Facedrive Announces Continued Growth in 2019

Facedrive Inc. (“Facedrive”) (TSXV:FD), the first Canadian peer-to-peer, eco-friendly ridesharing network, is pleased to announce that it has achieved significant month-over-month growth in number of requested and completed rides during fiscal 2019. Facedrive has also continued to demonstrate its commitment to environmental sustainability by teaming up with Forests Ontario to plant 1,131 trees in Ontario during the last quarter of 2019, and a total of 3,226 trees in 2019 alone.

Facedrive currently offers its ridesharing network to drivers and riders in multiple cities within Ontario, with expansion plans into other provinces of Canada such as British Columbia and Alberta as well as select cities in the United States and Europe starting from second quarter of 2020. Geographies currently serviced by Facedrive include Toronto, Hamilton, London, Guelph, Kitchener, Waterloo and Cambridge, with close to 65,000 registered users and over 11,000 drivers.

Facedrive has demonstrated continuous growth in fiscal 2019. In Q4 2019, total kilometres driven grew by 63%, daily requested rides grew by 55%, reaching over 1,400 requests per day, and daily successful rides grew by 47%, in each case as compared to the results of Q3 2019. Total new user registrations grew by 75% between beginning of Q3 and end of Q4 2019, and total new driver registrations increased by 49% within the same period.

“We are proud of the positive impact that we are making in Canada, and our numbers prove it,” said Suman Pushparajah, Chief Operations Officer of Facedrive. “We believe that our track record of keeping our commitment to stakeholders will drive further success in 2020 and that Facedrive is positioned for additional growth in the near term.”

A portion of the fares collected from each Facedrive ride using a gas or hybrid vehicle is donated to Forests Ontario, a not for profit organization dedicated to making Ontario’s forests greener, and those funds are used to plant trees in areas where the organization operates. Forests Ontario works daily to increase forest cover, restore forests impacted by natural occurrences and improve forest conditions in Ontario and across Canada.

Facedrive, through its partnership with Forests Ontario, has planted 3,226 trees in 2019. Facedrive also regularly partners with Forests Ontario to engage in local community green events and helps raise awareness with respect to environmental issues such as climate change, energy efficiency improvement, and greenhouse gas emissions reduction.

Rob Keen, Chief Executive Officer of Forests Ontario and Forest Recovery Canada adds, “Our successes are owed to our most valued assets: our people, our planting partners, our donors and corporate sponsors like Facedrive. Together, we can change the future of Ontario’s and Canada’s forests for the better. I look forward to another year of success through our partnership with Facedrive.”

About Facedrive

Facedrive is a unique people and planet first ridesharing platform committed to doing business fairly and equitably. As a community platform, drivers are real partners in the company, benefitting from uniquely customized incentives and rewards that reflect a dedication to shared success. For more about Facedrive, visit www.facedrive.com.

Forward-Looking Information

Certain information in this press release contains forward-looking information. 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 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 Corporation’s Filing Statement dated August 28, 2019 for a discussion of the uncertainties, risks and assumptions associated with these statements. 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 law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Media: DECOSTA Global | [email protected]

Sayan Navaratnam
Chief Executive Officer and Director
Tel: 1-888-300-2228