Facedrive Important Executives Lengthen Share Lock-Up Period of time | Organization & Finance

TORONTO–(Small business WIRE)–Mar 8, 2021–

Facedrive Inc. (“ Facedrive ”) (TSXV:FD), (OTC:FDVRF), a Canadian “people-and-earth first” tech ecosystem, introduced these days that crucial executives of the enterprise have voluntarily agreed with the Business to increase the lock-up period of time of their shares (“ Lockup Interval ”).

Sayan Navaratnam – Chairman, CEO and most significant shareholder of Facedrive – has extended the Lockup Period of time for all Facedrive shares that he owns (both of those straight and indirectly) by two several years to March 31, 2023, this means all of his shares will only little by little start out releasing from lock-up on that day over 18 months (at a fee of 15 p.c every single 90 times). In the same way, Junaid Razvi, Government Vice President and Suman Pushparajah, Chief Working Officer (with all of the aforementioned, which includes Mr. Navaratnam, being “ Essential Executives ”) have also prolonged their Lockup Time period in respect of all shares held by them (the two directly and indirectly) by 1 12 months to March 31, 2022, indicating all these shares will only progressively get started releasing from lock-up on that (at a amount of 15 % just about every 90 times) over 18 months. All of the Locked-Up Shares belonging to stated Critical Executives whole 46.57 million frequent shares (“ Important Government Shares ”) in the Organization. Collectively, the Vital Government Shares account for somewhere around 49% of Facedrive’s total issued and excellent shares.

As the Lockup Period approached an stop, the Essential Executives voluntarily agreed to extend the applicable Share Lockup Period of time to reveal their continued belief in the mission of the organization and the option ahead. This voluntary motion signals the determination of Facedrive’s Vital Executives to the company’s very long expression achievements and additional aligns the pursuits of the folks to all those of the corporation.

“My leadership team and I are extremely happy to lengthen our share lock-up period – as a way to display to the buyers that have set their religion in us – of our conviction in the option ahead for our Verticals and, particularly, our TraceSCAN, Facedrive Food items and Steer corporations. We all realize we are on the cusp of a thing wonderful, and our only aim is to go on pushing forward our ESG mandate whilst building very long-phrase sustainable worth for our personnel, companions and shareholders”, mentioned Sayan Navaratnam, CEO and Chairman of Facedrive. “As the preliminary lock-up time period arrived to an conclude, we felt it was needed to assure the current market that we had no strategies to sell our shares and that we are all in this for the extensive expression. Markets can be irrational, and we continue on to preserve our concentration on setting up solutions that supply genuine value to our shoppers and companions.”

Facedrive is a multi-faceted “people-and-planet first” tech ecosystem featuring socially-dependable providers to neighborhood communities with a solid commitment to accomplishing enterprise relatively, equitably and sustainably. As portion of this dedication, Facedrive’s eyesight is to fulfil its mandate by way of a variety of verticals that either leverage existing technologies of the Firm or project synergies with existing strains of organization (the “ Facedrive Verticals ”). The Facedrive Verticals incorporate its rideshare business enterprise (“ Facedrive Rideshare ”), sustainable e-commerce platform (“ Facedrive Market ”), food items-shipping and delivery services (“ Facedrive Foods ”), e-social platform (“ Facedrive Social ”) and its get hold of-tracing and sustainable health and fitness providers business (“ Facedrive Health and fitness ”).

Facedrive Rideshare was between the initial to supply a vast assortment of environmentally and socially liable solutions in the Transportation as a Assistance (TaaS) space, planting hundreds of trees based mostly on user intake and offering alternatives among electric, hybrid and standard autos (together with, much more just lately, electric powered and hybrid automobiles on a subscription basis as a result of Steer). Facedrive Marketplace delivers curated merchandise designed from sustainably sourced components. Facedrive Foodstuff gives contactless shipping of a vast wide range of foodstuff ideal to consumers’ doorsteps, with a concentration on doing so in a socially and environmentally-aware manner. Facedrive Social strives to maintain men and women linked in a physically-distanced planet via its HiQ and other e-socialization platforms that invite people to interact primarily based on widespread interests and by featuring gamification and mutual group support options. Facedrive Health and fitness strives to develop and present revolutionary technological remedies to the most acute overall health problems including its proprietary TraceSCAN wearable technological innovation for get in touch with tracing. Facedrive envisions switching the ridesharing, food stuff supply, e-commerce, social and health and fitness tech narratives for the superior, for absolutely everyone, and is now operational in Canada and the United States.

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Forward-Looking Information

Sure data in this push release consists of ahead-on the lookout data. This facts is based on management’s realistic assumptions and beliefs in mild of the details at the moment available to us and are designed as of the day of this press launch. Genuine benefits and the timing of events could differ materially from those people anticipated in the ahead-wanting data as a outcome of numerous things. Data concerning our expectations of future effects, effectiveness, achievements, potential customers or options or the markets in which we operate is forward-hunting information and facts. Statements containing ahead-wanting data are not facts but as an alternative signify management’s anticipations, estimates and projections pertaining to future activities or situations. A lot of variables could trigger our actual benefits, amount of exercise, functionality or achievements or long term activities or developments to vary materially from these expressed or implied by the forward-searching statements.

See “Forward-Hunting Information” and “Risk Factors” in Facedrive’s Submitting Statement dated August 28, 2019 for a discussion of the uncertainties, hazards and assumptions involved with these statements. Audience are urged to consider the uncertainties, pitfalls and assumptions thoroughly in evaluating the ahead-looking information and facts and are cautioned not to location undue reliance on such information and facts. We have no intention and undertake no obligation to update or revise any ahead-on the lookout statements, no matter whether as a consequence of new data, potential functions or otherwise, besides as necessary by relevant securities legislation.

Neither TSX Undertaking Trade nor its Regulation Services Service provider (as that time period is defined in guidelines of the TSX Undertaking Exchange) accepts duty for the adequacy or accuracy of this release.

Get in touch with: Media Speak to: Sana Srithas|[email protected] Navaratnam

Chief Government Officer and Director

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PUB: 03/08/2021 12:03 AM/DISC: 03/08/2021 12:03 AM

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