CHARLESTON, S.C. and
VANCOUVER, BC, Oct. 27, 2020 /CNW/ - Last Mile Holdings
Ltd. ("MILE" or the "Company") (TSXV: MILE)
(OTC: AZNVF), a leading micro-mobility company with the
broadest product suite in the industry, has retained the services
of a leading corporate and financial advisory firm to explore and
evaluate several strategic options to further enhance shareholder
value. MILE's decision is in response to ongoing discussions with
certain potential strategic partners who have expressed an interest
in transacting with the Company.
"The Last Mile and Gotcha Mobility businesses are undervalued
assets, which collectively have the potential to realize material
returns on investment through our existing growth strategy as well
as additional strategic partnerships," said Last Mile Holdings CEO
Max Smith. "The Last Mile Board of
Directors has engaged a leading financial advisory firm to evaluate
select alternatives with the ultimate goal of maximizing value for
our shareholders."
Last Mile Holdings does not expect to disclose further
developments relating to this strategic review process, unless and
until its Board of Directors have approved a specific transaction
or otherwise concludes this review of strategic alternatives. There
can be no assurance that this process will result in the Company
pursuing a particular transaction or consummating any such
transaction.
About Last Mile Holdings
Last Mile Holdings
(TSXV: MILE; OTC: AZNVF), formerly OjO Electric, is one
of the largest micro-mobility companies in the U.S., offering the
broadest product suite in the industry. Last Mile has 30
university and 50 municipal contracted shared mobility systems
under the OjO and Gotcha brands. The acquisition of Gotcha in
the first quarter of 2020 provides an expansive growth pipeline and
a portfolio of products including electric bikes, scooters, and
cruisers. For more information,
visit lastmile-holdings.com.
Follow us on social:
LinkedIn: Last Mile Holdings
About Gotcha Mobility
Gotcha, a subsidiary of Last
Mile Holdings, is a shared electric mobility company dedicated to
providing innovative products and technologies that get people out
of single-occupancy cars and safely onto efficient, sustainable
micro-transit products. The company operates electric bikes,
scooters, and cruisers as transportation solutions tailored to
cities and universities across the US. Gotcha empowers communities
to lead happier, more productive lives through the transformative
power of affordable, accessible micro-transit. For more
information, visit ridegotcha.com.
Follow us on social:
Instagram: @RideGotcha
Facebook: @RideGotcha
Cautionary Statement Regarding Forward-Looking
Information
This news release includes certain
"forward-looking statements" and "forward-looking information"
under applicable Canadian securities legislation that are not
historical facts. Forward-looking statements involve risks,
uncertainties, and other factors that could cause actual results,
performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements with respect to: Last Mile Holdings and
Gotcha's business and prospects and the Company's objectives, goals
or future plans, including the planned deployment of its mobility
units; and the business, operations, expected future costs and
revenues for and management of the Company. Forward-looking
statements are necessarily based on a number of estimates and
assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties and other factors which may cause
actual results and future events to differ materially from those
expressed or implied by such forward-looking statements. Such
factors include, but are not limited to: the ability of Company to
meet its deployment targets, access to sufficient mobility units,
usage of mobility units, meeting the requirements of the permits
granted to Company including insurance, general business, economic
and social uncertainties including the impact of COVID-19;
litigation, legislative, environmental and other judicial,
regulatory, political and competitive developments; delay or
failure to receive board, shareholder or regulatory approvals;
those additional risks set out in the Company's public documents
filed on SEDAR at www.sedar.com; and other discussed in this news
release. Accordingly, the forward-looking statements discussed in
this release, may not occur and could differ materially as a result
of these known and unknown risk factors and uncertainties affecting
the companies. Although the Company believes that the assumptions
and factors used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed time frames or at all. Specifically, there is no
guarantee that the company will obtain a strategic partner as
described above. Except where required by law, the Company
disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
Reader Advisory
Neither the TSX-V nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX-V) accepts responsibility of the adequacy or
accuracy of this release.
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SOURCE Last Mile Holdings Ltd.
