Presto Welcomes Industry Luminary Stephen Herbert as a Strategic Advisor for Presto Touch
November 21 2023 - 8:00AM
Presto Automation (NASDAQ: PRST) announced it has appointed Steve
Herbert as a Strategic Advisor for Presto Touch, Presto’s
at-the-table self-serve payment and ordering technology business
line. This appointment marks the intent to scale Presto Touch for
the first time since the COVID-19 pandemic and a continued focus on
maximizing value for Presto shareholders.
Steve was previously the Chairman and CEO of USA Technologies
(now Cantaloupe Inc.), a public company focused on hardware and
software payments solutions for the retail industry. Under his
leadership, the company recorded 40 consecutive quarters of growth
from $0 to $185M in revenue and reached over 1 million merchant
locations. He is also currently the Chairman and CEO of Armada
Acquisition Corporation.
“We could not have found anyone better to help guide Presto
Touch” said Krishna Gupta, Presto’s Chairman. “Each time I speak
with Steve, I’m more impressed by his understanding of the
restaurant space, his ideas on how to dramatically and efficiently
grow the business, and his perspective on how we can create
additional value for our customers, both existing and new.”
In the strategic advisor role, Steve is working closely with
Presto’s leadership to seek to transition existing customers to
Presto Touch next-generation Flex product and to define a product
strategy that maximizes shareholder value. This is in furtherance
of the previously announced consideration of strategic alternatives
for Presto Touch solution and evaluation of which path makes best
sense for shareholders.
“I am very excited to partner with Presto and build on the Touch
business foundation,” said Steve Herbert. “Given my experience, I
can clearly see how the Flex product and platform provide clear
self-pay capabilities, build customer loyalty, and improve order
accuracy and size, as well as how this team is able to navigate the
complex and diverse ownership within the casual dining restaurant
industry.”
“In a higher-cost labor environment where physical industries
are rapidly embracing digitalization and automation, we believe
Steve can help guide our Presto Touch team to drive value to
shareholders,” said Xavier Casanova, Presto’s CEO.
About Presto Automation Inc.
Presto (NASDAQ: PRST) provides enterprise-grade AI and
automation solutions to the restaurant industry. Our solutions are
designed to decrease labor costs, improve staff productivity,
increase revenue, and enhance the guest experience. We offer our AI
solution, Presto VoiceTM, to quick service restaurants (QSR) and
our pay-at-table tablet solution, Presto Touch, to casual dining
chains. Some of the most recognized restaurant names in the United
States are among our customers, including Carl’s Jr., Hardee’s, and
Checkers for Presto VoiceTM and Applebee’s, Chili’s, and Red
Lobster for Presto Touch.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Statements
that refer to projections, forecasts or other characterizations of
future events or circumstances, including any underlying
assumptions, are forward-looking statements. Forward-looking
statements are typically identified by words such as “plan,”
“believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,”
“forecast,” “project,” “continue,” “could,” “may,” “might,”
“possible,” “potential,” “predict,” “should,” “would” and other
similar words and expressions, but the absence of these words does
not mean that a statement is not forward-looking.
The forward-looking statements are based on management’s current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. The forward-looking statements speak only as of the
date of this press release or as of the date they are made. Except
as otherwise required by applicable law, Presto disclaims any duty
to update any forward-looking statements, all of which are
expressly qualified by the statements in this section, to reflect
events or circumstances after the date of this press release.
Presto cautions you that these forward-looking statements are
subject to numerous risks and uncertainties, most of which are
difficult to predict and many of which are beyond the control of
Presto. In addition, Presto cautions you that the forward-looking
statements contained in this press release are subject to the
following risks and uncertainties: our ability to manage our growth
effectively, to sustain our recent revenue growth or attract new
customers; the limited operating history with our new Voice
products in a new and developing market; our ability to roll out
new locations within a specified amount of time; our ability to
achieve revenue growth while our expenses increase; continued
adverse impacts from COVID-19 (including as a result of global
supply chain shortages); the loss of any of our three largest
customers or a reduction in their business with us; our ability to
improve and enhance the functionality, performance, reliability,
design, security, or scalability of our platform to respond to
customers’ evolving needs; our ability to protect the security of
our customers’ information; changing privacy laws, regulations and
standards, and our ability to comply with contractual obligations
and laws related to data privacy and security; unfavorable
conditions in the restaurant industry or the global economy,
including with respect to food, labor, and occupancy costs; the
availability of capital or financing on acceptable terms, if at
all; financial covenants and other restrictions on our actions
contained in our financing agreements that may limit our
operational flexibility; the length and unpredictability of our
sales cycles and the amount of investments required in sales
efforts; material weaknesses in our internal control over financial
reporting and, our ability to remediate these deficiencies; our
ability to continue as a going concern; our ability to receive
additional financing in a timely manner; shortages, price
increases, changes, delays or discontinuations of hardware; our
ability to maintain relationships with our payment processors; our
relies on computer hardware, licensed software and services
rendered by third parties; U.S. laws and regulations (including
with respect to payment transaction processing), many of which are
unsettled and still developing, and our or our customers’ ability
to comply with such laws and regulations; significant changes in
U.S. and international trade policies that restrict imports or
increase tariffs; any requirements to collect additional sales
taxes or be subject to other tax liabilities that may increase the
costs to our customers; our ability to adequately protect our
intellectual property rights; claims by third parties of
intellectual property infringement; our use of open-source software
in our platform; and other economic, business, competitive and/or
regulatory factors affecting Presto’s business generally as set
forth in our filings with the Securities and Exchange
Commission.
ContactInvestors:Krishna Guptainvestor@presto.com
Media:Brian Rubymedia@presto.com
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