Facedrive Inc. (“STEER” or the “Company”) (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, today announced its 2021 operating and financial results (“Fiscal 2021”) for the fiscal year ended December 31, 2021. All financial results are presented in Canadian dollars, unless otherwise indicated.[1] Highlights include record revenue of $25,416,461 for fiscal 2021, compared to $3,934,354 for fiscal 2020, representing 546% year-over-year growth. The company also recorded a record gross merchandise value[2] of $76,928,000 in fiscal 2021, up from $13,941,560 in fiscal 2020, representing a growth of 452%. Steer’s electric vehicle subscription revenue grew to $2,804,700 in fiscal 2021 from $738,000 in fiscal 2020, a 280% growth, while delivery revenue Steer’s food business grew to $21,694,500 from $2,472,300 in fiscal 2020, a growth of 777%.

Fiscal 2021 interim financial and operational highlights

• Revenue for the 2021 financial year was $25,416,500 from $3,934,400 during the year ended December 31, 2020 .
• Fourth quarter 2021 revenue was $10,310,300 from $3,186,400 at the same time a year earlier.
• Facedrive Foods revenue was $21,694,500 in fiscal year 2021, compared to $2,472,300 in fiscal 2020, the Company estimating that 1 in 5 independent restaurants in Ontario have an account on their platform.
• Steer subscription revenue was $2,804,700 in fiscal year 2021, compared to $738,000 during fiscal year 2020.
• The net loss was $29,310,800 (whose $19,886,714.71 was cash) in fiscal 2021, compared to a net loss of $17,319,000 (whose $9,590,664 was cash) in fiscal year 2020, which means that while net loss increased by 69.2%, revenue increased by 546% for the same period.
• General and administrative expenses were $7,352,384 in fiscal year 2021, compared to $3,605,182 during fiscal year 2020.

“Fiscal 2021 was a year of strong revenue growth while creating a solid platform to further scale the company in terms of revenue and operations. We have built an organization where we can grow our revenue by 2022 and beyond without having to increase our costs at the same pace. Our results also show the continued growth and adoption of our platform. Our focus on data and analytics will be strategically important for our offerings, as it will be critical to expanding and growing our market share. Thanks to our recent financings, we have a well-capitalized company, and our focus in 2022 will be to leverage our platform and grow revenue from year after year,” said the CEO Suman Pushparajah .

For detailed information, please refer to Facedrive’s 2021 Annual Consolidated Financial Statements and its Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Years Ended December 31, 2021 and 2020 (the ” Annual management report 2021 “), filed on SEDAR at www.SEDAR.com. The following table presents a summary of the Company’s financial results for the years ended December 31, 2021 and 2020:

Selected Financial Highlights

Name change

The Company expects to publish a notice of meeting at the beginning May 2022 to announce a shareholder meeting date for the middle of July 2022 , subject to availability and scheduling conflicts. In addition to serving as the company’s annual general meeting, the company plans to seek approval for its official name change to “STEER Technologies Inc.” by way of amending articles. Until then, the Company will continue its rebranding efforts, including the launch of its new website and the rebranding of all offerings where possible and applicable.

Actions for debt

The Company intends to settle the unpaid debts owed by the Company to two consultants for a total amount of $69,500 (there ” Debt “), in accordance with the agreements with effective dates of May 1, 2022 through the issuance of 89,025 ordinary shares of the Company (” Shares “). The Shares will be issued at the price of $0.78 per share (” Actions for debt “). By issuing the Debt Shares, the Company intends to preserve cash to better fund its operations. Closing of the Debt Shares remains subject to acceptance by the TSX Venture Exchange.

About the company

STEER is an integrated ESG technology platform providing on-demand and subscription-based mobility and delivery services aimed at bringing people together, through mindful commerce, and moving the world forward. The company seeks to realize its vision by creating a one-of-a-kind system that brings conscientious users together, through a series of connected offerings, and allows 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 integrating delivery, B2B marketplace and ride-sharing activities. The Company’s platform is also powered by EcoCRED, its big data, analytics and machine learning engine that seeks to capture, analyze, analyze and report on key data points in ways that measure the impact of society on carbon reductions and offsets.

To learn more about the company, visit www.facedrive.com.

TO MANAGE
100 Consilium Pl, Unit 400
Scarborough, Ontario
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 future plans. of the company to change brands. This information is based on management’s reasonable assumptions and beliefs in light of the information currently available to us and is made as of the date of this press release. Actual results and the timing of events, such as those related to the company’s planned expansion of its electric vehicle business, may differ materially from those anticipated in the forward-looking information due to a variety of factors. Information regarding our expectations regarding 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 rather 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 MD&A for the year ended December 31, 2020 (filed on SEDAR on April 30, 2021 ) and its interim management report for the period ended September 30, 2021 (filed on SEDAR on November 29, 2021 ) for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to carefully consider uncertainties, risks and assumptions when evaluating 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 securities laws. applicable and regulatory requirements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Facedrive Inc.

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