on October 21, 2023
It was with a heavy heart that I earlier announced my resignation from Facedrive Inc. as of September 1, 2021. Which Will Outperform: U.S. Stocks or International? At its inception, Facedrive was seen by some as simply a sustainable ridesharing business. Persons: william a kanters, sayan navaratnam , facedrive heath Organizations: toronto community housing, housing services corporation, business efficiency unit at toronto community housing, mccain foods limited, mccain foods, facedrive health, global sustainability business division, company audit committee fool.ca What you need to know, William Watson: Let's unplug the inflation treadmill, tap here to see other videos from our team, https://www.businesswire.com/news/home/20210904005011/en/. Among others, the Investor Group is comprised of the following: (i) two members of the current management team of STEER (being Suman Pushparajah, the CEO of STEER, and Junaid Razvi, the Chairman of STEER, who collectively hold 1.75% of the issued and outstanding FoodsUp Shares as of closing of the Transaction (the Closing Date)); (ii) Sayan Navaratnam, a greater than 10% shareholder of STEER (who holds 1.67% of the issued and outstanding FoodsUp Shares as of the Closing Date); (iii) four members of the current management team of Food Hwy (with Di Han, head of the Restaurant Supply Business and the CEO of FoodsUp, holding 4.8% of the issued and outstanding FoodsUp Shares as of the Closing Date); (iv) certain close personal friends of Di Han (who collectively hold 1.68% of the issued and outstanding FoodsUp as of the Closing Date); and (v) certain strategic arms-length investors. A promotional video tweeted by Economic Development Minister Victor Fedeli said the funding would enable Facedrive to manufacture 150,000 devices right here in Ontario.. Since that announcement, Mr. Khan has sold hundreds of thousands of Facedrive shares and made millions of dollars. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. It is currently unclear whether the ticker symbol of the company will change. (The firm, Westbrook, did not respond to e-mails. Number of Current Jobs 1. And Ford was giving it more cash. Last October, Virgin Galactic Holdings became the first space tourism company to hit public markets after listing on the New York Stock Exchange (NYSE).Each space venture wildly different from the next: Branson's relies on a space plan dropped from a carrier aircraft, and only then does the rocket kick in, boosting passengers high into the atmosphere. Letter to Shareholders of Facedrive Inc. from Sayan Navaratnam Forward looking statements in this publication include that the demand for ride sharing services will grow; that the demand for environmentally conscientious ride sharing services companies in particular will grow; that Facedrive will be able to fund its capital requirements in the near term and long term; and that Facedrive will be able to carry out its business plan. Edit Overview Section. In 2011, Creative Vistas sold its largest division, Cancable, to an affiliate of Laurus for one dollar. When typing in this field, a list of search results will appear and be automatically updated as you type. Musk is likely to emerge with three crowns on the ground: EVs, solar, and clean energy. The news flow has been as fast as the rate of infection in the United States. Moller-Maersk (AMKBY), Sren Skou has made significant progress towards pushing the company into the future. Millennials are driving a new mega-trend: impact-investing. South Korean singer and television personality most well known for her recurring appearances on the series Running Man. Therefore, this communication should be viewed as a commercial advertisement only. Product information from Facedrive's website describes the devices it offers for COVID-19 contact tracing. Overview. He brought much needed discipline, according to a former executive with the company. (The Globe is not naming the source because he is not authorized to discuss PetroAlgae publicly.). Facedrive built out its electric vehicle subscription business through its acquisition of Steer from Exelon. I have absolute faith in the management team to execute on our vision and remain the largest shareholder. It may seem easy to overlook Tesla's solar business considering that the solar panel and battery segment brought in just six percent of the company's revenue in 2019. Sayan gets it, too. Having been involved in STEERs Restaurant Supply Business since its inception, I see the enormous potential this platform has both in terms of growing its geographic footprint and increasing presence in our current markets. In the span of only several weeks, Facedrive has announced global expansionto Europe and the United States, acquired an innovative carpooling platform called HiRidethat is storming the Canadian long-distance ride-share segment#3 Richard BransonIn February, Branson's Virgin Galactic (SPCE) launched its new "One Small Step" qualification process, which means that for $1,000, the most serious about flying to space can buy their way to the front of the line for reservations on a space flight whose timing and price remains elusive still, even though tickets for the inaugural flights haveearlier been priced at $250,000 apiece.So far, 7,957 peoplehave signed up, including Justin Beiber and Leonardo DiCaprio.But this is a futuristic endeavor, so profits are also futuristic. For many years, hes operated dull, privately held companies in unglamorous industries: hydraulic systems, IT staffing, call centres. Sayan Navaratnam - Previous CEO for Connex Services (Us), Inc. how many combat troops does russia have? How did Facedrive, a tiny Canadian tech startup, become a multibillion-dollar company? by Business Wire. Chief Clearsky could not say whether Waywayseecappo invested until he talked to the communitys financial advisers. Before the plunge, the company had been a darling of the TSX Venture Exchange, one of its top 50 performers. Wife of Christopher Viswasam (former CCS), sister of Dr. Anton Navaratnam (UK) and Mrs. Selvathy Joseph (S Such investors are expected to become, subject to their contractual restrictions and financial and legal advice, free from any voluntary lock up extension. (Ottawa and Guelph did not provide exact figures.) Facedrive built out its electric vehicle subscription business through its acquisition of Steer from Exelon. He said the claim is without any factual or legal merit., Mr. Navaratnams own lockup provisions were set to start expiring in March, too. We not only have the soon-to-be available space tourism, but we've also got the even more futuristic colonization of Mars, which is about transportation as much as it is about anything. disadvantage of modified wave scheduling - uniskip.com However, I will not allow my pursuit of Mr. Khan to conflict with or distract from the business of Facedrive. For a company that was once given an outside chance against deep-pocketed ICE heavyweights, Tesla is suddenly being hailed as a clean energy revolutionary and Wall Street cannot seem to get enough of the EV maker. The company that set out to upend the fuel industry now sells protein powder made from water lentils. News linked to sayan navaratnam: Where is sayan navaratnam mentioned in However, the Transaction is exempt from the formal valuation and the minority shareholder approval requirements of MI 61-101 because no securities of STEER were listed or quoted on any of the specified markets listed in section 5.5(b) of MI 61-101 and, at the time the transaction was agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeded 25% of STEERs market capitalization. DISCLAIMER:OilPrice.com is Source of all content listed above. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. I saw something far more disruptive and transformational: an untapped ESG technology platform that could leverage mobility and logistical technology to bring consumers together and move the world forward. Ford government pledged $2.5 million to Facedrive for bracelets to (It has yet to file year-end results.). We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. Late last year, I commenced an action in the Ontario Superior Court of Justice against Mr. Khan, in which I dispute his ownership of a considerable number of Facedrive shares. The letter, obtained by The Globe and Mail, was more circumspect, noting that the technology could fill a gap and encouraged the company to advance TraceSCAN. The company started developing its own food delivery app, but ended up purchasing a small Toronto company called Food Hwy. After I commenced the action, Mr. Khan advised that he had no intention of selling shares in Facedrive. Mr. Navaratnam, who is CEO and chair, has attracted prominent supporters. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The Ride Sharing War Has Officially Begun: Interview With Sayan Navaratnam I did my best to lead by example. An instruction page that comes with TraceSCAN is identical to one in KKMs manual. A Facedrive investor presentation in March, 2020, outlined how its environmental ethos and brand partnerships (including with Will Smith) would help build the ride-sharing platform of the future. The company said at the time it had signed up more than 13,000 drivers. TraceSCAN faces challenges now that Canadians are getting vaccinated, though the company said it can expand into digital passports. Ride-sharing retrenched during the pandemic. On March 29, two days before Mr. Khans lockup restrictions were to start expiring, Mr. Navaratnam filed a lawsuit that alleges Mr. Khan misled him to secure his initial investment in Facedrive. BAIDU for its part, is taking on the automated car market. Background Report for Sayan Navaratnam Includes Age, Location, Address History for Sayan Navaratnam Arrest, Criminal, & Driving Records Social Media Profiles Possible relatives In Toronto, wait times were typically between 10 and 20 minutes, and few cars were available whenever a Globe reporter checked multiple times over the past few weeks. I also invited many of the key executives from other companies with which I am involved to assist with building the Facedrive business; all of them did so with no compensation. These products and services are usually sold through license agreements or subscriptions. This article was published more than 2 years ago. Update to Early Warning Report In Respect of Facedrive Inc. - Newswire The owner of Oilprice.com will be buying and selling shares of this issuer for its own profit. chata pre 20 osob vychodne slovensko; effects of racial discrimination in education STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. Investors received no consideration for these voluntary lock-up extensions. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. Late last year, I commenced an action in the Ontario Superior Court of Justice against Mr. Khan, in which I dispute his ownership of a considerable number of Facedrive shares. The Transaction was comprised of the following: spinning out the Restaurant Supply Business to FoodsUp Inc. (FoodsUp), a newly formed subsidiary of STEERs wholly-owned subsidiary, Food Hwy Canada Inc. (Food Hwy); pursuant to the Investment, FoodsUp has sold $16.5 million worth of its common shares (FoodsUp Shares) from treasury to a limited partnership controlled by the Investor Group (the Investor LP) by way of a non-brokered private placement; and. Its a small company with scant revenue. Letter to Shareholders of Facedrive Inc. from Sayan Navaratnam Mr. Navaratnam did not respond to a request for an interview. Its not just businesses, either. Available data from cities where Facedrive has said it operates show it has a fraction of that amount. We sort of see it as the mother of all AI projects. We are still analyzing the data, a spokesperson said, but the employee response was very positive., Riverside Natural Foods deployed TraceSCAN to its 400 employees across its facilities in Toronto. Ontario court filings claim Sayan Navaratnam took possession of an $11-million mansion in Markham, Ont., from Shajiraj Nadarajalingam, a real estate developer who also goes by the name Shaji. Our platform will work to continue driving positive change by promoting the use of reusable and recyclable products as well as organically grown food items. Mr. Navaratnam is not only seeking $12-million in damages, but the value of Mr. Khans shares about $503-million. A mention in the Globe and Mail last year spawned two press releases. Sayan Navaratnam Announces Indirect Acquisition of Units of Facedrive Inc. No finders fee was paid in connection with the Transaction. The Hottest Tech Sector Of 2020: Interview With Sayan Navaratnam I know its not a lot, she wrote in an e-mail last month. But these products, which have become household names, aren't even half of what Apple has up its sleeves. Don Harrison - Google. For decades, Apple computers have been on the cutting edge of technology and style. In consideration for an aggregate cash investment amount of $18 million, the Investor Group has indirectly acquired approximately 37.5% ownership of FoodsUp, subject to the Call Option, which, if fully exercised, would increase the Investor Groups indirect ownership of FoodsUp to 45%. She had a good feeling about it, and told others about it, too. Facedrive runs an online marketplace selling tech gadgets and accessories, but it earned just $8,597 in revenue the first three quarters of 2020. Your time is valuable. The devices, which the company calls TraceSCAN, vibrate or beep if users arent keeping a safe distance, and are supposed to be used in places where cellphones are banned, such as construction sites. And while rumors suggested they'd halted the project, reliable Apple analyst Ming-Chi Kuo guesses that it is still alive and well, and that an Apple car complete with driverless technology, could be launched any time between 2023 and 2025. A Facedrive official did not respond to a request for comment. The biggest disruption in the world right now--outside of the coronavirus--is that major hedge funds are giving in to the pressure and moving money into things that are environmentally and socially responsible. The focus on ESG, or environmental, social and governance values, follows a highly publicized spat between the original founder of the company, Imran Khan, and the former chairman and CEO of the company, Sayan Navaratnam. SpaceX announced test flights would start soon, with plans to land on the moon before 2022. Sayan Navarantnam, Creative Vistas Inc: Profile and Biography I learned last week that Mr. Khan intends to divest a further 786,000 shares. Noh Sa-yeon rose to prime prominence as a TV Show Host. Aadya Capital . Follow Greg McArthur on Twitter: @McarthurGregOpens in a new windowFollow Joe Castaldo on Twitter: @Joe_CastaldoOpens in a new window, Checking box will enable automatic data updates. The information in our communications and on our website has not been independently verified and is not guaranteed to be correct. It is intended that the $6 million in proceeds received by Food Hwy in connection with the Transaction will be applied by STEER and Food Hwy to further grow and develop their Subscription-Based and On-Demand service offerings, and to pay expenses incurred in connection with the Transaction. Statements containing forward-looking information are not facts but instead represent managements expectations, estimates and projections regarding future events or circumstances. In the first quarter, Facedrive reported just $75,917 in revenue from its TraceSCAN business. It's. Especially for investors looking to stay on top of the new tech trends.By. It began as a search engine but is quickly expanding into almost all things tech related. Moller - Marsk A/S (OTCPK: AMKBY), Baidu, Inc. (NASDAQ: BIDU). And the private company just penned a dealwith Space Adventures to fly private citizens to orbit aboard their Crew Dragon spacecraft next year.#2 Sayan NavaratnamWhile Branson, Bezos and Musk are busy with "fly-me-to-the-moon" sentiments, Sayan Navaratnam-- planning to join the other transportation gurusis quietly making moves on a more Earthly scale. Please try again. That. Biography. He picked up the torch and helped turn all of Apple's operations into stunning examples of creativity, sustainability, and innovation. Alliance of Exporters and manufacturers of Ontario. Part of a small Facebook group for retail Facedrive investors, she owns just a few shares. The next issue of Financial Post Top Stories will soon be in your inbox. Most of the companys sharesnearly 86 million, according to its most recent financialsare under contractual lock-up restrictions, meaning they cannot be sold. Sayan Navaratnam is CEO and chair of Facedrive Inc., an Ontario-based tech startup that at one point was more valuable than Canadian giants like SNC-Lavalin and Maple Leaf Foods. Both professors were quoted in multiple press releases and appeared in a video, but neither returned e-mails and calls from The Globe. He caught on to the megatrend of sustainable investing years ago. FNM is NOT affiliated in any manner with OilPrice.com or any company mentioned herein. marianne.gracey@sympatico.ca, Internet Explorer presents a security risk. Edit Jobs Section. Generali's No.3 investor Caltagirone withholds backing for 2022 accounts -sources, Musk says Tesla likely to launch full self-drive technology 'this year', Exclusive: JPMorgan employees gripe about Dimon's return-to-office edict, SpaceX rocket explosion illustrates Elon Musk's 'successful failure' formula, Cucinelli posts 33% rise in Q1 sales, confirms 2023 revenue growth forecast, Wolfgang Porsche announces final term on Volkswagen supervisory board, Exclusive-Peter Thiel, Republican megadonor, won't fund candidates in 2024 - sources, Virginia Governor Youngkin 'humbled' by talk of possible presidential run, European Midday Briefing: Mood Brighter After -2-, Tim Cook unveils new Apple store in India, Facedrive Inc. announced that it has received CAD 17.5 million in funding from Connex Telecommunications Corporation, Malar Group Inc. and other investors, Facedrive Inc. An affiliated company of Oilprice.com, Advanced Media Solutions Ltd, and their owners, managers, employees, and assigns (collectively "the Company") has signed an agreement to be paid in shares to provide services to expand ridership and attract drivers in certain jurisdictions outside Canada and the United States. From its green initiatives to its technological edge, Maersk has grown significantly under Skou. Former Facedrive CEO embroiled in lawsuits alleging real estate fraud As a team, we have always been in it for the long term and believed that, in time, the company would become characterized by a stable and reliably traded stock. Shares had already collapsed 99 per cent from the peak in 2007. And its a company whose biggest shareholders are battling in court over hundreds of millions of dollars. The company has also customized the technology, it said, such as by adding a feature to pinpoint locations of potential COVID-19 contamination., TraceSCAN is used in a few places. I have absolute faith in the management team to execute on our vision and remain the largest shareholder. Letter to Shareholders of Facedrive Inc. from Sayan Navaratnam Given Mr. Khans conduct, Facedrive Inc. announced earlier that it is offering to release investors from all voluntary lock-up agreements. Due to the inclusion of Suman Pushparajah, Junaid Razvi, Sayan Navaratnam, Di Han, Junyang Xie (Operations Manager), Yang Song (Warehouse Manager) and Che Wang (Procurement and Sales Manager) amongst the Investor Group, the Transaction constituted a Non-Arms Length Transaction (as such term is defined in the policies of the TSX Venture Exchange (the TSXV)) and a related party transaction by STEER in accordance with Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (MI 61-101). But the biggest mystery of all is just why Facedrive is a multibillion-dollar company in the first place. Starting back in 2014, Apple began quietly working on "Project Titan," a secretive electric car endeavor. The Labourers International Union of North America (LiUNA), which has 130,000 members in Canada, announced it would adopt TraceSCAN, run a pilot project at a construction site, and then endorsed the device for use across its work sites. Green stocks will eventually eclipsethe current technology monopolies, and even the world's top oil tradersare going green. It's probably one of the most difficult AI projects actually to work on.". The director's office address is 2100 Forbes Street, Unit 8-10, Whitby, ON L1N 9T3. Noh Sa-yeon - Celeb Net Worth Info Company Contact: Suman Pushparajah, suman@steeresg.com The suit also claims Mr. Khan breached the terms of his lock-up agreement by pledging his Facedrive shares in exchange for loans for a real estate development. The companys contributions allowed more than 5,200 trees to be planted, according to Forests Ontario, an environmental organization. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. Call us at (425) 485-6059. Read more about cookies here. This article was published more than 1 year ago. Sayan Navaratnam (the "Acquiror") announces that Malar Capital Inc. ("Malar") and Connex Telecommunications Inc. ("Connex") acquired an aggregate of 10,995,261 common shares ("Common Shares") and 10,995,261 share purchase warrants ("Warrants")of Facedrive Inc. (the "Company") as a result of Malar's and Connex's subscriptions for an aggregate of 10,995,261 units of the Company ("Units") at a . In 2016, Uber and Lyft were already locking up the ride-sharing market. PDF RESPONDING MOTION RECORD (Returnable October 15, 2021) - Alvarez and Marsal SAYAN NAVARATNAM: Currently, we have 74,018 users who have downloaded and created an account on the Facedrive platform. Mr. Khans decision to sell his shares has put his own interests ahead of those of Facedrives investors, employees and partners. When first released, the device completely turned everything we knew about cellular phones on its head. Given Facedrives current stock prices, the short sellers could not possibly cover the short, and therefore have put themselves in an existential battle with Facedrive, he wrote. The Companys 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 Companys impact on carbon reductions and offsets. By the end of 2012, the stock price had plummeted to 85 cents and PetroAlgae took on a new name and mission. Managing Partner. Already, Sayan is attracting huge names with Facedrive (FD.V)because it's been recognized as the #1 eco-friendly and socially responsible TaaS (Transportation as a Service) platform. The estimated net worth includes stocks, properties, and luxury goods such as yachts and private airplanes. We were happy to keep our heads down, put in the work, and reap the rewards at the right time. SAYAN NAVARATNAM (GOVERNING PERSON) TIDEL REVOLUTION LLC: TEXAS FOREIGN LIMITED-LIABILITY COMPANY (LLC) WRITE REVIEW: Address: 2025 W. Belt Line Rd., #114 Carrollton, TX 75006: Registered Agent: Gordon B. Russell: Filing Date: April 17, 2009: File Number: 0801111925: View People Named Sayan Navaratnam in New York By finding the greatness in a brand and then amplifying it, Jesse creates audience growth and customer loyalty. Sayan Navaratnam:: Chairman. Heung Hung Lee:: Chief Financial Officer and Secretary. The question is how. But Imran Khan and Junaid Razvi thought there was room for another player, and hatched the idea for Facedrive. Sayan Navaratnam, Facedrive's former CEO and board chair, has sold $8.5-million worth of shares since stepping down in September, while a numbered company he controls unloaded shares worth $5.3 . BY READING OUR CONTENT YOU EXPLICITLY AGREE TO THE FOLLOWING. FOR IMMEDIATE RELEASE. In 2019, Facedrive went public on the Venture Exchange through a reverse takeover, with Mr. Navaratnam as CEO, chairman and largest shareholder. nys ymca swimming championships 2022 After he registered, he flipped on the app, and waited. Sayan Navaratnam 2100 Forbes Street, Unit 8-10, Whitby, ON L1N 9T3 Despite this representation, Mr. Khan later publicly announced a plan to sell Facedrive shares. westside funeral home palmetto, florida obituaries Others are not convinced Facedrive is a sound investment. If it doesnt, then we dont, he said. For further information: I learned last week that Mr. Khan intends to divest a further 786,000 shares. Facedrive (FD.V) --the first ride-sharing company that contribute to planting a tree while you ride, and choose exactly what kind of footprint you want to leave behind.This is a new challenge to Uber, which simply hasn't sunk its teeth into the mega-trend of ESG investing.
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