STEER Announces Deployment of Delivery-as-a-Service (“DaaS”) Offering to More Than 200 Small and Medium-Sized Businesses

STEER’s DaaS offering has demonstrated its operational success, with more than 200 local merchants in the Greater Toronto Area and a 99% on-time delivery rate. The Company has also seen many of its customers move from a hybrid contract to a full-time contract with STEER. Following its success with small local vendors, STEER’s DaaS offering is being promoted to big-box retailers, some of whom have also expressed interest in the offering. The company believes that its ESG value proposition, powered by its proprietary EcoCRED carbon offset analytics platform, sets the STEER DaaS offering apart from its competitors. In particular, EcoCRED’s capabilities to capture, analyze and report on key ESG data may appeal to socially responsible brands and large retailers, who are increasingly aware of environmental monitoring and reporting protocols.

The global delivery-as-a-service market, valued at $18.7 billion in 2020, is expected to grow at a CAGR of 18.9% for the period 2021-20271, making it one of the fastest growing sectors in today’s global economy. This growth has been accelerated by the global impact of the COVID-19 pandemic and goes beyond food deliveries, spanning nearly every consumer product category. This megatrend presents qualified vendors like STEER with a potentially lucrative opportunity to increase their market presence and significantly increase their revenue.

STEER’s DaaS offering leverages assets and technology developed by the company through its existing on-demand offerings. Specifically, the introduction of DaaS allows the company to leverage its technology stack, operational expertise, and existing infrastructure, including drivers, to deliver an agile, nimble, cost-effective, and customizable product. STEER’s technology-driven delivery management software integrates directly with the merchant’s point of sale (“POS“) and provides visibility, KPI controls and data processing. In addition, STEER leverages its built-in data science algorithms to analyze daily demand cycles for each individual offer and to streamline resource allocation Going forward, this data will be used to identify cross-selling opportunities within the STEER platform and provide customers with analytics, metrics and data that quantifies their carbon reduction efforts.

STEER’s DaaS offering also capitalizes on synergies with its existing on-demand services through a shared fleet of drivers. For drivers, this means potentially higher earnings through an additional revenue stream, reduced idle time, and the convenience of running fewer apps on their phone. For the company, the introduction of DaaS functionality translates to greater operational efficiency through unified driver acquisition, training, and optimization of marketing spend across the platform. The company believes these operational efficiencies will translate into economies of scale as STEER’s DaaS integrates more vendors and launches operations in new geographies.

“Delivery as a service represents a natural evolution for our business. Having built significant assets and expertise in the mobility and food delivery segments, it is important for us to leverage our existing assets to penetrate a growing market. This allows us to gradually grow revenues in the near future while not increasing costs at the same rate. We confirmed demand during our launch with more than 200 small and medium suppliers and we are focusing now on large retail customers. With the launch of DaaS, STEER’s vision to create an ATM ecosystem for an environmentally conscious B2C and B2B consumer has come one step closer to realization,” said Suman PushparajahChief executive officer.

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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 brings together conscientious users, 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, the B2B market, delivery as service (DaaS) and carpooling 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.

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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 launch of the company’s next step with big-box retailers, 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, 2021 (filed on SEDAR on May 2, 2022) 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.

Margie D. Carlisle