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New Listing: Facedrive Inc. (TSXV:FD)

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Incorporated in Ontario in 2016, Facedrive is a Toronto-based ridesharing company that operates in the technology sector. It was created to offer a transportation network that was first and foremost socially responsible and CO2 emissions neutral.

Additional Information:

Company: Facedrive Inc.
Website: http://www.facedrive.com
Stock Symbol: TSXV: FD
Date Published: Sep 19, 2019
Transcript: Available

Video Transcript:

I’m Nadika Viswakula for Investmentpitch Media

Facedrive Inc. is one of the latest new listings on the TSX Venture Exchange, trading under the symbol “FD”, following its qualifying transaction with Capital Pool Company High Mountain Capital.

Incorporated in Ontario in 2016, Facedrive is a Toronto-based ridesharing company that operates in the technology sector.

It was created to offer a transportation network that was first and foremost socially responsible and CO2 emissions neutral.

Facedrive customers, using the company’s custom app, can request rides in electric, hybrid and gas-powered vehicles through the Facedrive App.

Trips on the system offset the CO2 emitted by contributing a portion of the fare to carbon offset, tree planting and other measured, sustainable programs.

Facedrive is a first of its kind ridesharing platform that is designed to incentivize and empower the green and socially responsible consumer who is looking to make a meaningful and measurable impact.

Facedrive is a unique people and planet first ride-sharing platform committed to doing business fairly and equitably with both our riders and drivers.

As a community platform, drivers are real partners in Facedrive, benefitting from uniquely customized incentives and rewards that reflect the company’s dedication to shared success.

Compensation is amongst the highest in the ridesharing industry with drivers receiving 85% to 90% of the fare plus the full tip.

The company is distributing its platform through a network of business partners, allowing it to scale fast with limited OPEX.

Prior to closing the Qualifying Transaction, High Mountain consolidated its shares on a 50 for 1 basis.

The company then issued approximately 8.88 million shares at a deemed price of $15.84 per share to close the transaction, with approximately 6.57 million shares held in escrow.

The shares are trading at $20.50.

To increase liquidity, Facedrive intends to split the shares on a 10 for 1 basis, subject to TSX Venture Exchange approval.

For more information, please visit the company’s website www.facedrive.com, contact Sayan Navaratnam, CEO, at 905-944-6535.

I’m Nadika Viswakula for Investmentpitch Media