TORONTO, March 31, 2020 /CNW/ - OV2 Investment 1 Inc.
(the "Company") (TSXV: OVO.P), a Capital Pool Company, is pleased
to provide an update regarding its previously announced
transaction with Freightera Logistics Inc. ("Freightera").
In connection with the closing of the proposed transaction,
Freightera has entered into an agreement with Canaccord Genuity
Corp. to assist in completing a private placement for a minimum of
$3.5 million on a mutually agreeable
terms ("Concurrent Financing").
"We are very excited about the prospect Freightera presents to
investors and firmly believe that this will be another successful
Canadian technology company," said Sheldon
Pollack, CEO of Ov2 Investment 1. "The engagement with
Canaccord represents a significant milestone for our shareholders,
as this moves us a step closer to completing a successful
transaction."
"Freightera has seen significant growth over the last three
years and we are extremely excited to expand this growth as a
public company," said Eric Beckwitt,
CEO of Freightera. "Despite a challenging economic environment
related to the current COVID-19 pandemic, our business continues to
grow quickly, and we have extremely high expectations for what's
ahead in 2020 and beyond."
Sustaining Movement of Essential Supplies During
COVID-19
Freightera, with its redundant network of just under 1,000
carriers, fully automated quoting and instant booking system, and
100% home-based team by design, is currently shipping essential
products, including food and medical supplies to all parts of the
US and Canada. The number of
freight shippers using the platform has surged in March, and stable
to growing demand is expected as other transportation companies and
systems shut down or reduce capacity during the crisis. If
any company, hospital or government agency is looking for logistics
assistance in receiving or transporting essential medical
equipment, foods and protective gear they should email the company
directly at clientcare@freightera.com.
About Freightera
Freightera is a private company formed under the laws of the
Province of British Columbia. Freightera is a leading freight
shipping marketplace offering instant freight quotes, online
shipment bookings and lower emission transportation options
in North America.
In 2019, Freightera was the 3rd fastest growing company in
BC according to Business in Vancouver. From 2018 to 2019, Freightera
revenue grew by 237% from $5.3M to
$12.6M.
From January to February 2020,
Freightera revenue grew by 24%. Despite the US and Canadian
markets posting near-record declines in March, Freightera
revenue continued to grow at 8% over February numbers.
Interim Financing
Freightera will be completing one or more private placement
financings in advance of the $3.5
million Concurrent Financing. For further information
please contact Mr. Eric Beckwitt CEO at (604) 899 4081
Management and Board of Directors of Resulting Issuer
Upon completion of the QT, all of the existing directors and
officers of the Company will resign, and the directors of the
Company will consist of Eric Beckwitt and four other
nominees selected by Freightera and acceptable to the Exchange. Mr.
Beckwitt will also be the Chief Executive Officer of the
Company.
Eric Beckwitt is the founder, sole director and Chief
Executive Officer of Freightera. He was the principal development
team leader and patent holder of what has become the Freightera
freight marketplace application. Mr. Beckwitt is a specialist in
software development and business automation. He is an
internationally recognized author and speaker on emissions
reduction from freight transport. He wrote "A Green Future
for Freight" in the 2016 and 2018 G7 Summit editions of Climate
Change: The New Economy. He was a speaker at COP22, the
UN Climate Change Conference in Marrakesh. He is the creator
of North America's First Low Emission Freight Marketplace in
cooperation with SmartWay and Natural Resources Canada. Mr.
Beckwitt and/or Freightera have been featured in Forbes, Fortune,
Inc. Magazine, NBC, ABC, and Entrepreneur, among over 300 news
sites worldwide. He is the recipient of over 18 grants and awards,
including the 2016 Technology Impact Award and 2019 Clean50
Award.
Further information with respect to the identity of each of the
proposed directors and officers of the Company upon completion of
the Transaction will be provided separately, once determined.
Trading Halt
Trading in the common shares of the Company will remain halted
and the shares are not expected to resume trading until the
Transaction has been completed, or until the Exchange receives the
requisite documentation to resume trading. If the Transaction is
completed, the Company expects to be listed on the Exchange as a
technology issuer.
Completion of the Qualifying Transaction is subject to approval
by the TSX Venture Exchange ("Exchange"). Freightera and
Subco will require shareholder approval for the amalgamation, and
the Company will require shareholder approval for the Consolidation
and proposed name change.
About OV2 Investment 1
The Company is a CPC. It has not commenced commercial operations
and has no assets other than a minimum amount of cash. Except as
specifically contemplated in the CPC policies of the TSXV, until
Completion of the Qualifying Transaction, the Company will not
carry on any business other than the identification and evaluation
of assets or businesses with a view to completing a proposed
Qualifying Transaction.
Forward Looking Information
This news
release contains statements about the Company's expectations
regarding the completion of the application for listing and the
commencement of trading on the TSXV that are forward-looking in
nature and, as a result, are subject to certain risks and
uncertainties, such as final listing approval from the TSXV.
Although the Company believes that the expectations reflected in
these forward-looking statements are reasonable, undue reliance
should not be placed on them as actual results may differ
materially from the forward-looking statements. Factors that could
cause the actual results to differ materially from those in
forward-looking statements include failure to fulfill conditions of
listing on the TSXV and inability to obtain required regulatory
approvals. The forward-looking statements contained in this press
release are made as of the date hereof, and the Company undertakes
no obligation to update publicly or revise any forward-looking
statements or information, except as required by law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
SOURCE OV2 Investment 1 Inc.