If PetroAlgaes stock price is any indication, some investors were believers, too. I truly believe Facedrive is going to change the world, he wrote. 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. Read more about cookies here. 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. So that takes us back to 2016, when we first came up with the idea. 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 . That relationship led him to another penny stock in a hot sector, the nascent biofuels industry. #7 Robin LiRobin Li, the CEO of BAIDU (BIDU), is another forward-thinking leader in the tech-turned-transportation world. 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. Mr. Navaratnams eclectic approach to business security, telecom, algae is readily apparent at Facedrive. (It has yet to file year-end results.). By continuing to use our site, you agree to our Terms of Service and Privacy Policy. But for Mr. Navaratnam, inflated valuations and wild stock price swings are nothing new. The next issue of Financial Post Top Stories will soon be in your inbox. The company intended to capitalize on the boom in security spending after the terrorist attacks of Sept. 11, 2001. After a briefing with officials last year, Monte McNaughton, the Minister of Labour, Training and Skills Development, wrote a supportive letter to Facedrive. Millennials are driving a new mega-trend: impact-investing. With more miles under its belt than any of its competitors in Beijing, it's an easy choice for a number of investors. Canada M1H 3E3 Sign up today. Behind it all are seven men who have positioned themselves to transform the transportation sector, forever. Facedrive is involved a 'content creation' company co-founded by Will Smith, shown here at a promotional event for a new film in early 2020. 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. Biography. He must be held accountable. Shares had already collapsed 99 per cent from the peak in 2007. Whenever a major new trend emerges, it's the job of the truly innovative to step back and say 'OK, this is an explosively great idea - so what's wrong with it?' SAYAN NAVARATNAM: It's all about incentivizing both customers and drivers. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. This press release features multimedia. But the biggest mystery of all is just why Facedrive is a multibillion-dollar company in the first place. The pilot project was a great success. She did not answer a question about how the results were assessed, nor is she aware of any construction sites using TraceSCAN today. In a press release, Mr. Navaratnam declared Facedrive would quickly become the technology of choice.. And his predecessor, Tim Cook, took Jobs' principles to heart. If it works, then we pay. Mr. Navaratnam, who served as chair, and Laurus appear to have held on to the majority of their stakes throughout the boom and bust. See Forward-Looking Information and Risk Factors in the Companys Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2021 (filed on SEDAR on May 2, 2022) and its interim MD&A for the period ended March 31, 2022, June 30, 2022, September 30, 2022 (filed on SEDAR on May 30, 2022, August 29, 2022 and November 29, 2022 respectively) for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. The company emphasized security spending had ballooned since the terrorist attacks of September 11. SAYAN NAVARATNAM: Currently, we have 74,018 users who have downloaded and created an account on the Facedrive platform. 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 Telecommunications Corp. Sayan Navaratnam is also on the board of Iview Digital Video Solutions and Hutton White Radio, Inc. and Senior Managing Director at Valens Capital Management LLC. It was with a heavy heart that I earlier announced my resignation from Facedrive Inc. as of September 1, 2021. The information in our communications and on our website has not been independently verified and is not guaranteed to be correct. 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. Facedrive runs an online marketplace selling tech gadgets and accessories, but it earned just $8,597 in revenue the first three quarters of 2020. 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. 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. Orillia would only confirm Facedrive has fewer than 26 drivers in town. For this reason, Virgin Galactic is bound to get there sooner, because it's not going as far. After I commenced the action, Mr. Khan advised that he had no intention of selling shares in Facedrive. Privacy Policy and But that discipline did not translate into sales. Facedrive's app launches on a smartphone. See what CB Insights has to offer. From its green initiatives to its technological edge, Maersk has grown significantly under Skou. Overview. But it has pivoted to food delivery, online retail and contact tracing for COVID-19. Some of the trips were scheduled by riders in advance. This communication should not be used as a basis for making any investment. Just ask Larry Fink, theCEO of BlackRock--one of the world's largest hedge funds. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. Copyright 2023 Morningstar, Inc. All rights reserved. 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. 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. Both she and Han Hyo-joo have been guests on the show Running Man. Some information may no longer be current. At its inception, Facedrive was seen by some as simply a sustainable ridesharing business. 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. According to the companys press releases, Waterloo professors Patricia Nieva and William Melek led a team that implemented artificial intelligence to identify a wide network of potential contacts after a positive case. Laurus took PetroAlgae public through a reverse takeover in 2008, and Mr. Navaratnam was appointed to the board. 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. Mr. Kureshy refused, arguing Facedrive had no legal basis for doing so. BY READING OUR CONTENT YOU EXPLICITLY AGREE TO THE FOLLOWING. When first released, the device completely turned everything we knew about cellular phones on its head. If I am successful, I intend to donate these shares to several charities that I support. 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. Number of Current Jobs 1. Sayan Navaratnam received an undergraduate degree from the University of Toronto. 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. Serving as CEO of this truly transformational company has been a great privilege. So far, Facedrive has followed the same pattern. This site is protected by reCAPTCHA and the Google Media Contact e-mail: [emailprotected] U.S. Noh Sa-yeon has been a part of the TV Show Host list. A mention in the Globe and Mail last year spawned two press releases. Provide specific products and services to you, such as portfolio management or data aggregation. 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. Sayan Navaratnam:: Chairman. The question is how. Such investors are expected to become, subject to their contractual restrictions and financial and legal advice, free from any voluntary lock up extension. 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. We sort of see it as the mother of all AI projects. 3,500 trees later, Facedrive hasn't only latched on to the mega-trend, it has helped drive it--literally. Ph: 905-666-8676. htajyar@irintl.com. Facedrive Inc. (TSXV:FD) acquired an unknown minority stake in Tally Technology Group Inc. The irony is Facedrive's current CEO, Sayan Navaratnam was a director of the Petroalgae stock that I wrote about in the above article ten years ago, as well as this article - Petroalgae: $1.8. Working with Laurus Capital Management LLC, a New York-based hedge fund that specialized in microcap companies, Mr. Navaratnam took a security technology company public in 2004 through a shell company called Creative Vistas. The news flow has been as fast as the rate of infection in the United States. Sayan Navaratnam, the 47-year-old entrepreneur behind Facedrive which refers to itself not as a company, but a people-and-planet first tech ecosystem is departing effective Sept. 1, Facedrive said Thursday in a news release. Its a small company with scant revenue. www.steeresg.com. 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. But Facedrive has struggled to turn a profit to match its sizable valuation. The completion of the Transaction remains subject to the final approval of the TSXV. Investors received no consideration for these voluntary lock-up extensions. Creative Vistas stock price skyrocketed more than 500 per cent from January to August in 2007, but the company was losing money and in debt to Laurus for nearly US$16-million. FoodsUp used $4.5 million of the proceeds from the Investment to pay off the $4.5 million unsecured, non-interest bearing promissory note issued by FoodsUp to Food Hwy as partial consideration for the purchase of the Restaurant Supply Business, and it is anticipated that the remaining $12 million will be used for general working capital and scaling up operations and growth of the Restaurant Supply Business, and to pay expenses incurred in connection with the Transaction. CB Rank (Investor) 139,018. The company bought an electric vehicle subscription service called Steer last September, but its just getting started.

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