My Size Provides Business Update for the First Quarter of 20
AIRPORT CITY, Israel, May 15, 2020 /PRNewswire/ -- My Size, Inc. (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions, today provided a business update for the first quarter ended March 31, 2020. A copy of the Company's quarterly report on Form 10-Q for the first quarter ended March 31, 2020 has been filed with the Securities and Exchange Commission and posted on the Company's website at https://ir.mysizeid.com.
- Regained compliance with Nasdaq's stockholders' equity rule
- Raised approximately $5.0 million in gross proceeds in public offering
- Increased demand for MySizeID due to COVID-19 pandemic
- Developed contactless solution for MySizeID app, allows customers to purchase clothing through the app
- Released OneClick™ feature for BoxSize- allows the user to easily and quickly measure a package in a single motion
- Signed non-binding LOI to establish a Joint Venture with Logystico to operate and manage micro-fulfilment centers using My Size's BoxSize enhanced platform for retail vendors in the United States
Ronen Luzon, CEO of My Size, Inc., stated, "We are pleased to report that on May 12, we received written notification from Nasdaq indicating that we regained compliance with the stockholders' equity rule for continued listing on the Nasdaq Capital Market. We also recently raised approximately $5.0 million which gives us a solid runway to execute on our business. We remain committed to providing support for our customers and partners during the COVID-19 pandemic. Retailers around the world are feeling the impact of the virus on their business and many are looking to adopt new technologies or digital solutions in order to improve their consumers' shopping experience as well as their bottom line. Due to the current COVID-19 pandemic some of our in-person sales and marketing efforts have been curtailed. However, we are active by phone, virtual presentations, and other means, while at the same time are seeing an increase in in-bound interest in MySizeID, a smart measurement solution based on shoppers' personal body measurements from retailers worldwide that are looking for a turnkey solution that helps consumers choose their appropriate size and fit while shopping online as well as improve the in-store shopping experience."
"As stay at home orders are starting to lift, retailers are beginning to offer buy-online pick-up in-store (BOPIS) and curbside pickup. In order to accommodate retailers and consumers, we have recently developed a contactless shopping feature for the MySizeID app. By downloading the MySizeID app on their smartphones, consumers can safely measure themselves, find their right size and even make a purchase through the app, offering a true streamlined contactless experience. We believe the COVID-19 pandemic will create a long-lasting shift in consumer shopping behaviors and by developing this new feature, MySizeID can provide another layer of safety for consumers and store associates. We continue to receive positive feedback from retailers, and we look forward to launching this feature with our retail customers."
"As we continue to innovate and evolve our technology, we recently announced that we have released the new OneClick™ feature for the BoxSize, an intuitive measurement app and management tool for the delivery services industry. This breakthrough feature allows the user to easily and quickly measure a package in a single motion which represents a significant leap forward in terms of speed, convenience and ease of use. BoxSize provides large, global enterprises a significant value proposition by streamlining the delivery management system through accurate parcel measurement, resulting in improved operational efficiency and reduced operating expenses. Currently, BoxSize is an approved partner for both Honeywell's and Zebra's Global Vendor Program and is fully compatible with many of their mobile devices. As consumer demand for the delivery of time-sensitive goods increases, we see an enormous opportunity within the logistics market with BoxSize. We recently announced a non-binding LOI to establish a Joint Venture (JV) with Logystico, a third-party logistics fulfillment company that specializes in automating the order fulfillment process. Subject to entry into of a definitive agreement, the JV will exclusively operate and manage micro-fulfilment centers using My Size's BoxSize enhanced platform for retail vendors in the United States. We look forward to launching this JV with Logystico as we believe the future of e-commerce is in micro-fulfillment centers."
About My Size, Inc.
My Size, Inc. (TASE: MYSZ) (NASDAQ: MYSZ) has developed a unique measurement technology based on sophisticated algorithms and cutting-edge technology with broad applications including the apparel, e-commerce, DIY, shipping and parcel delivery industries. This proprietary measurement technology is driven by several algorithms which are able to calculate and record measurements in a variety of novel ways. To learn more about My Size, please visit our website: www.mysizeid.com. We routinely post information that may be important to investors in the Investor Relations section of our website. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Please click here for a demonstration of how MySizeID provides a full sizing solution for the retail industry.
Register here for a one-month free trial of MySizeID solution for your online store.
Please click here to download MySizeID for iOS.
Please click here to download MySizeID for Android.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
U.S. Press Contact:
5W Public Relations
Crescendo Communications, LLC
Tel: +1 212-671-1020
Email: [email protected]
SOURCE My Size Inc.