Argo Launches First-Ever Vertically and Publicly Integrated City Transit System

Rhea-AI Summary

Argo (TSXV: ARGH) (OTCQX: ARGHF) has announced plans to launch an innovative, vertically integrated city transit system. The company will partner with cities and governments to augment public transit with on-demand, door-to-door service. Argo's solution integrates custom software with vehicular hardware to create a network of intelligently routed vehicles that adapt to city needs in real-time.

The system aims to increase ridership on existing public transit by eliminating the need to walk or wait, potentially reducing cars on the road. Argo will soon launch in the greater Toronto area, offering first- and last-mile rides for commuters and private school programs. The company's leadership team includes former executives from Tesla, Uber, Facebook, and Sidewalk Labs.

Positive

• Launch of innovative, vertically integrated city transit system
• Partnerships with cities, transit agencies, and governments
• Potential to increase ridership on existing public transit systems
• Real-time adaptation to city needs through intelligent routing
• Experienced leadership team from major tech companies

Negative

• None.

 The company will partner with cities and governments to augment public transit systems with on-demand, door-to-door service.

TORONTO, Aug. 7, 2024 /PRNewswire/ - Argo Corporation (TSXV: ARGH) (OTCQX: ARGHF), a new technology venture by former Tesla, Uber, Facebook, and Sidewalk Labs executives and engineers, today announced plans to launch in the coming weeks with the first customers to benefit from its intelligent, door-to-door, public transit solution. Argo will partner with cities, transit agencies, and governments to increase ridership to existing public transit systems and put people in control of their mobility.

"Mobility within and across our cities is the lifeblood of our economies and social fabric. It provides access to jobs, healthcare, education, and our loved ones," said Praveen Arichandran, co-CEO and co-founder of Argo. "With road traffic set to get significantly worse in the coming years and decades, it's critical that we take cars off the road by making public transit the most convenient way to get around. We're bringing world-class technology talent back home to Canada and are excited to partner with cities and transit agencies, as well as provincial and federal governments to showcase Canadian innovation and the future of public transit on a global stage."

Argo's solution is the first to integrate custom software with vehicular hardware to create a network of intelligently routed vehicles that work together to serve and scale real-time to the needs of entire cities. People will be in control of their mobility with a simple mobile app delivering on-demand, door-to-door service that is fully integrated with existing transit lines and systems.

Argo will soon launch within the greater Toronto area, offering first- and last-mile rides that will move commuters between their homes, workplaces and train stations, alongside several programs for private schools. These initial deployments will showcase Argo's vehicle tracking and coordination technology, and the transparency and usability of its app in collaboration with partners and city governments.

How it's different

Today, 50 percent of commuting time is spent on 10 percent of the distance due to time spent walking, biking, or driving to the nearest transit line and then waiting for the next scheduled stop. By picking people up at their door via its simple on-demand app, Argo will eliminate the need to walk or wait, driving increased ridership to existing transit lines and taking cars off the road. Argo is providing cities, transit agencies, and governments with an end-to-end, vertically integrated solution including vehicle hardware, software, charging, and operational support.

Why it matters

With rapid population growth and global urbanization, the congestion on our roads and time lost in traffic are only set to get worse in the coming decades. Argo will take cars off the road by making public transit the most convenient way to get around. Putting people in control of their mobility will enhance access to jobs, healthcare, education, and their loved ones. A future where public transit is the most efficient way to get around within and across cities is one where our communities are quieter, cleaner, and more prosperous for everyone.

The team

Argo's team and board bring senior leadership experience building the world's leading technology and mobility companies including Tesla, Uber, Facebook, and Sidewalk Labs. Much of Argo's leadership team has returned home to Toronto from Silicon Valley to build this global solution with its first deployments serving Canada.

Founders, board members and leadership include Praveen Arichandran (Tesla, Facebook), Qamar Qureshi (Knowledgehook, Sunlife Financial), Sisun Lee (Tesla, Facebook), Holly Lim (Google's Sidewalk Labs, SoundCloud), Colette Bridgman (Tesla, Aurora), Daniel Habashi (SSENSE, TikTok, Instagram), Jeffrey Chen (TikTok, LinkedIn), Helena Hua Cao (Meta), Thanu Chandrarajah (Coursera,  Zynga) and Yulin Chen (Uber, Google).

Learn more about Argo and its technology and team at www.rideargo.com and follow the company on LinkedIn and Instagram for updates.

About Argo

Argo is a new technology venture delivering the first-ever vertically and publicly integrated city transit system designed to augment public transportation and create a network of intelligently routed vehicles that work together to serve and scale to the needs of entire cities, putting people in control of their mobility. You can learn more at www.rideargo.com.

Forward-Looking Information

This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, as described in more detail in the Company's securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE ARGO CORPORATION

FAQ

What is Argo 's new transit system and how does it work?

Argo (ARGHF) is launching a vertically integrated city transit system that provides on-demand, door-to-door service. It uses custom software and vehicular hardware to create a network of intelligently routed vehicles that adapt to city needs in real-time, aiming to increase ridership on existing public transit systems.

Where and when will Argo (ARGHF) launch its new transit system?

Argo (ARGHF) plans to launch its new transit system in the coming weeks within the greater Toronto area. The initial deployment will offer first- and last-mile rides for commuters between homes, workplaces, and train stations, as well as programs for private schools.

How does Argo's (ARGHF) transit system aim to improve public transportation?

Argo's (ARGHF) transit system aims to improve public transportation by eliminating the need to walk or wait for transit, potentially reducing cars on the road. It offers door-to-door service through a mobile app, integrating with existing transit lines to make public transit more convenient and efficient.

Who are the key leaders behind Argo (ARGHF)?

Argo (ARGHF) is led by a team of former executives from major tech companies. Key figures include Praveen Arichandran (Tesla, Facebook), Qamar Qureshi (Knowledgehook, Sunlife Financial), Sisun Lee (Tesla, Facebook), and Holly Lim (Google's Sidewalk Labs, SoundCloud), among others.