Facedrive Finalizes Major Acquisition of foodora Assets

TORONTO–(BUSINESS WIRE)–Facedrive Inc. (“Facedrive”) (TSXV: FD), the first Canadian peer-to-peer, eco-friendly and socially responsible ridesharing network, is pleased to announce that on July 9th, 2020, the company closed the transaction (the “Acquisition Transaction”) to acquire certain assets of foodora Inc. (“foodora Canada”). Facedrive had initially disclosed the Acquisition Transaction on May 14, 2020, by announcing that it had entered into a binding term sheet with foodora Canada within the context of the proposal proceedings commenced by foodora Canada under the Bankruptcy and Insolvency Act (“Proposal Proceedings”). Facedrive and foodora Canada formalized the terms of the binding term sheet in a definitive purchase agreement dated June 1, 2020 (the “Purchase Agreement”).