After all, the global space industry is expected to generate revenue of $1.1 trillion or more in 2040, up from the current $350 billion, according to a recent Morgan Stanleyestimate.Branson is also the first in this cosmic segment to go public. April 1, 2008. STEER Closes $18 Million Direct Investment Into its Digital Restaurant Supply Business. 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. 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. 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. Scarborough, ON from 8 AM - 9 PM ET. The stock hit a high of US$26.75, but by the end of 2012, the stock price had plummeted to 85 US cents, and the company never reported any sales. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. It was with a heavy heart that I earlier announced my resignation from Facedrive Inc. as of September 1, 2021. Your time is valuable. The kicker for many, however, is that they can fold into an easily carriable pack, making them the perfect choice for a lot of commuters. As the 'Chinese Google,' Baidu is following a similar path to its American counterpart. With more miles under its belt than any of its competitors in Beijing, it's an easy choice for a number of investors. Investors received no consideration for these voluntary lock-up extensions. They give us a total breakdown of where they invested our money, he said, but I think it was two, three weeks ago that I said, Yeah, you should.. Primary Menu. Within PetroAlgae, Mr. Navaratnam was seen as Lauruss eyes and ears. 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. More than a year passed before Facedrive secured a licence to operate in Toronto and another year went by before it started operating in the city. While Facedrive touts its dedication to the environment, there were zero electric vehicles available, and hybrids were rare. Moller - Marsk A/S (OTCPK: AMKBY), Baidu, Inc. (NASDAQ: BIDU). Sayan gets it, too. AFFIDAVIT OF SAYAN NAVARATNAM (sworn October 14, 2021) I, Sayan Navaratnam, of the City of Richmond Hill, in the Province of Ontario, MAKE OATH AND SAY: I have reviewed with my counsel the application record filed by McEwan Enterprises Inc. ("MEI") in these Companies' Creditors Arrangement Act ("CCAA") Under Cook, Apple has thrived, pushing technology to its limits, all while securing the title as the World's First Trillion Dollar Company.#5 Mary T. BarraMary T. Barra sets herself apart in many ways. Media: Sana Srithas | sana@facedrive.com. Sayan Navarantnam, Creative Vistas Inc: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg Technology The only daily news program focused exclusively on technology, innovation and. Noh was born on March 3, 1957 in Changwon, South Korea. Most of the companys sharesnearly 86 million, according to its most recent financialsare under contractual lock-up restrictions, meaning they cannot be sold. Facedrive has struggled to turn a profit to match its sizable valuation.Ryan Carter/The Globe and Mail. He said the claim is without any factual or legal merit., Mr. Navaratnams own lockup provisions were set to start expiring in March, 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. Alliance of Exporters and manufacturers of Ontario. (The firm, Westbrook, did not respond to e-mails. He brought much needed discipline, according to a former executive with the company. Both professors were quoted in multiple press releases and appeared in a video, but neither returned e-mails and calls from The Globe. Risks that could change or prevent these statements from coming to fruition include changing governmental laws and policies; the company's ability to obtain and retain necessary licensing in each geographical area in which it operates; the success of the company's expansion activities; the ability of the company to attract a sufficient number of drivers to meet the demands of customer riders; the ability of the company to attract drivers who have electric vehicles and hybrid cars; the ability of the company to keep operating costs and customer charges competitive with other ride-hailing companies; and the company's ability to continue agreements on affordable terms with existing or new tree planting enterprises. Millennials are driving a new mega-trend: impact-investing. Facedrive built out a food delivery service through its acquisitions of Food Highway and Foodora, and later expanded this to offer last-mile logistical services. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. And his predecessor, Tim Cook, took Jobs' principles to heart. Just so, why are Jekyll and Lanyon no longer friends? Disclaimers on the site note the owner of OilPrice.com holds a considerable number of Facedrive shares. I refused a salary or stock based compensation and I refused reimbursement for company-related expenses. (A day later, Medtronics put out its own release announcing a one-year lock-up extension for its shares.). pursuant to the "Investment", FoodsUp has sold $16.5 million worth of its common shares . Overview. He previously held the position of Chief Executive Officer for Satellite Communications, Inc., Chief Operating Officer at Aspro Technologies Ltd., Member of Innovator's Alliance Corp., Member of Canadian Manufacturers & Exporters and Chief Executive Officer & Director at A.C. Technical Systems Ltd. But it is to me, especially on a fixed income. She had been researching stocks when she came across Facedrive, and was struck by the companys mission. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. In February, the Ontario government announced it was providing the company with a $2.5-million grant to help it develop its contract-tracing technology. Postmedia has not reviewed the content. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. So that takes us back to 2016, when we first came up with the idea. The estimated net worth includes stocks, properties, and luxury goods such as yachts and private airplanes. Holidays were few and far in between. From its green initiatives to its technological edge, Maersk has grown significantly under Skou. We all knew we were building something special. All of this while management felt fundamentals and execution of our vision are stronger and better than ever. Overall, Facedrive has focused on environmental, social, and governance (ESG) initiatives, also donating money to fight child marriage in Bangladesh. FNM is NOT affiliated in any manner with OilPrice.com or any company mentioned herein. But take even a cursory look at Facedrive, and its hard not to be mystified at the valuation. Maersk's ambitious environmental plans include the development of a full fleet of zero-carbon ships by 2030, and it's already well on its way. On March 8, however, Mr. Navaratnam extended the period for two years, while two other executives extended for an additional year. Noh Sa-yeon rose to prime prominence as a TV Show Host. 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. Facedrive's app launches on a smartphone.Ryan Carter/The Globe and Mail. Net Worth: $1.3 Billion Date of Birth: Jun 15, 1957 (65 years old) Place of Birth: Colombo Gender: Male Profession: Entrepreneur Nationality: United States of America Compare Raj. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. Mr. Khan appeared to have no operational role, according to the filings, though he remains the second largest shareholder. Navaratnam was one of three brown-skinned men who went missing from the Church-Wellesley area between 2010 and 2012, prompting police to open up an investigation dubbed Project Houston. Likewise, it has an equally large portfolio of innovative new technologyat a lower entry point than its competitors. Especially for investors looking to stay on top of the new tech trends.By. Facedrive runs an online marketplace selling tech gadgets and accessories, but it earned just $8,597 in revenue the first three quarters of 2020. Where the firm goes from here is anyones guess. It's worth the wait for the profit. But Facedrive has struggled to turn a profit to match its sizable valuation. The companys valuation was seemingly immune to any pandemic-induced slowdown, and Facedrive ended 2020 worth $1.5-billion. The stock price has even fallen 60 per cent from its February peak. Facedrive built out its electric vehicle subscription business through its acquisition of Steer from Exelon. Since Facedrive went public, it has taken steps to continue to keep insiders locked up, according to allegations made in court documents. We sell different types of products and services to both investment professionals and individual investors. Access articles from across Canada with one account. Even before COVID-19, the business was small: revenue from rides, after paying out drivers, totalled $349,104 in 2019. 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. Laurus took PetroAlgae public through a reverse takeover in 2008, and Mr. Navaratnam was appointed to the board. Summary. A recent studyby the Union of Concerned Scientists estimates that the average (U.S.) ride-hailing trip results in 69% more pollution than whatever transportation option it displaced. We, as a team, wanted to send a clear message that we believe in the long-term success of Facedrive and have no intention of selling shares during its early years. And its a company whose biggest shareholders are battling in court over hundreds of millions of dollars. See what CB Insights has to offer. Noh Sa-yeon has been a part of the TV Show Host list. The Companys 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. NOT AN INVESTMENT ADVISOR. 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 . Canada M1H 3E3 Dubbed TraceSCAN, the wearable tech uses Bluetooth connections to log contacts and vibrates or beeps if users arent distancing. Work Experience Chief Executive Officer Cygnal Technologies 2012-2021 Education Double Specialist degree - Economics and Political Science Facecdrive told The Globe it sources the hardware for TraceSCAN in China and the U.S. Facedrive is no mere company, according to its press material. Mr. Kureshy is suing Facedrive and its executive team for $1.6-million, the value of his stake when he launched his lawsuit in 2020. In 2011, Creative Vistas sold its largest division, Cancable, to an affiliate of Laurus for one dollar. Already in 2016, he saw where Uber and Lyft were. If it doesnt, then we dont, he said. Regulatory filings show no sign Laurus or Mr. Navaratnam sold their stock. Ericsson to invest $470-million for research and job creation at Ottawa, Montreal facilities with federal funding, The Canadian tech IPO with an unusual end: E Automotive delists from TSX after going public at $1-billion valuation, All hail the non-CEO: Our third annual Best Executive Awards. I truly believe in this company.. The company that set out to upend the fuel industry now sells protein powder made from water lentils. Figures supplied by Toronto, London and Hamilton show Facedrive has 1,119 registered drivers. Facedrive chief legal officer Mr. Muneeruddin wrote to The Globe that Facedrive has come under attack from hedge funds seeking to burn Facedrives business to the ground and profit from the ashes. He suggested that because of the strength of the companys share price, hedge funds selling short cannot exit without suffering losses. Sayan Navaratnam . FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. I cannot, in good conscience, allow hundreds of employees to work tirelessly, investors to patiently hold their positions, and management to continue building the business, while the one person least responsible for it all cashes out. More than 80 per cent of its revenue comes from its food delivery unit. We have not investigated the background of the featured company. Between January and July, 2020, it grew 960 per cent. Chief financial officer Fairy Lee also intends to transition out of her role by Sept. 24, and a director, Bill Kanters, is stepping down as well, the company said. I did my best to lead by example. 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. Mr. Navaratnam and AC Technical were recognized with an award for one of the Top 100 fastest growing companies in Canada, from 1999 through 2003, by Profit 100. The owner of Oilprice.com owns shares of this featured company and therefore has a substantial incentive to see the featured company's stock perform well. 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. For decades, Apple computers have been on the cutting edge of technology and style. Weekends didnt exist. In July, short seller Hindenburg Research published a report calling Facedrive a stock promotion with a hollow core. Of note was an agreement Facedrive signed with an obscure company called Medtronics Online Solutions Ltd. for marketing and strategic consulting services. Facedrive paid in shares valued at $8.2-million, which, at the time, was more than the companys operating expenditures over the previous year. 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. Sign up today. And I love the fact that theyre local.. It is currently unclear whether the ticker symbol of the company will change. Its unclear what caused the spike; PetroAlgae attributed the swings to low trading volume. 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. A company can better maintain its valuation, too; if insiders unload significant stakes, it could depress the stock price. Facedrive (FD.V)caught on to the mega-trend years ago. Licence Application Decision (Transportation Network Services - New) Application # 10 149 -20 TNS Applicant Facedrive Inc. Trade Name Facedrive Principals Sayan Navaratnam Junaid Razvi . 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. TORONTO-- ( BUSINESS WIRE )--Mr. Sayan Navaratnam announced last week that he would be stepping down as Chairman and CEO of Facedrive Inc. Below is a letter from him to all fellow shareholders.. That relationship led him to another penny stock in a hot sector, the nascent biofuels industry. Edit Jobs Section. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. Develop and improve features of our offerings. Mr. Khan is making millions of dollars when the people that actually built the business voluntarily restricted their ability to sell. Mr. Navaratnam was already a wealthy man before Facedrive. Investors received no consideration for these voluntary lock-up extensions. This is neither a solicitation nor an offer to Buy/Sell securities. If I am successful, I intend to donate these shares to several charities that I support. After I commenced the action, Mr. Khan advised that he had no intention of selling shares in Facedrive. This, in turn, had a number of knock-on effects including pausing the companys planned expansions into new cities, delays in renewals of Facedrives licences at the municipal level, and a reduction in registered and active drivers, he wrote. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. He alleges the company responded by refusing to register his shares with the company responsible for officially recording Facedrives security holders. SHARE OWNERSHIP. 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. TORONTO--(BUSINESS WIRE)--Mr. Sayan Navaratnam announced last week that he would be stepping down as Chairman and CEO of Facedrive Inc. Below is a letter from him to all fellow shareholders. According to ZoomInfo records, Sayan Navaratnam's professional experience began in 2012. In his 20s, he worked at a technology company called Satellite Communications Inc. His talent stood out and he was fast-tracked to CEO, said Cindy Farrell, a former managing director. 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. By then, Mr. Navaratnam was working directly for Laurus as a partner, senior managing director and member of the management committee. Instead, he accused the Globe of racist bullying for inquiring about Mr. Navaratnams biography and alleged its reporters were being manipulated by short sellers betting on the stocks decline. Mr. Navaratnam did not respond to a request for an interview. Media Contact: Maria Verbytska, maria@steeresg.com, Tel: 1-888-300-2228, View source version on businesswire.com: https://www.businesswire.com/news/home/20230330005450/en/. STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. He owns a mansion north of Toronto with a tennis court, and a suite at the Shangri-La, a luxury hotel condominium in the citys downtown. During the two years of public markets operation, the incredibly innovative and dedicated Facedrive team completed numerous transactions to evolve and grow the business. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. The company started developing its own food delivery app, but ended up purchasing a small Toronto company called Food Hwy. Air Canada has tested the technology over the past few months. Despite signing multiple memorandums of understanding with potential partners in China and India, the company never reported any revenue and turned in huge lossesincluding US$30-million in 2009all while racking up debt to Laurus. Founder of Hauskey, Inc., Sayan Navaratnam is a businessperson who has been at the head of 6 different companies and currently occupies the position of Chairman & Chief Executive Officer of Facedrive, Inc., Chairman for Hauskey, Inc., President & Chief Executive Officer of Creative Vistas, Inc. and Chief Executive Officer at Connex We encountered an issue signing you up. (It has yet to file year-end results.). We had over 53,000 ride requests in the month of January 2020 alone.. She had a good feeling about it, and told others about it, too. How we use your information depends on the product and service that you use and your relationship with us. sayan@creativevistasinc.com. The owner of Oilprice.com will not notify the market when it decides to buy more or sell shares of this issuer in the market. The Companys 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. An instruction page that comes with TraceSCAN is identical to one in KKMs manual. Terms of Service apply. Biography. However, I will not allow my pursuit of Mr. Khan to conflict with or distract from the business of Facedrive. Managing Partner. Edit Overview Section. Don Harrison - Google. 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. ADVERTISEMENT. The departures follow a steep decline in the companys share price, which has plummeted from a high of $60 to a little less than $6, a decrease of more than 90 per cent over just seven months. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Available data from cities where Facedrive has said it operates show it has a fraction of that amount. Sayan Navaratnam, CEO of CTC and Pneutech identified that, "The addition of Pneutech services and expanded geographic footprint will allow CTC and Pneutech to provide more broad range of capabilities." Currently the two Companies collectively operate out of 16 locations across the country. Its no secret that the homeland security sector is an explosive market, reads an article the company paid for on a now-defunct stock promotion site. Jekyll believes that, because of his secret, he must avoid seeing his friends. Of the riders who become active, close to 40% stay active monthly. Sayan Navaratnam has been associated with one company, according to public records. Naturally, this has had a dramatic impact on the stock value and has caused it to trend negatively almost every day thereafter. 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. The commentary, views and opinions expressed in this release by OilPrice.com are solely those of OilPrice.com and are not shared by and do not reflect in any manner the views or opinions of FNM. TORONTO, Sept. 27, 2021 /CNW/ - Mr. Sayan Navaratnam (the " Acquiror " or " Mr. Navaratnam ") announced the sale (the " Sale ") of a total of 2,040,100 common shares (" Shares ") in the capital of . 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. 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. ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. For this reason, Virgin Galactic is bound to get there sooner, because it's not going as far. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
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