Release Details

TORONTO, March 05, 2026 (GLOBE NEWSWIRE) -- Argo Corporation (TSXV: ARGH), (OTCQX: ARGHF) ("Argo" or the "Company"), a leader in next-generation transit solutions, today announced that the Town of Bradford West Gwillimbury (“BWG” or the “Town”) successfully renewed its Smart Routing™ transit agreement, including an expansion in vehicle capacity.

The renewal extends and expands the service, which successfully replaced the Town’s previous privately-operated fixed route bus system. Highlights of the deployment include:

Ridership Growth

• 2X Transit Ridership: Average daily transit ridership more than doubled within two months of the April 2025 launch of the Smart Routing™ transit system when compared to BWG’s fixed routes the previous year, as announced on June 23, 2025.
• 5.5X GO Station Transfers: In September 2025, transfers to and from Bradford GO Station were 5.5x higher versus the 12-month baseline preceding Argo’s April launch, as announced on October 29, 2025. According to Metrolinx, 71% of GO customers access their origin station by car. Recent GO parking structure project values indicate that the province's cost per parking space can exceed $50,000.
• Coverage: 89% of trips facilitated by Argo since launch include a pickup or drop-off that is over 100m from previous fixed bus stops. Paired with the entire Argo X1 electric bus fleet being wheelchair accessible, this represents a meaningful increase in coverage and access to BWG residents for whom public transit may not have otherwise been an option.
• Wait Times & Booking Acceptance: Despite ridership rapidly growing to more than double the originally procured system design, Argo’s demand-responsive Smart Routing™ technology was able to absorb this overwhelming excess demand while maintaining a 100% booking acceptance rate and median wait times under 20 minutes. The expansion of additional vehicle capacity is expected to further enhance service levels, reducing wait times which have sometimes been elevated during peak hours due to this excess demand.
• Rider Satisfaction: Over 90% of 3,000+ in-app trip ratings by passengers in BWG are 4 or 5 stars.
  
  

Smart Routing™ Efficiency

• Operating Cost Efficiency: The Town had no change to its transit operating budget to deploy the program, indicating an overall reduction in cost-per-ride of over 50% compared to its previous fixed route service.
• Capital Asset Efficiency: The same number of vehicles were initially deployed compared to BWG’s previous fixed route service, indicating significantly higher capital asset efficiency. When average daily ridership was first doubled, each vehicle was facilitating an annualized run-rate in excess of 30,000 trips per vehicle, doubling the vehicle utilization of the fixed route service. The Town has since expanded its vehicle capacity with Argo.
• Deployment Speed: The original agreement with the Town was signed in late December 2024, and the full deployment including technology, operations, vehicles, and charging infrastructure was complete for public launch by early April 2025. This demonstrates the Company’s ability to rapidly deploy infrastructure and service as it continues its focus on municipal expansion.
  
  

“This renewal and expansion in Bradford West Gwillimbury is powerful validation of our vision for a future where public transit is the most convenient way to travel within and across our cities,” said Praveen Arichandran, CEO and co-founder of Argo. “The significant increase in capital and operating efficiency shows that our patent-pending solution can save taxpayers money while enabling a transformational impact in our communities.”

The extended and expanded agreement was signed on March 4, 2026 and runs through to the end of 2026, aligning with the remainder of the Town’s budget year.

Municipal Pipeline

Following the successful launch and expansion in BWG, and the continued growth of the service in a dense downtown environment under its 12-month, $10.9 million agreement with the City of Brampton, the Company is focused on expanding its solution to more municipalities. While the Company is engaged with several municipalities in various stages, which could represent meaningful revenue growth, there can be no assurance that any of these discussions will result in definitive agreements.

About Argo

Argo delivers the first-ever vertically and publicly integrated city transit system, designed to augment public transit systems 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.

Praveen Arichandran, CEO
Argo Corporation
(800) 575-7051

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," and "intend," and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. The forward-looking information set out in this news release relates to future events or future performance and includes, without limitation, statements concerning performance of the Company’s transit technology, ridership growth, system efficiency, future expansions or extensions of agreements, potential new municipal partnerships, and other related information. 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 the Company cautions against placing undue reliance thereon. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements. See "Cautionary Note Regarding Forward-Looking Information", ”Financial Risk Management Objectives And Policies” and “Other Business Risks and Uncertainties” in the Company’s Q3 2025 Financial Statements and its Q3 2025 MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks, and assumptions carefully when evaluating forward-looking information and are cautioned not to place undue reliance on such information.

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

Media Contact: Christina Ra, Argo Corporation, christina@rideargo.com, (800) 575-7051

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/17f191a3-ae20-4787-8b8c-c8d8b6522264

Before and After Argo in BWG

 

Transit coverage in Bradford West Gwillimbury: previous fixed-route stops vs. Argo Smart Routing™ service

Source: Argo Corporation