STEER EV Subscription Service Expands to Florida

Rhea-AI Summary

Facedrive Inc. (TSXV: FD, OTCQX: FDVRF) announces an expansion of its electric vehicle subscription service, STEER EV, into Florida with an operational hub in Tampa. This new service area, effective September 2022, is part of STEER's growth strategy following successful financing. The company aims to challenge traditional car ownership models while capitalizing on the increasing demand for eco-friendly transportation options. The global car subscription market is projected to grow from $3.55 billion in 2019 to $12.1 billion by 2027.

Positive

• Expansion of STEER EV subscription service into Florida enhances market presence.
• Increased geographical footprint with plans for further service area additions.
• STEER EV model provides comprehensive subscription services, attracting eco-conscious consumers.

Negative

• None.

TORONTO--(BUSINESS WIRE)-- Facedrive Inc. (“STEER” or “the Company”) (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, is pleased to announce its electric vehicle subscription service (“STEER EV”) has added Florida, USA, as a new service area with an operational hub in Tampa. STEER EV’s subscription service is available to the eligible residents of the state as of September, 2022. After successfully securing the financing necessary to facilitate further growth, STEER is actively expanding its geographical footprint throughout the second half of 2022 and growing its EV fleet to support the new regions in operation.

From its inception, the STEER EV platform has been focused on challenging the traditional car ownership model and accelerating the general public’s switchover to environmentally friendly transportation through an automobile subscription service. Having transformed the platform into one of the leading providers of subscription-based EV services, the Company feels its turnkey month-to-month model – which includes insurance, maintenance, vehicle swaps and concierge delivery – presents an attractive alternative for customers seeking a time-efficient and hassle-free transportation solution.

The Company sees STEER EV capitalizing on two mega-trends in the personal transport industry: increasing eco-consciousness on part of individuals and governments alike, as well as a general shift away from traditional car ownership in favour of more flexible options such as per-use or subscription-based services, particularly among the younger generation. The global car subscription market was valued at $3.55 billion in 2019, and is projected to reach $12.1 billion by 2027, representing a compounded annual growth rate (CAGR) of 23.1%.¹ As an ESG ecosystem, STEER is confident that its commitment to working alongside responsible governments, businesses and individuals in addressing environmental, social and governance concerns positions it well to capture growth in the electric vehicle subscription services market in the years to come.

Florida represents a key market to the STEER EV platform, strengthening its leadership position in the Southern region of the USA and providing for greater fleet management efficiencies. The Company also feels this expansion strongly aligns with the commitment of the US Government to build out a network of 500,000 electric vehicle chargers along America’s highways and in communities by 2030 as part of a shift towards cleaner fuels and a general decarbonisation of the country’s transportation sector².

“We are excited to bring our EV subscription services to Florida, which is our third market in the USA and fifth overall. Florida is home to diverse and vibrant communities, and we are looking forward to assisting them with their green transportation needs. This is also STEER’s third consecutive month adding new operational areas to its service network, with Texas added in July and British Columbia in August. This reflects our team’s hard work and dedication to delivering on its commitment to offer new sustainable personal transportation options to more communities in North America this year. Shortly after Florida, the STEER EV service should become available to the residents of California,” said Suman Pushparajah, CEO of STEER.

About the Company

STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company’s goal is to build a one-of-a-kind system that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. The Company’s offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, STEER EV, and on-demand services incorporating delivery, B2B marketplace, Delivery-as-a-Service (DaaS) and rideshare businesses. The Company’s platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyze, parse and report on key data points in ways that measure the Company’s impact on carbon reductions and offsets.

For more about the Company, visit www.facedrive.com.

Suman Pushparajah, CEO
suman@facedrive.com
STEER
100 Consilium Pl, Unit 400
Scarborough, ON
Canada M1H 3E3
www.facedrive.com

Forward-Looking Information

Certain information in this press release contains forward-looking information, including with respect to the Company’s business, operations and condition, management’s objectives, strategies, beliefs and intentions, and the company’s forward plans to rebrand. 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 those pertaining to the Company’s planned future launches and intended fleet growth, 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 the Company’s Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2021 (filed on SEDAR on May 2, 2022) and its interim MD&A for the period ended March 31, 2022 and June 30, 2022 (filed on SEDAR on May 30, 2022 and August 29, 2022 respectively) 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.

¹ https://www.alliedmarketresearch.com/car-subscription-market-A10188#:~:text=The%20global%20car%20subscription%20market,with%20a%20CAGR%20of%2021.7%25
² https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/09/fact-sheet-biden-harris-administration-proposes-new-standards-for-national-electric-vehicle-charging-network/

View source version on businesswire.com: https://www.businesswire.com/news/home/20220920005844/en/

For further information:

Company Contact: Maria Verbytska, investor@facedrive.com

Media Contact: Sana Srithas, sana@facedrive.com, Tel: 1-888-300-2228

Source: STEER EV

FAQ

When did Facedrive expand its STEER EV service to Florida?

Facedrive expanded its STEER EV subscription service to Florida effective September 2022.

What is the projected growth of the car subscription market?

The global car subscription market is projected to grow from $3.55 billion in 2019 to $12.1 billion by 2027.

What is the significance of Florida for STEER EV?

Florida represents a key market for STEER EV, strengthening its leadership in the Southern USA and improving fleet management efficiencies.

How does STEER EV's subscription model differ from traditional car ownership?

STEER EV's subscription model offers a month-to-month service that includes insurance, maintenance, and vehicle swaps, providing a hassle-free alternative to traditional car ownership.

What are STEER EV's future expansion plans after Florida?

Following the expansion into Florida, STEER EV plans to offer services in California.