Vancouver, British Columbia--(Newsfile Corp. - April 15, 2020) - LOOPShare Ltd. (TSXV: LOOP) (OTCQB: LPPPF) (FSE: 3KZ) ("LOOPShare" or the "Company") is pleased to provide a corporate update to the market regarding recent developments. The global pandemic caused by COVID-19 has had a fundamental effect on the global economy. In light of current circumstances, the Company has had to adapt its business model. The Company has elected to temporarily suspend its planned launch of ridesharing and rental operations. Instead the Company has pivoted to providing access to its fleet of electric scooters to restaurants, pharmacies and similar businesses for the purpose of completing delivery operations.
Delivery Box
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Loop has or will be entering into fee for service rental agreements with various business so that they can continue to deliver goods to their customers during the pandemic. The fully electric Loop scooter provides an ideal method for business to provide a quick and reliable delivery option. The Company is providing a turn-key package that includes electric scooters, insurance, mobile application and tech support and driver orientation, all at a flat monthly or daily rate. Any businesses that are interested in more information about this arrangement can contact the Company by email at info@loopshareltd.com. Loop's current rental partners include The Modern Meat Inc. (www.themodernmeat.com) and Big Wheel Burger (www.bigwheelburger.com).
Calen McNeil, Owner of Big Wheel Burger commented "Big Wheel Burger is excited to partner with Loop. We will be introducing their environmentally friendly electric scooters to our new delivery service. This collaboration fits our Carbon Neutral Business Model and provides critical infrastructure for this new aspect to our business."
The Company is also continuing with its sale of Scoot-E-Bike® units. The Scoot-E-Bike® is available for sale on the website www.Scootebike.ca. and in select London Drugs locations. The recently completed $300,000 inventory financing is being used to acquire additional units for re-sale. The Company is expecting to see continued demand growth for personal use electric vehicles like the Scoot-E-Bike®.
The Company intends to launch its ridesharing and consumer rental operations once the COVID-19 pandemic subsides and the opportunity is optimal. In addition to its partnership with Harbour Air, the Company is pursuing several cities around the world to launch these operations.