STEER Announces Senior Management Change

Rhea-AI Summary

STEER Technologies Inc. announced the termination of Suman Pushparajah as CEO, with Junaid Razvi appointed as interim CEO.

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• Change in senior management could create uncertainty in the company's direction.

TORONTO--(BUSINESS WIRE)-- STEER Technologies Inc. (“STEER” or the “Company”) (TSXV: STER), (OTCQX: STEEF), an integrated ESG technology platform, today announced a change to its senior management team with Suman Pushparajah having been terminated as the Company’s Chief Executive Officer (CEO), effective immediately. Following his termination, Mr. Pushparajah will continue to serve as a director of the Company.

In order to ensure continuity going forward, the Company has appointed Mr. Junaid Razvi, the Company’s founder and Chairman of the Board who has remained active in the business since inception, as interim CEO. The Company is commencing a search process to identify a suitable successor to fill the role of CEO on a permanent basis.

“STEER’s Board of Directors today announced the termination of Suman Pushparajah as the Company’s CEO. We felt this was necessary at this time to ensure that the best interests of the Company continue to be pursued and carried out,” said Mr. Razvi.

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 ecosystem 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.

Junaid Razvi, Chairman of the Board
junaid@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 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 success of the Company’s search for a suitable Chief Executive, 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, 2022 (filed on SEDAR on May 1, 2023) and its interim MD&A for the period ended March 31, 2023 (filed on SEDAR on May 30, 2023) 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/20230911953428/en/

For further information:

Company Contact: Junaid Razvi, junaid@steeresg.com

Media Contact: Maria Verbytska, maria@steeresg.com

Tel: 1-888-300-2228

Source: STEER Technologies Inc.