Dear PodRide Supporter,
It’s time for another update.
You have responded enthusiastically to our last update. We heard you loud and clear, and once again we thank you for your continued support.
You have told us to forget about using a fund raising platform and to deal directly with you in our effort to raise the capital necessary to bring PodRide to market. So we are going down this path.
We are currently incorporating a company and working on the legal paperwork required to receive private investment. This won’t take too long and we expect that this will be complete within 3-4 weeks. Surprisingly the challenging thing is opening a bank account for an international operation like PodRide. Due to increased regulations in banking such as “Know Your Customer” and compliance requirements to combat money laundering, the opening of an account is a time consuming matter, if you can find a bank that is even interested in taking on new accounts. We will keep you posted. As soon as the bank account is in place we will be ready to receive investment.
If you are interested in exploring the possibility of becoming a PodRide shareholder and have not already done so, you can register your interest here and we’ll make sure you are informed.
Regarding the ongoing work with PodRide, the design optimization for manufacture is at a point now where we are ready to start the next round of prototyping, as soon as the funding is in place. There are still numerous engineering and production challenges to be resolved, but we will work through these.
The photo here shows some of the PodRide team working from a café. We also have a friend named Yussef hanging out with us. Yussef is a team member on another bike project. We are co-operating with the other project where possible such as sharing supplier information, common components, etc. for the benefit of both projects.