STEER Provides Update on Previously-Announced $18 Million Direct Investment Involving Its Digital Restaurant Supply Business (B2B Marketplace)
TORONTO–(BUSINESS WIRE)–$STEEF #Technology–STEER Technologies Inc. (“STEER” or the “Company”) (TSXV: STER) (OTCQX: STEEF), an integrated ESG technology platform, is pleased to provide an update on its previously-announced sale (the “Proposed Transaction”) of approximately 37.5% of the Company’s digital restaurant supply business (the “Restaurant Supply Business”), which is currently indirectly held through STEER’s wholly-owned subsidiary, Food Hwy Canada Inc., to a group of investors (the “Investor Group”) at a post-money valuation of approximately $48 million.
As announced on January 23, 2023, STEER has entered into a non-binding term sheet to complete the Proposed Transaction (the “Term Sheet”). The Company expects to announce additional details when definitive agreements are executed in connection with the Proposed Transaction. The parties continue to work together in finalizing the definitive agreements, as well as on other matters contemplated by the Term Sheet.
Subject to the fulfillment of the respective terms and conditions contained in the definitive agreements, including the parties obtaining all necessary consents, orders and regulatory approvals, including the approval of the TSX Venture Exchange (the “TSXV”), it is anticipated that the Proposed Transaction will close on or about March 17, 2023 (the “Closing Date”).
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 ecosystem that aggregates conscientious users, through a series of connected offerings, and enables 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 incorporating delivery, Restaurant Supply Business, Delivery-as-a-Service (DaaS) and rideshare businesses. The Company’s platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyze, parse and report on key data points in ways that measure the Company’s impact on carbon reductions and offsets.
For more about the Company, visit www.steeresg.com.
Suman Pushparajah, CEO
suman@steeresg.com
STEER
100 Consilium Pl, Unit 400
Scarborough, ON
Canada M1H 3E3
www.steeresg.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. This information is based on management’s reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events, such as those pertaining to the closing and final terms of the Proposed Transaction, the Closing Date, the composition of the Investor Group, that a sufficient amount of capital will be raised from the Investor Group in order to proceed with the Proposed Transaction and the Company’s ability to obtain TSXV approval for the Proposed Transaction, may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of 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 instead 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. In particular, statements pertaining to the timing, terms and completion of the Proposed Transaction constitute forward-looking information.
See “Forward-Looking Information” and “Risk Factors” in the Company’s Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2021 (filed on SEDAR on May 2, 2022) and its interim MD&A for the period ended March 31, 2022, June 30, 2022, September 30, 2022 (filed on SEDAR on May 30, 2022, August 29, 2022 and November 29, 2022 respectively) for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. The Company has no intention and undertakes 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 applicable securities legislation and regulatory requirements.
The TSXV has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Contacts
For further information:
Company Contact: Suman Pushparajah, suman@steeresg.com
Media Contact: Maria Verbytska, maria@steeresg.com, Tel: 1-888-300-2228
