STEER Technologies Inc. Receives TSXV Approval to Finalize Corporate Name Change

Rhea-AI Summary

STEER Technologies Inc. (formerly Facedrive Inc.) has received TSX Venture Exchange approval for its name change and new stock symbol 'STER', effective October 11, 2022. This follows previous shareholder approval and aligns with the company's rebranding efforts announced in April 2022. The new CUSIP number is 858335102 and ISIN is CA8583351025. There’s no change in the company’s capitalization, and no action is required by current security holders. STEER focuses on eco-friendly mobility services and aims to enhance its electric vehicle subscription and on-demand service offerings.

Positive

• Successful rebranding to STEER Technologies Inc. expected to enhance market presence.
• Approval of new stock symbol 'STER' and continuation of trading on TSXV.
• No change in company capitalization ensures stability for existing shareholders.

Negative

• None.

TORONTO--(BUSINESS WIRE)-- Facedrive Inc. (“STEER” or “the Company”) (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, is pleased to announce it has received TSX Venture Exchange (the “TSXV”) approval for its corporate name change from “Facedrive Inc.” to “STEER Technologies Inc.” and its related stock symbol change to “STER”. This announcement follows on the Company’s news release dated April 20, 2022, announcing its overall rebranding efforts to “STEER” and the approval of its shareholders to a corporate name change on July 12, 2022. Trading on the TSXV in the Company’s common shares under the new ticker symbol “STER” will commence at market opening on October 11, 2022. Contemporaneously, it is anticipated that the Company’s common shares on the OTCQX will begin trading under the new stock symbol “STEEF”.

The Company’s common shares have a new CUSIP number of 858335102 and ISIN number of CA8583351025. The transfer agent of the Company continues to be Odyssey Trust Company. There is no change in the capitalization of the Company in connection with the change of name and new trading symbols. No action is required by existing security holders of the Company with respect to the name change and new trading symbols. Outstanding common shares certificates or DRS notices do not need to be exchanged. If registered shareholders have any questions or wish to receive an updated DRS statement or share certificate, they can contact the Company’s transfer agent, Odyssey Trust by calling toll free 1 (587) 885-0960, or by email at shareholders@odysseytrust.com or by visiting www.odysseycontact.com.

"We are extremely excited to take this final step in repositioning our brand as "STEER" and get all final approvals to start trading under the updated symbol. We feel the new name and logo truly encapsulate the entirety of STEER’s value proposition as a means to steer the world towards eco-friendliness and social responsibility in a nimble and agile manner. Market response and acceptance of the new name and logo have been positive since the launch of the rebranding campaign, and we believe that the strong new brand we are creating will continue to drive growth and steer us to be a global leader of on-demand and subscription-based mobility services," said Suman Pushparajah, CEO of the Company.

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.steeresg.com.
Suman Pushparajah, CEO
suman@steeresg.com
STEER
100 Consilium Pl, Unit 400
Scarborough, ON
Canada M1H 3E3
www.steeresg.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 scale up its electric vehicle fleet. 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 (for example, the success of the Company’s rebranding campaigns with its new name) 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 periods ended March 31, 2022 (filed on SEDAR on May 30, 2022) and June 30, 2022 (filed on SEDAR on August 29, 2022) 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221005005331/en/

Company: Maria Verbytska, investor@steeresg.com

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

Source: STEER Technologies Inc.

FAQ

What is the new stock symbol for STEER Technologies Inc.?

The new stock symbol is 'STER' for trading on the TSX Venture Exchange.

When will STEER Technologies Inc. begin trading under the new symbol?

Trading under the new symbol 'STER' will commence on October 11, 2022.

What does the rebranding to STEER Technologies Inc. signify?

The rebranding represents an effort to align the company's identity with its focus on eco-friendly and socially responsible mobility services.

Is there any action required by existing shareholders due to the name change?

No action is required by existing security holders regarding the name change and new trading symbols.

What is the purpose of STEER Technologies Inc.'s platform?

The platform aims to aggregate users for subscription and on-demand mobility services, focusing on environmental sustainability.