LOOPshare and OE Tech (Beijing) Announce the Signing of a Binding LOI to Establish Loop China Capitalized at 50 Million RMB ($CDN 10 Million) to Offer Loop Service in China
09:00 EDT Tuesday, April 18, 2017
(via TheNewswire)
Vancouver / TheNewswire / April 18, 2017 -- LOOPShare Ltd. (TSX-V: LOOP), a global provider of electric scooter shared fleet services and technology location-based fleet Telematics services, has signed a binding Letter of Intent ("LOI") to establish Loop China with Original Energy Technology (Beijing) Inc. ("OE Tech") capitalized at 50 Million RMB (approximately $CDN 10 Million). Loop China will deploy shared electric scooter fleets across China, Hong Kong, Taiwan, and Macau. Loop China is also mandated with further development of shared fleet technology and manufacturer responsibilities for hardware originating from China.
"The fleet sharing market in China is the largest in the world", said Anwar Sukkarie, President and Chief Executive Officer of LOOPShare. "LOOPShare needed a strong partner versed in technology and large-scale operational deployment. We found OE Tech to be the perfect fit from technical and operational perspectives, and also capable of securing the funds required for the largest market of its kind in the world".
The LOI terms and conditions include a minimum of 15% ownership position for LOOPShare, one seat on the Board of Directors, and Intellectual Property ("IP") cross licensing. Negotiations towards a final agreement are expected to conclude in May, 2017.
"OE Tech specializes in the development and supply of high-end Lithium Iron Phosphate batteries for the electric vehicle industry", said Dr. Kevin Lu, President and Chief Executive Officer of OE Tech. "The synergies between our organizations span technology, product compatibility, quality assurance process, and experience in electric vehicles. Both organizations are highly motivated to deploy the best, most advanced, and well priced fleet of electric scooters in China that service tourism, commuting, and delivery use-cases. It is a partnership that we are proud of, and will work diligently to establish Loop China to meet all its intended goals once a final agreement is reached".
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About LOOPShare Ltd.
LOOPShare Ltd. (TSX-V: LOOP) a Vancouver company established in 2009 and its wholly owned subsidiary Saturna Green Systems Inc. have commercialized a first generation, a wireless ruggedized 7" touchscreen dashboard with Telematics functionality for electric inner-city vehicles. LOOPShare's highly specialized display enables a broad range of services for consumer, tourism or commercial use.
LOOPShare's purpose is to develop and deploy connected end-to-end solutions for inner-city transportation vehicles, specifically geared toward Transportation as a Service ("TaaS"). Through Zone Operators worldwide, LOOPShare will implement TaaS solution to offer Commuter Convenience and Tourist applications to subscribers based on LOOPShare's commuter/tourism/business-focused, unique, state-of-the-art wireless two-wheel electric sharing technology. "Loop" is a trademark of LOOPShare Ltd. For further information, please vis it www.loopscooters.com .
About Partner Company
Original Energy Technology Beijing Inc.(OE) founded in 2010 in Beijing China, is dedicated to the research and manufacture of nature renewable energy, development of new energy technology, products, and systematic solutions. The main products are rechargeable battery such as LFP, NCM and LTO Lithium-ion battery, EV powertrain system, energy management system as well as solar power system with energy storage equipment. OE has three factories in China. OE products have gained CE, RoHS, UN38.3, UL1642 certifications and approvals and have widespread applications in IT, EV, smart Grid, public facilities, power tool, UPS and solar power generation.
"Original Energy" (noted as OE) is the trademark of Original Energy Technology (Beijing) Inc. For more information please visit www.oetch.com.
Forward Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the shared transportation industry. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).
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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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