Last Mile Holdings Announces Further Update to its Filing Annual and First Quarter Financial Statements and MD&A Due to COVID-19

CHARLESTON, SC AND VANCOUVER, May 29, 2020 /CNW/ - Last Mile Holdings Ltd. (formerly OjO Electric Corp.) (the "Company" or "MILE") (TSXV: MILE; OTC: AZNVF) announces that further to its news release dated April 28, 2020, the Company is expecting to file its audited financial statements and management discussion and analysis for the year ended December 31, 2019 (the "Annual Filings") by the extension date of June 16, 2020 pursuant to exemptive relief 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 ("NI 51-102").  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.

The Company does not believe that it will be able to file its interim financial statements and management discussion and analysis for the period ended March 31, 2020 (the "Interim Filings") by their usual 60-day deadline of May 30, 2020, and will be relying on the temporary 45-day extension pursuant to NI 51-502. The Company is continuing to work diligently to file the Interim Filings by July 14, 2020.

The Company's management and other insiders will be subject to a trading black-out that reflects the principles in Section 9 of National Policy 11-207 until its Annual and Interim Filings are filed, which will be by June 16, 2020 and July 14, 2020, respectively.

Other than as previously disclosed by the Company in news releases, including the information herein, there are no other material business developments since April 28, 2020, the date of the Company's news release announcing the delay in filing of the Annual Filings.

For further information, please visit MILE's website at lastmile-holdings.com or contact us at:

Email: [email protected]
Phone: [phone] ext. 116

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 over 70 locations including colleges and 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.com

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 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

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SOURCE Last Mile Holdings Ltd.

Media Contact: Caroline Passe, Director of Public Relations, Email: [email protected], Phone: [phone]