TORONTO, May 30, 2024 /CNW/ - STEER Technologies Inc. ("STEER" or the "Company") (TSXV:STER), (OTCQX:STEEF), an integrated ESG technology platform, today announced and filed its interim financial statements for the quarter ended March 31, 2024 ("Q1 2024"). All financial results are reported in Canadian dollars unless otherwise stated.1 Quarterly results include revenue of $511,100 in Q1 2024, with a gross margin of 52%. G&A and operational expenses were impacted by one-time costs in Q1, including legal fees to close the round of financing and other non-recurring fees associated with restructuring and dissolving previous entities, most of which have been completed. As a result, the company does not anticipate these costs going forward. "As we mark the end of Facedrive and its subsequent rebrand to STEER, we feel confident that the Company's strategic restructuring will set the stage for significant shareholder value creation in the vehicle in the months to come," said Junaid Razvi, CEO and Chairman of STEER. "Further to our May 23rd announcement, we will focus on our sole remaining operating business of contract last-mile delivery."   After the 2023 spin-off of its legacy B2B Marketplace business, FoodsUp Inc. ("FoodsUp"), associated revenue is no longer consolidated within STEER. However, the Company retains a 58.72% indirect equity interest in FoodsUp on its balance sheet. Further to previous public disclosure, the Company remains committed to implementing a divestment of most of its FoodsUp equity interest, the effect of which, if it occurs, will be to provide shareholders with direct ownership in FoodsUp. The Company continues to seek buyers and is in active sales conversations about its equity interest in Westbrook Inc. and the technical intellectual property related to its previous rideshare, food delivery, STEER EV, and EcoCRED solutions. Facedrive Food Inc. and Facedrive Health Inc. entities have been successfully dissolved. Filings have been submitted to the applicable regulatory authorities to dissolve Facedrive USA LLC. For detailed information, please refer to STEER's Q1 2024 Interim Consolidated Financial Statements and its Management Discussion and Analysis of Financial Condition and Results of Operations for the three months ended March 31, 2024 and 2023, filed on SEDAR+ at www.sedarplus.ca. The following table provides a summary of the Company's financial results for the three months ended March 31, 2024 and 2023: For the three months ended March 31 2024 2023 REVENUE 511,100 15,229,000 Cost of revenue 245,600 15,434,000 General and administration 983,000 1,409,200 Operational support 408,400 2,116,500 Research and development 49,200 278,800