Cleantech

Mr. Imran Khan (the "Acquiror") announced the filing of a Form 45-102F1 - Notice of Intention to Distribute Securities under Section 2.8 of NI 45-102 - Resale of Securities (the "Sales Notice") in connection with the proposed sale (the "Proposed Sale") of up to 500,000 common shares ("Shares") in the capital of Facedrive Inc. (the "Issuer") registered in the name of ISRR Holdings Inc. ("ISRR"). The Proposed Sale is expected to be completed by way of over-the-market trades during the 30-day period commencing on the date hereof. There is no assurance as to the timing of the transactions contemplated in the Sales Notice, nor whether any such transactions will occur.

As at the date of the Sales Notice described herein, ISRR, a company controlled by the Acquiror, beneficially owned or exercised control or direction over 21,014,430 Shares, representing approximately 22.05% of the issued and outstanding Shares of the Issuer. Separately, as at the date of the Sales Notice, 2634107 Ontario Inc. ("263 Ontario") owned or exercised control or direction over 7,696,170 Shares, representing approximately 8.08% of the issued and outstanding Shares. The Acquiror holds a 33% interest in 263 Ontario and, pursuant to certain contractual arrangements, shares direction and control over the voting and disposition of the Shares held by 263 Ontario. The Acquiror's ownership of securities of the Issuer has not changed as a result of the filing of the Sales Notice, but may change upon giving effect to the Proposed Sale.

The Acquiror will file one or more additional early warning reports, and related press releases, in connection with the completion of the Proposed Sale, as may be required from time to time under applicable securities laws.

The securities of the Acquiror described herein were acquired for investment purposes. In addition to the transactions described herein and disclosed in the Sale Notice, the Acquiror may increase or decrease his investment, directly or indirectly, in securities of the Issuer from time to time, depending on market conditions or any other relevant factors.

This press release is being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with the securities regulatory authorities in each of the jurisdictions in which the Issuer is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report").

A copy of the Early Warning Report filed by the Acquiror in connection with this acquisition will be available under the Issuer's profile on the SEDAR website at www.sedar.com and can also be obtained by contacting the Acquiror at 416-204-1222.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91020

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STEER Technologies Inc. Receives TSXV Approval to Finalize Corporate Name Change

Facedrive Inc. (" STEER " or " the Company ") (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, is pleased to announce it has received TSX Venture Exchange (the " TSXV ") approval for its corporate name change from "Facedrive Inc." to "STEER Technologies Inc." and its related stock symbol change to "STER". This announcement follows on the Company's news release dated April 20, 2022, announcing its overall rebranding efforts to "STEER" and the approval of its shareholders to a corporate name change on July 12, 2022. Trading on the TSXV in the Company's common shares under the new ticker symbol "STER" will commence at market opening on October 11, 2022. Contemporaneously, it is anticipated that the Company's common shares on the OTCQX will begin trading under the new stock symbol "STEEF".

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STEER EV Subscription Service Expands to Florida

Facedrive Inc. (" STEER " or " the Company ") (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, is pleased to announce its electric vehicle subscription service (" STEER EV ") has added Florida, USA, as a new service area with an operational hub in Tampa. STEER EV's subscription service is available to the eligible residents of the state as of September, 2022. After successfully securing the financing necessary to facilitate further growth, STEER is actively expanding its geographical footprint throughout the second half of 2022 and growing its EV fleet to support the new regions in operation.

From its inception, the STEER EV platform has been focused on challenging the traditional car ownership model and accelerating the general public's switchover to environmentally friendly transportation through an automobile subscription service. Having transformed the platform into one of the leading providers of subscription-based EV services, the Company feels its turnkey month-to-month model which includes insurance, maintenance, vehicle swaps and concierge delivery presents an attractive alternative for customers seeking a time-efficient and hassle-free transportation solution.

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STEER Reports Record Revenues in Q2 2022

Facedrive Inc. (" STEER " or " the Company ") (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, today announced and filed its interim financial statements for the quarter ended June 30, 2022 (" Q2 2022 "). All financial results are reported in Canadian dollars, unless otherwise stated.

STEER logo (CNW Group/Facedrive Inc.)

STEER reported a quarterly revenue record of $15,048 ,939 in Q2 2022, up from $4,521,548 in Q2 2021, representing 232.83% year-over-year growth. Q2 2022 revenue also represents 40.19% quarter-over-quarter growth compared to Q1 2022 revenue of $10,734,515 . All revenue growth was organic. The Company also reported a record Gross Merchandize Value i of $ 21,661,109 in Q2 2022, up from $14,304 ,750 during Q2 2021, representing 51.43% year-over-year growth. Compared to $19,465 ,604 in Q1 2022, this also represents approximately 11.28% quarter-over-quarter growth.

Net loss was $7,776,605 compared to $7,559,851 in Q2 2021, representing 2.87% year-over-year increase. Compared to $8,182,039 in Q1 2022, STEER has achieved 4.96% quarter-over-quarter net loss decrease.

As a result, the Company's Management is confident that the streamlining measures undertaken thus far in 2022 including: (i) operational realignment (with a view to centralizing and consolidating resources and focusing on selling Subscription and On-demand offerings); and (ii) continued improvements in expense management, will continue to result in increased operational efficiency. As such, STEER is experiencing revenue growth at a faster pace than the corresponding increase in operational expenses. The Company is confident this trend will further strengthen in Q3 and Q4 Fiscal 2022.

Q2 2022 Interim Financial and Operational Highlights

Revenues

For the three
months ended
June 30, 2022

Δ (YoY)

For the three
months ended
June 30, 2021

Δ(QoQ)

For the three
months ended
March 31, 2022


($'000)


($'000)


($'000)

On-Demand Offerings

Q2 2022


Q2 2021


Q1 2022

B2B Marketplace

12,730.37

476.81 %

2,207.04

52.82 %

8,330.04

Suppr APP (Foods Delivery, Rideshare, Daas, Health )

1,523.53

-6.05 %

1,621.70

-7.46 %

1,646.37

Subtotal On-Demand Offerings

14,253.90

272.29 %

3,828.75

42.88 %

9,976.41

Subscription-Based Offerings






Vehicle subscription

699.28

5.62 %

662.10

5.51 %

662.78

EcoCRED

95.76

211.87 %

30.71

0.46 %

95.32

Subtotal Subscription-Based Offerings

795.04

14.76 %

692.80

4.87 %

758.10

Total Revenue

15,048.94

232.83 %

4,521.55

40.19 %

10,734.52

"In Q2 2022, STEER continued a strong growth trajectory set in Q1 2022. This past quarter, we more than tripled revenues as compared to Q2 2021 and continue to increase our operational efficiencies while focusing on growth and expansion. Therefore, the platform we have built continues to demonstrate that we can increase revenues significantly while managing costs, which is evident in our Q2 results.

Q2 has also been remarkable for STEER in the sense that the Company significantly expanded the geographical presence of its EV subscription platform, STEER EV. Having launched the service in Texas and British Columbia , Management for the Company feels that STEER is well-positioned to capitalize on the burgeoning demand in the personal vehicle subscription sector. Moreover, we continue to enhance our ESG reporting tool suite as well as extend our ESG mandate throughout all of the Company's business processes", said Suman Pushparajah , Chief Executive Officer of the Company.

Selected Financial Highlights

The following provides a summary of the Financial Results of the Company. For detailed information please refer to Facedrive's Q2 2022 Interim Financial Statements and its Management's Discussion and Analysis of Financial Condition and Results of Operations for the quarter-ended June 30, 2022 (the " Q2 2022 MD&A "), filed on SEDAR at www.SEDAR.com .

For the three months ended June 30


2022


2021

REVENUE

$

15,048,939

$

4,521,548

COSTS AND OPERATING EXPENSES





Cost of revenue


15,313,179


5,346,764

General and administration


1,850,006


1,679,591

Operational support


4,189,919


3,461,044

Research and development


685,425


465,113

Sales and marketing


525,349


938,504

Amortization


286,559


695,064

Depreciation


383,417


92,004

Total costs and operating expenses


23,233,854


12,678,084

OPERATING LOSS


(8,184,915)


(8,156,536)






OTHER INCOME (EXPENSES)





Government and other grants


631,653


909,373

Foreign exchange loss


(115)


(110,245)

Interest expenses


(284,021)


(193,782)

Interest income


61


9,260

Gain from sale of equipment


-


-

Gain or Loss on termination


47,684


(17,921)

Fair value loss on investment


-


-

LOSS BEFORE INCOME TAXES

$

(7,789,653)

$

(7,559,851)

Deferred income tax recovery

13,048


-

NET LOSS


(7,776,605)


(7,559,851)

Cumulative translation adjustment


(44,864)


(39,146)

NET LOSS AND COMPREHENSIVE LOSS

$

(7,731,741)

$

(7,598,997)

Loss per share – basic and diluted

$

(0.06)

$

(0.08)

Weighted average shares outstanding – basic and diluted


130,929,814


93,788,556








About the Company

STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company's goal is 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. The Company's offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, STEER EV, and on-demand services incorporating delivery, B2B marketplace, Delivery-as-a-Service (DaaS) and rideshare businesses. The Company's platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyze, parse and report on key data points in ways that measure the Company's impact on carbon reductions and offsets.

For more about the Company, visit www.facedrive.com .
Suman Pushparajah , CEO
suman@facedrive.com
STEER
100 Consilium Pl, Unit 400
Scarborough, ON
Canada M1H 3E3
www.facedrive.com

Forward-Looking Information

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 scale up its electric vehicle subscription business. 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 Company's Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2021 (filed on SEDAR on May 2 , 2022),its interim MD&A for the period ended March 31, 2022 (filed on SEDAR on May 30, 2022 ), and its interim MD&A for the period ended June 30, 2022 (filed on SEDAR on August 29, 2022 ) 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.

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.

_________________________
i " Gross Merchandise Value " (GMV) means the total value of all merchandise and services sold over a given period of time through the Company's ESG platform of product and services offerings.  Gross Merchandise Value is a metric most commonly used by e-commerce companies.  It is intended to measure the growth of the business or use of a platform to sell merchandise and services, some or all of which may be owned by others and is therefore not all revenue to the platform owner or provider (such as the Company). In the Company's case, GMV includes the value of the food, supplies and merchandise ordered and the gross fees charged by the Company to customers on account of rides and deliveries, a substantial portion of which the Company does not recognize as revenue. The most directly comparably or correlated GAAP financial measure in the context of our Company is revenue which, for Q2 2022 was $15,048,939 and $4,521,939 in Q2 2021. Note that GMV is a non-GAAP financial measure, meaning that it is not a standardized financial measure under the financial reporting framework used to prepare the Company's financial statements and it might not be comparable to similar financial measures disclosed by other issuers.

SOURCE Facedrive Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2022/29/c2060.html

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STEER EV Enters into Agreement with Enterprise Fleet Management to Order Electric Vehicles

1000+ Vehicles Valued Between $80 and $150 million

STEER Holdings Inc., a wholly-owned subsidiary of Facedrive Inc. (" STEER " or " the Company ") (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, is pleased to announce that it has entered into an agreement (" Agreement ") with Enterprise Fleet Management (" Enterprise Fleet Management ") to lease over 1000 electric vehicles valued between $80 and $150 million (USD) for its EV subscription business, STEER EV. The Company sees this Agreement as a key element in facilitating STEER's growth, supporting its U.S. expansion, and furthering the platform's leadership position in the EV subscription market. The Company intends to both add cars to existing operational hubs as well as to expand into new U.S. markets that it has carefully selected.

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