Cleantech

Facedrive Inc. (" STEER " or the " Company ") (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, today announced its 2021 (" Fiscal 2021 ") operational and financial results for the year ended December 31, 2021 . All financial results are reported in Canadian dollars, unless otherwise stated.[1] Highlights include a Company-record revenue of $25,416,461 in Fiscal 2021, up from $3,934,354 in Fiscal 2020, representing a 546% year over year growth. The Company also reported a record Gross Merchandize Value[2] of $76,928,000 in Fiscal 2021, up from $13,941,560 during Fiscal 2020, representing 452% growth. Steer's EV subscription revenue grew to $2,804,700 in Fiscal 2021, up from $738,000 in Fiscal 2020, representing 280% growth, while Steer's Food Delivery revenue grew to $21,694,500 up from $2,472,300 in Fiscal 2020, or 777% growth.

STEER Logo (CNW Group/Facedrive Inc.)

Fiscal 2021 Interim Financial and Operational Highlights

  • Revenue for Fiscal 2021 was $25,416,500 , up from $3,934,400 in the fiscal year ended December 31, 2020 .
  • Revenue for Q4 2021 was $10,310,300 , up from $3,186,400 in the same period a year earlier.
  • Facedrive Foods' revenue was $21,694,500 in Fiscal 2021, up from $2,472,300 in Fiscal 2020, with the Company estimating that 1 in 5 independent restaurants in Ontario have an account on its platform.
  • Steer subscription revenue was $2,804,700 in Fiscal 2021, up from $738,000 in Fiscal 2020.
  • Net loss was $29,310,800 (of which $19,886,714.71 was cash) in Fiscal 2021, as compared to a net loss of $17,319,000 (of which $9,590,664 was cash) in Fiscal 2020, meaning that while net loss has grown 69.2%, revenue has grown 546% for the same period.
  • General and administration expenses were $7,352,384 in Fiscal 2021, up from $3,605,182 in Fiscal 2020.

"Fiscal 2021 has been a year of strong revenue growth while building a strong platform to further scale the Company in revenues and operations. We have built an organization in which we can scale our revenues in 2022 and beyond without having to increase our costs at the same rate. Our results also show the continued growth and adoption of our platform.. Our emphasis on data and analytics will be strategically  important to our offerings, as it will be key to expanding and growing our market share. With our recent financings we have a well capitalized Company, and our focus in 2022 will be to leverage our platform and grow revenues year over year," said Chief Executive Officer Suman Pushparajah .

For detailed information please refer to Facedrive's 2021 Annual Consolidated Financial Statements and its Management's Discussion and Analysis of Financial Condition and Results of Operations for the years ended December 31, 2021 and 2020 (the " 2021 Annual MD&A "), filed on SEDAR at www.SEDAR.com . The following table provides a summary of the Company's financial results for the years ended December 31, 2021 and 2020:

Selected Financial Highlights

For the years ended December 31,



2021


2020
(Restated –
Note 38)


REVENUE


$

25,416,461

$

3,934,354


COSTS AND OPERATING EXPENSES







Cost of revenue



27,428,288


3,228,263


General and administration



7,352,384


3,605,182


Operational support



11,754,957


3,764,360


Research and development



2,079,063


1,444,153


Sales and marketing



2,999,199


8,933,587


Amortization



2,721,518


1,010,239


Depreciation



413,526


76,130


Total costs and operating expenses


$

54,748,935


22,061,914


OPERATING LOSS


$

(29,332,474)


(18,127,560)









OTHER INCOME (EXPENSES)







Government and other grants



4,104,361


1,127,130


Foreign exchange loss



(17,166)


(217,610)


Interest expenses



(811,256)


(252,680)


Interest income



38,077


41,663


Gain on lease terminations



42,300


23,014


Deemed disposal of investment



(3,489,916)


-


Fair value gain on investment



13,671


-


Impairment of intangible assets



(67,803)


(350,000)


LOSS BEFORE INCOME TAXES


$

(29,520,206)

$

(17,756,043)

Income tax expense


(85,170)


-

Deferred income tax recovery



294,623


437,000

NET LOSS


$

(29,310,753)


(17,319,043)

Cumulative translation adjustment


$

(31,096)


(75,835)

NET LOSS AND COMPREHENSIVE LOSS


$

(29,341,849)

$

(17,394,878)

Loss per share – basic and diluted


$

(0.31)

$

(0.19)

Weighted average shares outstanding – basic and diluted



95,251,514


91,952,197










Name Change

The Company anticipates issuing a notice of meeting in early May 2022 to announce a shareholder meeting date for middle of July 2022 , subject to availability and scheduling conflicts. In addition to serving as the Company's annual general meeting, the Company plans to seek approval of its official name change to "STEER Technologies Inc." by way of Articles of Amendment. Until then, the Company will continue its rebranding efforts including launch of its new website and rebranding of all offerings where possible and applicable.

Shares for Debt

The Company intends to settle the outstanding debts owing by the Company to two consultants in the aggregate amount of $69,500 (the " Debt "), pursuant to agreements with effective dates of May 1st, 2022 , through the issuance of 89,025 common shares of the Company (" Shares "). The Shares will be issued at the price of $0.78 per share (" Shares for Debt "). In issuing the Shares for Debt, the Company intends to preserve cash to better fund its operations. Closing of the Shares for Debt remains subject to acceptance by the TSX Venture Exchange.

About the Company

STEER is an integrated ESG technology platform offering on-demand and subscription-based mobility and delivery services aimed at bringing people together, through conscientious commerce, and moving the world forward. The Company seeks to execute on its vision by building 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 and rideshare businesses. The Company's platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyse, 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 .

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 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.

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.

__________________________

1 All figures are accurate to the hundreds.

2 " Gross Merchandise Value " (GMV) means the total value of merchandise sold over a given period of time through a customer-to-customer (C2C) exchange site. It is intended to measure of the growth of the business or use of a platform to sell merchandise owned by others. In the Company's case, it includes the value of the food and merchandise ordered and the gross fees charged by the Company to customers on account of rides a substantial portion of which the Company does not recognize as revenue. The most directly comparably GAAP financial measure in the context of our Company is revenue which, for Fiscal Year 2021 was 25,416,461 and for Fiscal Year 2020 was $3,934,354. Note that this 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/May2022/02/c0435.html

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STEER Announces Rollout of its Delivery as a Service Offering with 200 + Small and Medium Businesses

 Facedrive Inc. (" STEER " or " the Company ") (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, is pleased to announce it has successfully rolled out its Delivery as a Service (" DaaS ") offering with over 200 small and medium businesses (" SMBs "), and is now marketing such services to large big box retailers. STEER's DaaS offering provides a last mile logistics solution for retailers to offer just-in-time deliveries to end-users. The Company expects the DaaS platform to be a key element of its business and a valuable driver of ESG data, reporting and analytics.

DaaS by STEER (CNW Group/Facedrive Inc.)

STEER's DaaS offering has demonstrated operational success, with over 200 local merchants in the Greater Toronto Area and a 99% on-time delivery rate. The Company has also seen many of its customers transition from a hybrid to a full-time arrangement with STEER. Following its success with smaller local vendors, STEER's DaaS offering is being promoted to big box retailers, some of whom have also expressed an interest for the offering. The Company feels its ESG value proposition, powered by its proprietary EcoCRED carbon offset analytics platform, sets the STEER DaaS offering apart from competitors. In particular, EcoCRED's capabilities to capture, analyse and report on key ESG data can appeal to socially-responsible brands and larger retailers, who are increasingly conscious of environmental tracking and reporting protocols.

The global Delivery as a Service market, valued at USD 18.7Bn in 2020, is expected to grow at 18.9% CAGR for the period 2021-2027 1 , making it one of the high-growth sectors in today's global economy. This growth has been accelerated by the global impact of the COVID-19 pandemic and goes beyond food deliveries, spanning nearly all categories of consumer products.  This megatrend presents qualified providers like STEER with a potentially-lucrative opportunity to increase market presence and significantly increase revenues.

STEER's DaaS offering leverages the assets and technology developed by the Company through its existing on-demand offerings. Specifically, introduction of DaaS enables the Company to draw on its tech stack, operational expertise, and its existing infrastructure—including drivers—to deliver a nimble, agile, cost efficient, and customizable product. STEER's tech-driven delivery management software integrates directly with the merchant's Point of Sale (" POS ") solution and provides visibility, KPI controls and data processing. Moreover, STEER leverages its built-in data science algorithms to analyse daily demand cycles for each individual offering and to streamline resource allocation. In the future, this data will be utilized to identify cross-selling opportunities within the STEER platform and provide customers with analytics, metrics and data that quantify their carbon reduction efforts.

STEER's DaaS offering also capitalizes on synergies with its existing on-demand services through a shared driver fleet. For drivers, this means potentially higher earnings through an additional revenue stream, minimized idle time, and the convenience of managing fewer apps on their phone. For the Company, introduction of the DaaS functionality results in greater operational efficiencies through unified driver acquisition, training and optimized marketing spend across the platform. The Company feels these operational efficiencies will translate into economies of scale as STEER's DaaS onboards more vendors and launches operations in new geographies.

"Delivery as a Service represents a natural evolution for our Company. Having built significant assets and expertise in the mobility and food delivery segments, it is important for us to leverage our existing assets to enter a growing market space. It allows us to grow incremental revenues in the near future while not increasing costs at the same rate. We have confirmed the demand during our launch with over 200 small and medium vendors and are now focused on large retail customers. With the launch of DaaS, STEER's vision of creating a one-stop shop ecosystem for an environmentally-conscious B2C and B2B consumer has come a step closer to fulfilment", said Suman Pushparajah , Chief Executive Officer.

________________________________
1 https://www.globenewswire.com/news-release/2021/09/02/2290996/0/en/Last-Mile-Delivery-Market-is-Expected-to-Reach-to-USD-62-7-Bn-with-CAGR-of-18-9-by-2027.html

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, analyse, 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 .

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 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 next step launch with big box retailers, 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 ) 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.

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.

STEER Logo (CNW Group/Facedrive Inc.)

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/steer-announces-rollout-of-its-delivery-as-a-service-daas-offering-with-200--small-and-medium-businesses-301547644.html

SOURCE Facedrive Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/16/c1734.html

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