Toronto, Ontario, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Two Hands Corporation, (OTC Pink: TWOH) is pleased to announce as we complete our first year of gocart.city operations with milestones that include, growing our grocery category to over 2,700 items, our customer base to over 1,000, delivery to 6 days a week and expanded our delivery area to better meet our customer demand.
In addition, we’re continuing to calibrate our business model and focus exclusively on the retail and food service sales channels. Our capabilities have allowed us to service the growing student grocery programs for two major universities in the Toronto area. This unique program will be expanded in 2022 and offered to more universities and colleges in Ontario with over 100,000 students.
As we move into 2022 we are working on expanding to a second distribution location in Vaughan Ontario, and adding an exclusive product line to be distributed in North America.
Our exclusive focus on food delivery is yielding significant month over month results in orders, October online orders exceeded all Q2 orders, while we’ve processed over 1,300 orders in November, a 39% growth from October.
Our significant emphasis on our financing during this past year include a completed CAD$1 million dollars in series D funding, and overall debt reduction of over $950,000. The company plans to increase the authorized shares from six billion to twelve billion for the end of the year is in part to maintain the number of shares required to be reserved under our agreement with SRAX, our digital marketing partner and to expand our employee stock option plan as we grow the business. To reduce any delay in the CSE listing process and to further attract institutional investors the company may require a reverse stock split before the end of 2022.
The company began the process of its proposed CSE listing on October 28th, 2021 by filing its Preliminary prospectus with the Ontario and British Columbia securities commissions and is working diligently through the comment process. We’re optimistic that we’ll file an updated prospectus on SEDAR before the end of December with a view of completing the filing process in the first quarter of 2022.
The company continues to build shareholder value by growing the business and reducing our overall debt.
Nadav Elituv – CEO
Two Hands Corporation, (OTC Pink: TWOH) is a food distribution company through three on-demand food brands, Gocart.City, Grocery Originals, and Cuore Food Services. Please visit our website at www.twohandsgroup.com
Gocart.city, a division of Two Hands Corp. (OTC Pink: TWOH) is an online grocery delivery market that services the Greater Toronto Area and beyond. They curate and deliver the freshest produce and specialty foods in Southern Ontario. To learn more about Gocart.city, please visit www.gocart.city.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Any statement not regarding a historical fact is a forward-looking statement. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, the company's ability to finance its planned expansion efforts; the company's ability to raise funds on acceptable terms; the company's ability to successfully adapt its business model and such other risks disclosed from time to time in the company's reports filed with the securities and exchange commission including those on the company's annual report on form 10-K. The company does not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in management's expectations, except as required by law.