Taxelco

Taxelco
Teo Taxi

Teo Taxi

April 21, 2016 12:30 ET

Teo Taxi Finally Available to All

A Fleet of Teo Vehicles in Downtown Montreal Marks the Arrival of Spring

MONTREAL, QUÉBEC--(Marketwired - April 21, 2016) - Today Taxelco celebrated the official arrival of Téo Taxi in Montreal with a parade down McGill College Avenue. Taxelco President and CEO Marc Petit was on site joined by Patrick Gagné, Partner and chief of product and Thierry St-Cyr, Director of operations and public affairs, to share the great success that Téo Taxi has enjoyed since its trial period began last November and to present the company's new added services.

Trial period a success

Téo originally intended to call on 500 user/testers to take part in a technology and technical trial period beginning last November 26. It was such a great success that 5,000 people took part, showing just how much Montrealers appreciate the visionary Téo model and have been looking forward to its arrival.
"We are very proud to have rallied so many supporters of Téo during the trial period," said Taxelco President and CEO Marc Petit. "The results have exceeded our expectations, and we're very happy today to reach all Montrealers with our exciting offer. We encourage everybody to download the Téo Taxi app and discover our cars and the new services available. Our goal is to meet the transportation needs of users in a way they truly appreciate."

An improved app and new services for users

Since November, the Taxelco team has continued working on the application, making it more fully featured and user friendly. It's available at http://teomtl.com/.

In May, new features will be added enabling users to travel to and from the airport, hail a cab directly on the street, pay using the terminal instead of the app, and enjoy use of a passenger tablet in the car. Ad domes will make it easy to spot Téo Taxi vehicles from a distance.

An innovative, ecological, legal solution

Téo is a result of the daring vision of entrepreneur Alexandre Taillefer, who wanted to solve the transportation needs of Montrealers in a forward-looking way. The project's great fit with today's environmental and urban mobility requirements and its ambitious goal to induce a sea change in the aging taxi industry in Montreal and elsewhere convinced leading business and financial partners to get on board in creating and developing the new service. The venture's social values have made Téo a socially responsible and legal solution that will have a positive impact on employees and customers, notably by fostering a satisfying and motivating work environment.

"Today is a big day for Téo, which is publicly launching its app after delighting 5,000 user/testers since last November," said Managing Partner at XPND Alexandre Taillefer. "Our fondest hope is to convert all Montrealers to Téo Taxi and to have them share, convey, and engage with its values of responsibility and cooperation. Our goal is to revolutionize and rethink transportation in the city and convince Montrealers to make their city a global pioneer in the field."

A successful gamble thanks to partners

Over the past year, a robust ecosystem has been put in place with important players from different sectors and areas of expertise. Without the major contribution of partners such as Hydro-Québec, Videotron, Quebecor Media Group, the ministère des Transports, the City of Montreal, financial institutions such as Claridge, Investissement Québec, the Caisse de dépôt et placement du Québec and National Bank, Téo would not be poised for success today.

About Téo

Téo Taxi, a division of Taxelco, is reinventing Montréal's taxi industry. With a user-friendly mobile app, a top-notch technological platform and a fleet of all-electric vehicles, Téo Taxi offers its customers a totally new, comfortable and hassle-free taxi experience-in addition to reducing greenhouse gases! In honour of Montreal's 375th anniversary, Téo aims to bring its fleet to 1,000 green taxis by 2017. Join the conversation on Facebook and Twitter by using #TéoMTL. For further information, please visit www.teomtl.com.

About Taxelco

Created in 2015 by XPND Capital, Taxelco is the sole shareholder and owner of Taxi Hochelaga and Téo Taxi. Taxelco is a transportation holding company created in 2015 by XPND Capital. Since last July, Taxelco owns Taxi Hochelaga and it is currently the sole investor in Téo. Taxelco seeks to consolidate traditional businesses to help them to migrate towards an innovative model, enabling all stakeholders, customers, drivers and investors to benefit from that new vision.

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