VANCOUVER, BC, Dec. 30, 2020 /PRNewswire/ – Last Mile Holdings Ltd. (“MILE” or the “Company”) (TSXV: MILE) (OTC: AZNVF) announces an update to the previously announced Notice of Acceleration and Demand for Payment under the secured notes.
Yesterday, a public disposition of collateral was conducted by the secured lender for Last Mile Holdings Ltd. (“Last Mile”) and several of its indirect subsidiaries: OjO Electric Inc., Gotcha Mobility LLC, Gotcha Ride LLC, and Gotcha Bike LLC (collectively with Last Mile, the “Companies”). At the auction, the secured lender, Bolt Mobility Corporation, acquired substantially all of the assets of the Companies for a credit bid of USD$3 million.
The secured lender, following the foreclosure sale, granted a release to MILE of its corporate guarantee, subject to certain conditions the Company expects to fulfill. Once the conditions have been fulfilled the public parent company will only be liable for Canadian corporate liabilities.
For additional information on the Company, please visit lastmile-holdings.com.
About Last Mile Holdings
Last Mile Holdings (TSXV: MILE; OTC: AZNVF), formerly OjO Electric, is a micro-mobility company in the U.S., offering the broadest product suite in the industry. Last Mile has 25 university and 45 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. 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.