Facedrive Inc. (“STEER” or the “Company”) (TSXV:FD), (OTCQX:FDVRF), an integrated ESG technology platform, is pleased to provide a general corporate update detailing plans for its next stages of growth. Plans include a strong focus on existing subscription-based and on-demand offerings in which the Company expects to show significant year-over-year growth, and a re-alignment of operations to drive efficiencies. In particular, STEER will be organizing its operations to reflect “On-Demand” and “Subscription-based” as its two fundamental types of offering, with all services being ultimately powered by its data, analytics and machine learning engine, EcoCRED. This will allow the Company to better capture, analyse, parse and report on key data points that will measure the Company’s impact on carbon reductions and offsets. EcoCRED will also use the same data sets to analyse and measure customer behavior and patterns in order further its revenue growth.
The Company feels that its plans will best allow it to execute on its vision to build a one-of-a-kind system that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. This vision, in turn, has been inspired by a number of global megatrends identified by the Company: 1) widespread adoption of environmental, socially conscious and governance oriented (ESG) consumer behaviour and an increased emphasis on social issues as a factor in commercial decision-making; 2) international environmentally-conscious legislation and policy mandating the production of only electric vehicles within a certain timeframe; 3) corporate and institutional commitment of funds towards ESG-related initiatives, and 4) the modern gig economy, reflecting a decline in traditional ownership models in favour of shared, subscription-based and on-demand solutions.
STEER Subscription-Based Offerings
The Company’s Subscription-Based Services are led by its flagship STEER EV business unit, which allows consumers (typically on a monthly recurring subscription basis) to choose from a diverse fleet of automobiles that includes a range of premium luxury and entry-level electric vehicles (EV) – without the hassles that come with long-term ownership or daily rental. The Company has been pleased with the success of its operations in Toronto and Washington, with strong utilization and subscriber growth rates, and intends to expand into various targeted North American markets that its analytics and research have helped identify. The Company anticipates this expansion translating into strong organic revenue growth on a year-over-year basis from its business-to-consumer (B2C) operations.
On Demand Services Powered By EcoCRED
On-Demand Services include the Company’s marketplace and delivery offerings, which cater to both businesses and consumers. This includes the Company’s food delivery service, its delivery-as-a-service (DaaS) business, and its fast-growing business-to-business offering “B2B Marketplace”. B2B Marketplace provides for the sale and delivery of just-in-time supplies to restaurants so that they can not only reduce their inventory and storage costs, but also choose from among the Company’s more environmentally conscious supply options. This adoption of environmentally friendly options will then be reflected in the carbon reduction and offset numbers that the Company plans to begin tracking and reporting. As of today, the Company estimates that approximately 1 in 5 independent restaurants in Ontario are on STEER’s Foods and B2B Marketplace platform, a 20 percent market share that the Company feels provides sound footing for its next stages of expansion. These next stages will include, in the coming months, an anticipated launch of STEER’s new “super-app”, which will bring all On-Demand offerings onto the same platform with a view to streamlining both the user experience and the associated operational footprint.
ESG and Data Driven Intelligence
The company is experiencing an increasing number of users, and businesses are transacting on its EcoCRED platform. EcoCRED, driven by data analytics, will take on a pivotal role in analysing datasets collected related to consumption patterns, carbon impacts and carbon offsets (in addition to general consumer behaviours). First acquired from a wholly-owned subsidiary of Exelon Corporation in April of 2021, EcoCRED has become the Company’s ESG big-data analytics machine with which it analyses all carbon impacts and offsets coming through its platform. The goal is to power all of its Subscription-Based and On-Demand services through EcoCRED to automatically capture carbon reductions and offsets created in real-time, particularly by its EV subscription service and its B2B Marketplace The Company is also working closely with industry-leading consultants to better understand all carbon reductions and offsets within the context of global industry standards. The Company intends to not only further integrate key sustainability metrics and statistics into its user interface (as it currently does for consumers on its mobile app), but also to the broader market.
“We continue to be excited by this next stage in the execution of our vision. We are making a conscious effort to focus on our key Subscription-Based and On-Demand product and service offerings which are key in the current gig economy. Recurring and subscription revenues allow us to build an organization in which we are able to better predict and accurately forecast our revenues in the future. We will continue to focus on year-over-year growth in revenue, driven by growth in users, businesses and market share. Ultimately, growth in revenue will directly increase our collection of data and improve our analytics as we continue to push forward into the future of mobility and delivery,” said Suman Pushparajah, CEO of STEER.
About the Company
STEER is an integrated ESG technology platform offering subscription-based and on-demand mobility and delivery services aimed at bringing people together, through conscientious commerce, and moving the world forward. As part of this commitment, the Company’s vision is to aggregate ESG-conscious users through a series of connected-offerings that serve as entry points to a system that allows them to buy, sell and invest with the same platform, STEER. The Company’s offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, STEER EV, and others such as its health technology business, and On-Demand services incorporating delivery, rideshare and B2B marketplace businesses. The Company’s intention is for its entire platform to ultimately be powered by EcoCRED, the company’s big data, analytics and machine learning engine.
For more about the Company, visit www.facedrive.com.
100 Consilium Pl, Unit 400
Scarborough, ON, Canada
Certain information in this press release contains forward-looking information, including with respect to the Company’s business, operations and condition, management’s objectives, strategies, beliefs and intentions, and the company’s forward plans to rebrand. This information is based on management’s reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events, such as those pertaining to the Company’s planned expansion of its electric vehicle business, 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 the Company’s Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2020 (filed on SEDAR on April 30, 2021) and its interim MD&A for the period ended September 30, 2021 (filed on SEDAR on November 29, 2021) for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. 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 legislation and regulatory requirements.
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