Heavy Adoption in Newly Launched Markets and
Increased Usage of Cruiser Product Drive Ongoing Performance
Improvements
VANCOUVER, BC, Aug. 4, 2020 /CNW/ - Last Mile Holdings
Ltd. ("MILE" or the "Company") (TSXV: MILE)
(OTC: AZNVF), a leading micro-mobility company with the
broadest product suite in the industry, today provided its latest
update highlighting certain key performance indicators ("KPIs") and
new market launches driving the success and significant growth in
its recently acquired and now fully integrated operating
subsidiary, Gotcha Mobility ("Gotcha"). The Company's announcement
is a further update to prior press releases originally issued
on June 17, 2020 and July 6, 2020, respectively.
Strong performance within the expanding Gotcha ecosystem and
expected continued growth is being driven in large part by the
following highlights:
- In the month of July, Gotcha officially launched micro-mobility
systems in the following cities and states: Galveston, TX (e-scooters and cruisers);
South El Monte, CA (e-bikes); and
St. Clair Shores, MI
(e-scooters).
- Consistent revenue driven by high ridership in key markets,
such as: Memphis, TN (cruisers);
Baton Rouge, LA (e-bikes); and
Charleston, SC (pedal bikes).
- After a contract renewal, Gotcha is re-launching its exclusive
e-scooter program at Michigan State
University in early August as students return for the fall
semester.
- Average ride times have remained at consistent levels since
early May and continue to represent significant increases across
the board from pre-COVID-19 pandemic averages.
- Outperformance within the higher-margin cruiser and scooter
products in the summer months contributing to attractive
unit-economic profile.
- In early August, Gotcha surpassed 86,000 unique riders across
its multi-modal fleet and has logged more than 260,000 trips
year-to-date.
Throughout the ongoing COVID-19 pandemic, Gotcha has been
coordinating efforts with university and municipal partners to keep
its products on the streets and provide riders a socially-distant
transportation alternative. With many universities anticipating
various level of student attendance in the fall of this year,
Gotcha expects to record increased usage within many of its current
30 university locations, including its upcoming re-launch at
Michigan State University.
"During a time when there has been so much upheaval in the
marketplace and the broader economy, we have generated consistent
and improving results in many markets and across all offerings,"
said MILE CEO Max Smith. "Our
multi-modal approach to transportation solutions as well as our
highly-targeted go-to-market strategy continues to prove itself as
a superior long-term, fiscally responsible growth plan. With
certain student populations slated to return to some of our larger
existing markets this fall, we are conservatively monitoring usage
rate and are optimistic that ridership levels have significant room
for even further improvement in the months ahead as we can provide
our riders with a socially-distant and safe way to get around
campus."
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.
Follow us on social:
LinkedIn: Last Mile Holdings
About Gotcha Mobility
Gotcha, a subsidiary of Last
Mile Holdings, is a shared electric mobility company dedicated to
providing innovative products and technologies that get people out
of single-occupancy cars and safely onto efficient, sustainable
micro-transit products. The company operates electric bikes,
trikes, scooters, and cruisers as transportation solutions tailored
to cities and universities across the US. Gotcha empowers
communities to lead happier, more productive lives through the
transformative power of affordable, accessible micro-transit. For
more information, visit ridegotcha.com.
Follow us on social:
Instagram: @RideGotcha
Facebook: @RideGotcha
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, 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, meeting the requirement of the permits
granted to Company, 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.
