- October 27, 2020
- Posted by: James Gansman
- Category: News
Last Mile Holdings 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.
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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.
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.
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.
SOURCE Last Mile Holdings Ltd.