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

CHARLESTON, S.C. and VANCOUVER, BC, Aug. 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 second quarter financial statements and management's discussion and analysis for the period ended June 30, 2020 (the "Interim Filings") due to logistics and delays caused by the COVID-19 pandemic.

The Company is relying on blanket relief granted by Canadian securities regulatory authorities under BC Instrument 51-515 allowing issuers an additional 45 days to complete their regulatory filings required pursuant to sections 4.3 and 5.12(2) of National Instrument 51-102 by August 31, 2020.  The Company is continuing to work diligently to file the Interim Filings at its earliest opportunity, which is expected to occur on or before September 30, 2020.

Until such time as the Interim Filings 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 June 16, 2020, 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 June 30, 2020 second quarter unaudited financial statements by September 27, 2020.

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.

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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, expected future costs and revenues for 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, usage of mobility units, meeting the requirements of the permits granted to Company including insurance, 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.

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SOURCE Last Mile Holdings Ltd.

Company Contacts: Investors: Matt Glover and Tom Colton, Gateway Investor Relations for Last Mile Holdings, Email: [email protected], Phone: [phone]; Media: Caroline Passe, Director of Public Relations, Gotcha, Email: [email protected], Phone: [phone]