The Company announces that it has put in place a succession plan for the Company's President & CEO where Mr. Sukkarie will continue in his role as President & CEO during a transition period that extends to December 31, 2019. During this time, Mr. Sukkarie will see the Company through the arrival of its initial 440 electric scooters and work with the rest of the management team on the various other business opportunities that the Company is pursuing.
Mr. Sukkarie is the founder of the Company and had the initial vision for micro-mobility and ridesharing transportation back in 2010 when he formed the Company's predecessor - Saturna Green Systems. Since that time, Mr. Sukkarie has tirelessly developed the current LOOPShare Transportation-as-a-Service platform and generated business opportunities for the Company across North America, Asia, Europe and the Middle East.
At the end of the transition period, Mr. Sukkarie will be transferred the Company's interest in Loop s.a.l. and take over Loop s.a.l. and its operations in Lebanon, subject to the necessary regulatory approvals and upon meeting certain LOOPShare conditions designed to enhance collective value and growth opportunities. Loop s.a.l. will continue as a Master Zone Operator of the Company, led by Mr. Sukkarie and will continue providing support to LOOPShare in an advisory capacity.
"The competitive environment and technology have evolved dramatically since I started Saturna Green Systems followed later by LOOPShare," stated Mr. Anwar Sukkarie, founder, President & CEO. "I have complete faith in the ability of the new Board to take LOOPShare to the next level of growth and enhanced value through our cooperation in expanding LOOPShare initiatives and in bringing to fruition my business relationships of the past three years in Asia and California. Finally, in moving on to lead as Master Zone Operator of Loop s.a.l, my guiding vision and principals of shared mobility and sustainability will be realized on a truly global scale."
LOOPShare offers connected end-to-end solutions for inner-city transportation vehicles specifically geared toward Transportation-as-a-Service (TaaS). Through Zone Operators worldwide, LOOPShare is implementing TaaS solutions that offer commuter convenience and tourist applications to subscribers based on LOOPShare's state-of-the-art, wireless electric two-wheel vehicle sharing technology. To learn more, visit www.loopscooters.com.
The transactions detailed in this press release are subject to regulatory approval, including the approval of the TSX Venture Exchange.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events related to LOOPShare Ltd. (or the "Company") that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to(i) the details of the succession plan for the President and Chief Executive Officer, (ii) the Company's competitive advantages; (iii) the functionality of the Company's technology; and (iv) the Company's growth plans.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "scheduled", "intends", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the accuracy, reliability and applicability of the Company's business model; the timely receipt of governmental approvals; the timely receipt of e-scooters by the Company; the ability of the Company to implement its business plan as intended; the Company's ability to access financing necessary to implement its business plan; the regulatory environments of the jurisdictions where the Company will carry on business; and the impact of competition. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results of the Company to be materially different from any future results expressed or implied by the forward-looking information. Such factors include risks related to acts of God, the impact of general economic conditions, changing domestic and international transportation industry conditions, increases in operating costs, terrorism, currency fluctuations, interest rates, risks specific to the transportation industry, the ability of management to implement the Company's operational strategy, the ability to attract qualified management, labour disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund operations may not be obtained and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking information, there may be other factors that cause results not to be as anticipated. Readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to update any forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
Loop is a trademark of LOOPShare Ltd.
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