Last Mile Holdings Announces Postponement of Filing Annual Financial Statements and MD&A Due to COVID-19 Related Delays

CHARLESTON, SC and VANCOUVER, April 28, 2020 /CNW/ - Last Mile Holdings Ltd. (formerly OjO Electric Corp.) (the "Company" or "MILE") (TSXV: MILE; OTC: AZNVF) announces the postponement of filing its annual financial statements and management's discussion and analysis for the year ended December 31, 2019 due to logistics and delays caused by the COVID-19 pandemic.

The Company is relying on exemptive relief recently 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 by April 29, 2020.  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.

MILE anticipates that its 2019 annual documents will be available for filing at its earliest opportunity, which is expected to occur on or before June 16, 2020.  Until such time as the 2019 annual documents 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.   

Other than as previously disclosed by the Company in news releases, there have been no material business developments since the date of the last interim financial statements filed on November 29, 2019, copies of which are available on SEDAR at www.sedar.com.  The Company will be providing an update news release on the status of filing its December 31, 2019 audited financial statements and its March 31, 2020 first quarter unaudited financial statements by May 29, 2020.

About Last Mile Holdings

Last Mile Holdings (TSXV: MILE; OTC: AZNVF), 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 a portfolio of exclusive, long-term contracts to operate shared mobility systems at 35 colleges and 45 municipalities 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 e-bikes, e-scooters, e-trikes, and electric seated scooters. For more information, visit lastmile.holdings.

About Gotcha Mobility

Gotcha 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 e-bikes, e-scooters, seated scooters, and e-trikes 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.

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: MILE and MILE'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 MILE to meet its deployment targets, access to sufficient mobility units, meeting the requirement of the permits granted to MILE, general business, economic and social uncertainties; 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.

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SOURCE Last Mile Holdings Ltd.