Dear PodRide Supporter,
Over the past few months we’ve been quiet, but we’ve been busy with the design optimization for PodRide, and busy dotting the i’s and crossing the t’s on all the time-consuming legal documents required to take up investment in PodRide.
It’s been a heck of a journey… and we are delighted to announce that we’re ready! We will open up our investment website on Monday 2nd of April.
Also, we’ve incorporated and now have a company! The company is called Updiggity Inc.
To explain, PodRide is and will remain the brand name for our core product. The company that we have created that owns the PodRide brand and intellectual property is called Updiggity Incorporated or in short “Updiggity”.
Updiggity is incorporated in the British Virgin Islands (BVI). Some people may incorrectly believe this was done to avoid tax or is “dodgy”. Let us assure you that this IS NOT the case. We will be paying all required taxes, and operating and complying with all laws and regulations, and we have legitimate reasons for choosing to incorporate in this jurisdiction.
PodRide is a very international brand with supporters in more than 50 countries around the world. We want a company that many of our supporters can own a piece of, in fact more than 400 supporters have already registered their interest in becoming a shareholder. Many countries have a maximum limit of 50 as the number of shareholders permitted in a private company, or limit the amount of foreign shareholders. These items would not allow many of our supporters to participate. Beyond the number of shareholders, there are other reasons for us to incorporate in the BVI such as a lower overall operating cost.
As an investor, Updiggity Inc. is the holding company that you purchase shares in. Updiggity is the head of the organization and in addition to owning the PodRide brand and intellectual property, Updiggity will own the sales fulfillment subsidiaries that will operate in Europe and North America, and the manufacturing and sourcing operations in Asia. Later it is likely that we will manufacture and/or assemble in Europe too. More details will be seen in the business plan provided to investors on April 2nd. If you haven’t already registered your interest in exploring the opportunity to become an investor you can register your interest here.
Please Note: Unfortunately at this point in time no residents or citizens of the United States, Canada or the British Virgin Islands can participate in this investment opportunity.
Folks, we’ve been operating on limited resources and have spent a lot of time and energy preparing for this. We are very much looking forward to completing the investment raise and having the resources and people in place to pick up the pace and get PodRide to market. As always, we could not do this without the continued support and involvement of our amazing supporters.