CHARLESTON, S.C and
VANCOUVER, BC, Sept. 25, 2020 /CNW/ - Last Mile Holdings
Ltd. (formerly OjO Electric Corp.) (the "Company" or
"MILE") (TSXV: MILE) (OTC: AZNVF) announces that
further to its news release dated August 28,
2020, the Company is expecting to file its second quarter
financial statements and management's discussion and analysis for
the period ended June 30, 2020 (the
"Interim Filings") by the extension date of October 15, 2020 pursuant to exemptive relief
granted by Canadian securities regulatory authorities that allows
it to delay the filing of its annual documents required by sections
4.2 and 5.12(2) of National Instrument 51-102 ("NI
51-102"). In response to the coronavirus disease
pandemic, securities regulatory authorities in Canada have granted a blanket exemption
allowing issuers an additional 45 days to complete their regulatory
filings.
The Company is relying on blanket relief granted by Canadian
securities regulatory authorities under BC Instrument 51-515
allowing issuers an additional 45 days to complete their regulatory
filings required pursuant to sections 4.3 and 5.12(2) of
National Instrument 51-102 by August
31, 2020. The Company is continuing to work diligently
to file the Interim Filings at its earliest opportunity, which is
expected to occur on or before October 15,
2020.
Until such time as the Interim Filings are filed, the Company's
management and insiders are subject to a trading blackout that
reflects the principals contained in section 9 of National
Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations
in Multiple Jurisdictions.
Separately, the Company has amicably accepted the resignations
of Jessica Van Den Akker and
Alan Shapiro as members of the Board
of Directors. The Company appreciates their leadership during the
initial growth phase of the Company and wishes both of them well in
their future pursuits. The Company will appoint new board members
at the Annual General Meeting of Stockholders, which is tentatively
scheduled for December 18, 2020.
Additionally, pursuant to the Membership Interest Purchase
Agreement for the acquisition of Gotcha Mobility, LLC ("Gotcha")
dated January 10, 2020, the Company has issued the second
tranche of shares to Gotcha Media Holdings LLC (the "Vendor"),
being 25,932,283 limited voting shares, at a deemed price of
C$0.127 being the deemed price equal
to the five day VWAP of the Company limited voting shares
immediately prior to issuance. The shares issued are subject
to a four-month hold period, expiring December 29, 2020.
Other than as previously disclosed by the Company in news
releases, including the information herein, there are no other
material business developments since August
28, 2020, the date of the Company's news release announcing
the delay in filing of the Interim Filings, copies of which are
available on SEDAR at www.sedar.com.
For more information on Last Mile Holdings, visit
lastmile-holdings.com.
About Last Mile Holdings
Last Mile Holdings (TSXV:
MILE), formerly OjO Electric, is one of the largest micro-mobility
companies in the U.S., offering the broadest product suite in the
industry. Last Mile has 30 university and 50 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, trikes, scooters, and cruisers. For more
information, visit lastmile-holdings.com.
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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.
Reader Advisory
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.
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SOURCE Last Mile Holdings Ltd.
