Bluetooth powered wearable contact-tracing solution across its sites. LiUNA has recently carried out a pilot project with TraceSCAN and, following its successful completion, endorsed implementation of TraceSCAN across all its construction sites for the duration of the state of emergency and Emergency Order. LiUNA intends to continue implementing TraceSCAN across its worksites even after the Emergency Order is lifted as a means to continue providing a safe working environment for its members. Announcement • Jan 06
Facedrive Health Announces Release of V2 TraceSCAN Wearable Device Facedrive Inc. announced TraceSCAN V2, the latest version of its contact-tracing solution developed by Facedrive Health. The technology team at Facedrive Health has confirmed that TraceSCAN V2 is set to be released after passing all requisite testing and deployment procedures, and Facedrive anticipates the new devices and firmware being ready for release in February 2021. TraceSCAN V2 features an extensive set of enhanced functionalities aimed at providing key health and safety benefits while improving upon the usual shortcomings of typical Bluetooth devices (which are not GPS-based) such as accuracy, data management, privacy considerations and vital sign monitoring capability. For example, the new functionality will include proprietary “beacon” technology allowing enterprise users to (anonymously) track interzonal-movement within their premises by wearable devices associated with a positive COVID-19 test while also enabling a significantly tighter accuracy radius in device tracking. TraceSCAN V2 will also further integrate temperature checking and other key health and safety functionalities that work cross-platform with Facedrive’s rideshare and food delivery applications to fully leverage the benefits of its proprietary technology. The announcement of the latest release of TraceSCAN comes on the heels of several other TraceSCAN related announcements such as its efforts along with strategic advisor Phil Fontaine (former Chief of the National Assembly of First Nations) to work with members of the First Nations Community to implement its TraceSCAN solution within particularly vulnerable communities. The Company is currently pursuing partnerships with entities such as government agencies, leading international labour unions and large multinational corporations, and plans to report as soon as such discussions materialise. As reported earlier, the Company recently expanded the scope of its technology pilot with Air Canada after initial positive results, with a 99% adoption rate amongst participating employees and over 30,000 interactions. Is New 90 Day High Low • Dec 22
New 90-day high: CA$17.40 The company is up 28% from its price of CA$13.62 on 22 September 2020. The Canadian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 4.0% over the same period. Announcement • Dec 20
Facedrive Inc. Announces Appointment of Phil Fontaine as Strategic Advisor Facedrive Inc. announced that Phil Fontaine, an Indigenous Canadian Leader and Former three-term National Chief of the Assembly of First Nations, is joining the company as Strategic Advisor to help further the company's ESG mandate across its health, rideshare, food delivery, marketplace and communication platform verticals. An articulate advocate for the future of Canada and indigenous peoples, Phil Fontaine brings a wealth of experience and authentic vision to the ecosystem in view of its ambitious expansion across Canada and the USA. Mr. Fontaine will advise Facedrive on how to enhance its product offerings to make them more from a societal and equity perspective. Announcement • Dec 17
Facedrive Inc. Announces its Division Facedrive Health Partners with Safe-Tech Training Inc Facedrive Inc. announced that its division Facedrive Health has partnered with Safe-Tech Training Inc. to deliver Facedrive’s innovative COVID-19 contact tracing technology platform TraceSCAN to organizations across Canada. The partnership synergistically combines Facedrive Health’s expertise in contact tracing technology and implementation with Safe-Tech’s proven track record in delivering safety training and consulting to safety-focused clients which include many blue-chip brands. The TraceSCAN technology was developed leveraging existing Facedrive proprietary technology in an effort to offer ongoing support in response to the COVID-19 pandemic. The platform features unique Bluetooth wearable technology integration and has been endorsed by the Government of Ontario. TraceSCAN devices exchange encrypted ID’s when they are in close proximity, thereby anonymously back-tracing possible contact with a person who has tested positive for COVID-19 while ascribing a data-backed high, medium or low risk of contraction based on contact. Being Bluetooth (as opposed to GPS), TraceSCAN features safeguards that better assure user data privacy and security. Unlike mobile application-based solutions, TraceSCAN’s wearable devices make contact-tracing available for workers who are unable to carry cell phones during the course of their work due to safety concerns, such as construction workers. TraceSCAN has received a very positive response in the Canadian B2B market several months into its implementation at multiple client sites across Canada. The partnership between Facedrive Health and Safe-Tech comes at an opportune time. As companies continue their essential operations amid the pandemic’s fall and winter “second wave”, they are seeking innovative and reliable ways to protect their employees. Safe-Tech will provide consulting services to companies to assist them in customizing the TraceSCAN solution to meet their needs. Safe-Tech training also has an established reputation in providing safety training to, among others, Fortune 500 companies and governmental agencies. The partnership between Facedrive Health and Safe-Tech training, is expected to provide TraceSCAN ready access to these clients. Announcement • Dec 13
Facedrive Health's Contact-Tracing Technology TraceSCAN Secures Federal Certification from Innovation, Science and Economic Development of Canada Facedrive Inc. announced that its contact- tracing platform TraceSCAN, a unique wearable technology developed by Facedrive's Health division, has been authorized by Innovation, Science and Economic Development Canada (ISED) a department of the Federal Government of Canada for listing, and is now poised to extend its contact-tracing services to wider retail audiences across Canada. TraceSCAN is a standalone contact-tracing wearable solution built around cutting edge Bluetooth technology. TraceSCAN wearables were created to offer essential and other industries assistance in response to COVID19 through a joint effort between Facedrive Health and a group of researchers from the University of Waterloo. Following an endorsement from the Government of Ontario, issuance of a related white paper together with McCarthy Tétrault's MT Ventures, numerous successful implementations with enterprise customers, and spiking demand for multifunctional connected health solutions, TraceSCAN has rapidly expanded its use- case scenarios into multiple business sectors such as recreation, travel, food processing, construction and other industries. Innovation, Science and Economic Development (ISED), formerly known as Industry Canada, is the department of the Federal government responsible for (among other things) testing, auditing and certifying wireless products for use in the Canadian retail marketplace. As set by Canada's Radiocommunication Act and Radiocommunication Regulations, wireless equipment sold or distributed in Canada is required to undergo testing in order to measure signals emitted by such equipment and ultimately keep users safe. Having already proved successful as a preventive, reactive and analytics tool helping to slow the pandemic in enterprise settings, TraceSCAN is ready to offer its certified solution to the B2C market as the world mobilizes resources to mitigate the effects of the pandemic's second wave . Announcement • Dec 10
Air Canada and Facedrive Inc. to Expand Scope of TraceSCAN Contact Tracing Technology Pilot into 2021 Facedrive Inc. announced that after initial positive results and user feedback in a pilot, will be deploying more TraceSCAN wearable devices to Air Canada to help mitigate the spread of COVID-19, expanding the scope of the pilot arrangement into 2021. Later this month, Facedrive Health will deliver Air Canada with additional TraceSCAN Bluetooth wearable contact tracing devices. On top of the wrist band version of the wearable devices currently in use by Air Canada, employees will have the option to wear a key fob version that can attach to a lanyard—providing more variety of use. With a 99% adoption rate amongst participating employees and over 30,000 interactions tracked to date, the integration of TraceSCAN has been effective. During the period of pilot, TraceSCAN team has also enhanced their contact tracing platform with additional features such as real-time interaction analytics, advanced risk calculation algorithms and graphical representation of contact histories. The University of Waterloo team headed by Professor Patricia Nieva and Professor William Melek has showcased the significance of using Artificial Intelligence in the field of contact tracing. The Waterloo team was able to identify contact histories of up to the 4th degree when a user tests positive for COVID-19. The TraceSCAN team believes that this feature will significantly reduce the risk of an outbreak within an organization. Currently, the team is working on enhancing this feature to assign a risk factor to each employee within an organization when a user tests positive based on the degree of contact, proximity and duration of interaction. Announcement • Dec 02
Facedrive Appoints Three New Advisory Board Members Facedrive Inc. announced the addition of three new members to its Advisory Board who bring a wealth of experience and enormous networks ahead of a major push for expansion into the United States and Europe. Exelon Utilities’ VP of Innovation Brian E. Hoff, Manulife; Financial Corp’s Senior VP & CTO Stevan Lewis; and Tenfold’s Co-Founder and COO Dan Sincavage will be joining Facedrive’s Advisory Board. Brian E. Hoff, the Vice President of Innovation at Exelon Utilities, is joining the Advisory Board following Facedrive’s acquisition on September 8, 2020, of Washington, D.C.-based Steer, one of the fastest-growing specialized electric vehicle businesses in the world, from Exelorate Enterprises, LLC, a wholly-owned subsidiary of Fortune 100 company Exelon Corporation. Hoff is responsible for the launching of start-up businesses and providing innovative solutions to their customers and communities. Hoff has more than 26 years of experience in the energy industry, earning him a top spot as one of Crain’s Tech 50 and one of the Top Forty Innovators ranked by Public Utility Fortnightly in 2017. Stevan Lewis, Senior VP and Chief Technology Officer at Manulife, is a seasoned and proven management, scaling and growth expert for technology platforms. With over two decades of experience in running, protecting and scaling large technology organizations around the globe, Lewis has the insights and experience to make the “impossible, possible”. He is currently responsible for supporting Manulife’s platforms enabling 30 million customers in 28 countries. Stevan is a member of the company’s senior leadership team charged with shaping the vision and enterprise transformation strategy. As a large consumer and advocate of cloud services, he has recently joined the Azure advisory Board at Microsoft. As Co-Founder and Chief Operating Officer of Tenfold, Dan Sincavage has led an enterprise trusted by customers across 90 countries and six continents to analyze over 1.5 Billion voice interactions every year and fundamentally change the way sales and service teams engage their internal and external customers. Dan also serves on the Advisory Board of disruptive technology start-ups SaaSLicense and Hauskey, as well as on the advisory panel for University of Houston's Customer Experience programs. Reported Earnings • Nov 29
Third quarter 2020 earnings released: CA$0.038 loss per share Third quarter 2020 results: Net loss: CA$3.52m (flat on 3Q 2019). Announcement • Nov 28
Facedrive Inc. to Report Q3, 2020 Results on Nov 27, 2020 Facedrive Inc. announced that they will report Q3, 2020 results at 10:53 PM, GMT Standard Time on Nov 27, 2020 Announcement • Nov 20
Facedrive Inc. Tracescan to Offer Global Contact-Tracing Services Powered by Microsoft Azure Facedrive Inc. announced that its contact-tracing platform TraceSCAN is completing cloud migration process to power its solution through Microsoft Azure. The move marks the first step in a collaboration between the two companies, which will allow businesses and individuals around the world to easily avail of TraceSCAN’s advanced COVID-19 contact-tracing wearable solution and extend to Microsoft’s enterprise cloud applications through its partner network. Recent Insider Transactions • Oct 23
Director recently sold CA$108k worth of stock On the 19th of October, William Kanters sold around 11k shares on-market at roughly CA$10.22 per share. In the last 3 months, there was an even bigger sale from another insider worth CA$113k. Insiders have been net sellers, collectively disposing of CA$221k more than they bought in the last 12 months. Is New 90 Day High Low • Oct 14
New 90-day low: CA$11.29 The company is down 38% from its price of CA$18.21 on 16 July 2020. The Canadian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Transportation industry, which is up 14% over the same period. Reported Earnings • Oct 10
First half earnings released Over the last 12 months the company has reported total losses of CA$15.9m, with losses widening by CA$13.2m from the prior year. Announcement • Oct 08
Facedrive’s TraceSCAN Launches Pilot Project with Air Canada for COVID-19 Contact Tracing Facedrive Inc. announced that TraceSCAN, its contact tracing platform offering hardware and software solutions, has started a pilot project with Air Canada to provide an additional layer of protection against the spread of COVID-19. This follows the recent announcement dated September 10, TraceSCAN has started shipping its Bluetooth wearable devices to business customers across various sectors to help employers navigate return-to-work processes for their workforce. In this pilot, Air Canada employees are assigned a dedicated wearable device, that can be worn as a bracelet, for COVID-19 contact tracing at the workplace. Announcement • Oct 02
Facedrive Inc. (TSXV:FD) entered into a purchase agreement to acquire Food Hwy Canada Inc. for CAD 8.5 million. Facedrive Inc. (TSXV:FD) entered into a purchase agreement to acquire Food Hwy Canada Inc. for CAD 8.5 million on October 1, 2020. Pursuant to the terms of the acquisition, Facedrive acquired all of the outstanding shares of Food Hwy for consideration which consisted of CAD 1,500,000 in cash and 551,370 Facedrive common shares valued at CAD 7,600,000 based on a 30-day volume weighted average trading price of Facedrive’s common shares. The consideration shares are subject to a four-month hold period. Pursuant to the terms of the acquisition, additionally, 33,906 of the consideration shares are subject to a 90-day lock-up, 159,358 of such shares are subject to a 12 month lock-up, and the balance are subject to an 18 month lock-up. In connection with the acquisition, Facedrive also acquired the brand assets, technology, IP, and trademarks of Food Hwy which will continue to serve the latter’s customers, drivers and restaurant partners under the Food Hwy brand and using the Food Hwy app. Facedrive expects Food Hwy to deliver CAD 10.5 million in revenue in calendar year 2020, and expects to grow its combined Food Delivery business to CAD 30 million in revenue in 2021. Announcement • Sep 25
Facedrive Inc. announced that it has received CAD 2.64279 million in funding from Exelorate Enterprises, LLC Facedrive Inc. (TSXV:FD) announced that it has received 137,119 Strategic Investment Shares at a price of CAD 19.2737 per share for the gross proceeds of CAD 2,642,790.4703 from Exelorate Enterprises, LLC on September 8, 2020. The securities issued in the transaction are subject to lock-up period of 18 months from issuance date. TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction included participation from 1 placee. Is New 90 Day High Low • Sep 23
New 90-day low: CA$13.62 The company is down 13% from its price of CA$15.70 on 25 June 2020. The Canadian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Transportation industry, which is up 18% over the same period. Announcement • Sep 09
Facedrive Inc. (TSXV:FD) acquired Substantive Assets of Steer from Exelorate Enterprises, LLC for $2.6 million. Facedrive Inc. (TSXV:FD) acquired Substantive Assets of Steer from Exelorate Enterprises, LLC for $2.6 million on September 8, 2020. The consideration was paid through the issuance of 222,819 Facedrive Shares. All shares are subject to an 18-month lock-up. Concurrent with the closing of the acquisition, Exelorate subscribed for common shares of Facedrive as a strategic investment. Pursuant to the strategic investment, Exelorate subscribed for 137,119 Facedrive Shares for gross proceeds of $2 million. In connection with the acquisition, Exelorate and the Facedrive Subsidiary entered into a transition services agreement pursuant to which the parties agreed to use their commercially reasonable efforts to cooperate with and assist each other in connection with the transition of the acquired business such that the operation of Steer remains efficient throughout the transition and on boarding process. There will be no change in management, business nor any new insiders of Facedrive by virtue of the acquisition, strategic investment or transition agreement.
Facedrive Inc. (TSXV:FD) completed the acquisition of Substantive Assets of Steer from Exelorate Enterprises, LLC on September 8, 2020. Announcement • Aug 13
Facedrive Inc. (TSXV:FD) acquired an unknown minority stake in Tally Technology Group Inc. Facedrive Inc. (TSXV:FD) acquired an unknown minority stake in Tally Technology Group Inc. on August 7, 2020. The transaction is a cash and a share-exchange transaction whereby Facedrive would invest $1 million in cash and $2 million in Facedrive common shares in exchange for a minority stake in Tally. Post the transaction, Facedrive Chief Executive Officer Sayan Navaratnam will be added to Tally's Board of Directors. As a result of the transaction, Tally and its shareholders including (Russell Wilson, Jason LeeKeenan, Bradley Vettese, and the original TraceMe Corporation) have become beneficial shareholders of Facedrive, subject to a 12-month lock-up.
Facedrive Inc. (TSXV:FD) completed the acquisition of an unknown minority stake in Tally Technology Group Inc. on August 7, 2020. Announcement • Jul 31
Facedrive Inc. (TSXV:FD) completed the acquisition of HiRide Share Ltd. for CAD 2.3 million. Facedrive Inc. (TSXV:FD) acquired HiRide Share Ltd. for CAD 3.5 million on March 20, 2020. In consideration for the acquisition, shareholders of HiRide Share Ltd. will receive CAD 1 million payable on closing in common shares of Facedrive Inc. and future conditional payments of up to CAD 2.5 million over the course of 2 years. The conditional payments are contingent upon the achievement of certain financial, technical and business development milestones set out in the agreement and can be either paid in a combination of cash and shares, or Facedrive Inc.’s shares exclusively.
Facedrive Inc. (TSXV:FD) completed the acquisition of HiRide Share Ltd. for CAD 2.3 million on April 7, 2020. The consideration involves issue of 0.27 million shares on closing and 0.66 million as conditional payment. The final approval of the TSX-V has been received for the transaction. Announcement • Jul 30
Facedrive Inc. (TSXV:FD) completed the acquisition of certain assets of Foodora Inc. for CAD 0.5 million. Facedrive Inc. (TSXV:FD) entered into a binding term sheet to acquire certain assets of Foodora Inc. on May 14, 2020. As on June 1, 2020, Facedrive Inc entered into definitive agreement to acquire certain assets of Foodora Inc. Pursuant to the terms of the binding term sheet, Facedrive will gain access to Foodora Inc.’s customers, subject to customer consent, as well as 5,500 restaurant partners previously served by Foodora Inc. The transaction is subject to a number of conditions, including the negotiation of a mutually satisfactory definitive purchase agreement and Court approval, and is expected to close within 45 days.
Facedrive Inc. (TSXV:FD) completed the acquisition of certain assets of Foodora Inc. for CAD 0.5 million on July 9, 2020. All necessary conditions and approvals have been satisfied and obtained such that Facedrive is able to complete the Acquisition transaction.