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    FD   CA30311W1005

FACEDRIVE INC.

(FD)
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Facedrive : Announces Change of Auditor Process and Provides Corporate Update

10/04/2021 | 08:02am EST

TORONTO, Oct. 4, 2021 /CNW/ - Facedrive Inc. ("Facedrive" or the "Company") (TSXV: FD) (OTCQX: FDVRF) announces that it has received a notice of resignation from its auditor and the Company has begun the formal change of auditor process under National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"). As part of this process, the Company will soon provide further details in a reporting package regarding the auditor's resignation in accordance with section 4.11 of NI 51-102. There were no disputes with the auditor at the time of resignation. The Company is in the process of selecting a successor auditor from a number of qualified firms. 

The Company also announces that its Chief Financial Officer, Fairy Lee, who in late-August provided notice of her intention to resign from her role with the Company in September 2021, has agreed to continue to serving as the Company's CFO until the Company appoints her successor, the process for which remains active and ongoing. 

Further to an earlier corporate update dated September 1, 2021, the Company will also be filing on SEDAR the forms of lock-up agreement entered into with various shareholders.

About Facedrive

Facedrive is a multi-faceted "people-and-planet first" tech ecosystem offering socially-responsible services to local communities with a strong commitment to doing business fairly, equitably and sustainably. As part of this commitment, Facedrive's vision is to fulfil its mandate through a number of services that either leverage existing technologies of the Company or project synergies with existing lines of business.

Facedrive's service offerings include its: (i) eco-friendly rideshare business, Facedrive Rideshare; (ii) food delivery service, Facedrive Foods; (iii) electric and hybrid vehicle subscription business, Steer; (iv) contact-tracing and connected health technology services, Facedrive Health; (v) e-commerce platform, Facedrive Marketplace; and (vi) e-social platform, Facedrive Social. Facedrive Rideshare was among the first to offer a wide variety of environmentally and socially responsible solutions in the Transportation as a Service (TaaS) space, planting thousands of trees based on user consumption and offering choices between electric, hybrid and conventional vehicles (including, more recently, electric and hybrid vehicles on a subscription basis through Steer). Facedrive Marketplace offers curated merchandise typically created from sustainably sourced materials and linked to social causes. Facedrive Foods offers contactless delivery of a wide variety of foods right to consumers' doorsteps, with a focus on doing so in a socially and environmentally-conscious manner. Facedrive Social strives to keep people connected in a physically-distanced world through its HiQ and other e-socialization platforms that invite users to interact based on common interests and by offering gamification and mutual community support features. Facedrive Health strives to develop and offer innovative technological solutions to the most acute health challenges including its proprietary TraceSCAN wearable technology for contact tracing.

Facedrive envisions changing the ridesharing, food delivery, e-commerce, social and health tech narratives for the better, for everyone, and is currently operational in Canada and the United States.

For more about Facedrive, visit www.facedrive.com

Facedrive Inc.
100 Consilium Pl, Unit 104, Scarborough, ON, Canada M1H 3E3
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 (such as its transition to a new CFO and successor auditor) 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 Facedrive'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 March 31, 2021 (filed on SEDAR on May 31, 2021) and June 30, 2021 (filed on SEDAR on August 31, 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.

SOURCE Facedrive Inc.

© Canada Newswire, source Canada Newswire English

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Financials
Sales 2020 3,93 M 3,09 M 3,09 M
Net income 2020 -17,8 M -13,9 M -13,9 M
Net Debt 2020 4,59 M 3,61 M 3,61 M
P/E ratio 2020 -84,2x
Yield 2020 -
Capitalization 70,8 M 56,2 M 55,6 M
EV / Sales 2019 341x
EV / Sales 2020 391x
Nbr of Employees -
Free-Float -
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Managers and Directors
Suman Pushparajah Chief Executive Officer & Director
Junaid Razvi Chairman
Hamilton Jeyaraj Independent Director
Susan Uthayakumar Director
Mujir Muneeruddin Director
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