Vancouver –– September 14, 2016 –– LOOPShare Ltd. (TSX-V: LUP) – a global provider of electric scooter shared fleet services and technology location-based and fleet Telematics services- today announced the investment by Berytech Fund II s.a.l. (Holding) (“Berytech”), a $US 50 Million Beirut-based Venture Capital Fund, of a $US 690,000 working capital investment in Loop s.a.l., a Master Zone Operator of LOOPShare. The current investment tops the initial $US 610,000 that was used to incorporate Loop s.a.l. and qualify the Beirut operation to build towards establishing other Loop service offerings on a regional basis in addition to offering Loop in Lebanon.
Loop s.a.l. has been operational since April 2016 with 4 fulltime professionals preparing the stage for the deployment of a 55-Loop scooter field trial expected to commence by the end of this October in Beirut, the Capital of Lebanon.
“Berytech Fund II has been instrumental to the development of Loop s.a.l. in the establishment of local, regional and global presence of the LOOPShare brand”, said Anwar Sukkarie, President and Chief Executive Officer of LOOPShare. “A total of $US 1.3M in working capital will be used to execute on important components of LOOPShare research and development program through local Lebanese talent, and to ensure the success of the 55-scooter field trial and consequently establish our first fully operational Zone in the Mediterranean basin and the Middle East region”.
Upon the successful conclusion of a 6-month field trial, it is expected that the rollout would be utilized as a regional showcase for electric scooter fleet sharing technology, business, and general operations.
“Berytech Fund II mandate is to assist startups and entrepreneurial companies like Loop s.a.l. to succeed,” said Paul Chucrallah, Berytech Fund II Managing Director. “The extensive due diligence that our team conducted on the fleet sharing business model points at a strong growth curve. The Fund invests in high-growth potential Lebanese startups. Loop s.a.l. matches the Fund`s investment criteria as a Master Zone Operator for LOOPShare both nationally and on a regional basis.”
About LOOPShare Ltd.
LOOPShare Ltd. (TSX-V: LUP) a Vancouver company established in 2010 (formerly known as Saturna Green Systems), has commercialized a first generation, wireless ruggedized 7” touchscreen dashboard with Telematics functionality for electric inner-city vehicles. LOOP’s highly specialized display enables a broad range of services for consumer, tourism or commercial use.
LOOP’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, LOOP will implement TaaS solutions to offer Commuter Convenience and Tourist applications to subscribers based on LOOP’s commuter, tourism, business-focused, and unique state-of-the-art wireless two-wheel electric sharing technology.
“LOOP” is a trademark of LOOPShare Ltd. For further information, please visit www.loopscooters.com.
About Berytech Fund II
Berytech Fund II is a 50 million US Dollars Beirut-based Venture Capital Fund. This fund comes following the extensive support provided by Berytech in the successful building, promotion and management of an ecosystem for start-ups and entrepreneurial companies over many years.
The fund’s objective is to invest in small and medium-sized Lebanese enterprises with high growth potential, and active in knowledge industries with high human value-added. These enterprises will be chiefly maturing start-ups, active in a number of knowledge industries, including the historical base of the wider Information & Communication Technology and Digital Content domains.
Forward Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the Corporation’s business plans and the outlook of the shared transportation industry. Although the Corporation 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 Corporation 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 Corporation assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation, Saturna, their securities, or their respective financial or operating results (as applicable).
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