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Facedrive Inc. announced a change in its senior management, with Nastassia Law resigning as Chief Financial Officer, effective March 4, 2022. She will assist in transitioning to Jason Xie, who previously served as Vice President of Operations and Finance. Xie brings over 15 years of financial management experience and has led the establishment of new internal financial controls since joining in 2021. This transition aims to better integrate finance with operations, aligning financial management with accounting standards relevant to technology platforms in the gig economy.
Facedrive Inc. (FDVRF) has initiated a review of its revenue recognition policies, leading to reclassifications of certain sales and marketing expenses for Facedrive Foods. These adjustments will result in total net revenues of $2,772,834 for Q1 2021, $4,521,548 for Q2 2021, and $7,811,810 for Q3 2021, reflecting a cumulative reduction of $2,337,070 against revenues. The Company assures that these changes do not impact balance sheets or earnings. An independent accounting firm has been retained for further evaluation, aligning with industry trends in accounting practices amidst the evolving gig economy.
Facedrive Inc. (TSXV:FD, OTC:FDVRF) announces the retirement of Paul Zed from its Board of Directors, effective October 30, 2021. Mr. Zed expressed gratitude for his time with the company, highlighting its resilience during the pandemic. Facedrive's CEO, Suman Pushparajah, acknowledged Mr. Zed's significant contributions and indicated that the company is assessing potential replacements for his position. Facedrive offers eco-friendly services such as rideshare, food delivery, and health tech, aligned with its mission of sustainability.
Facedrive Inc. (TSXV:FD, OTCQX:FDVRF) provides an update regarding ongoing allegations surrounding its business. The company has filed a statement of claim against Imran Khan and ISRR Holdings for insider trading violations, alleging that Khan sold 491,300 shares for over $3.5 million while in possession of undisclosed information. Additionally, Facedrive received shareholder approval for its Performance and Restricted Share Unit Plan, which seeks to attract and retain talent. The plan will allow for the issuance of up to 3,728,584 common shares.
Facedrive Inc. (OTCQX:FDVRF) announced financial results for Q2 2021, reporting revenues of $4,973,100 from its food delivery business, a substantial increase from $0 in Q2 2020. The company capitalized on pandemic-driven shifts in consumer behavior, fulfilling an average of 4,700 orders per day across Canada. Facedrive Foods also expanded merchandise sales, contributing $2,207,042 in revenues. Facedrive Health's Back-to-Business suite has received commitments from over 1,500 businesses. Stock volatility led to the company reconsidering strategic decisions, including postponing a private placement.
Facedrive Inc. (TSXV:FD, OTCQX:FDVRF) announces significant changes in its senior management team, effective September 2021. Chief Executive Officer and Chairman Sayan Navaratnam, along with Board member Bill Kanters and CFO Fairy Lee, will step down. Suman Pushparajah, the current COO, is promoted to CEO, while Junaid Razvi, a company founder, becomes Chairman. The company emphasizes strong succession planning and aims to enhance its technology platform focused on ESG-friendly solutions. This transition is seen as a strategic move for continued growth and operational efficiency.
Facedrive Inc. (OTCQX: FDVRF) has announced the deployment of its TraceSCAN contact-tracing platform at Eden Lodge Nursery School in Barbados. The platform provides a comprehensive solution for pre-screening and contactless drop-off, ensuring safety for students and staff. Utilizing Bluetooth technology, TraceSCAN is suited for environments where mobile devices may not be accessible. The partnership is expected to pave the way for further applications in the education sector as schools reopen. Facedrive aims to leverage this deployment to expand its customer base across educational institutions in the Caribbean.
Facedrive is deploying its contact-tracing platform, TraceSCAN, with TO Live, a Toronto city agency managing major theatres. This deployment aims to mitigate COVID-19 spread among staff during venue preparation for reopening. TraceSCAN uses advanced Bluetooth technology to record interactions and identify high-risk individuals. The solution aligns with Ontario's reopening strategy, enhancing safety protocols as events resume this summer. The CEO highlights this partnership as a potential growth catalyst within the entertainment sector.
Facedrive (TSXV:FD) (OTCQX:FDVRF) has launched the EcoCRED mobile application as part of a Pilot Project with The Maryland-National Capital Park and Planning Commission and Pepco. This initiative aims to help residents in Prince George’s County reduce their carbon footprint and foster eco-friendly habits. EcoCRED estimates users’ carbon emissions based on personal data and encourages sustainable practices. Over 40,000 users have already reduced more than 4 million pounds of carbon emissions, highlighting the app's impact and potential.
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