ShiftPixy Helping Restaurants Build Digital Life Boats with Paycheck Protection Program
April 15 2020 - 9:00AM
ShiftPixy (NASDAQ: PIXY), a California-based gig engagement
platform provider, today announced the company’s initiative to
catalyze digital infrastructure reinforcement and human capital
management repurposing for multi-unit restaurant operators during
the COVID-19 pandemic by leveraging the new Paycheck Protection
Program (PPP) small business loans. As some of the hardest hit
businesses by the global pandemic, restaurants across the country
have been forced to furlough or lay off most, if not all, of their
employees in addition to closing their dining rooms. Further, many
restaurants lack the proper delivery infrastructure to adapt to the
current environment. The rollout of the PPP, offering two-year,
forgivable loans, has created a unique opportunity – a life boat of
sorts – for restaurants to invest in repurposing their staff to
better serve delivery demand, which ShiftPixy is uniquely
positioned to immediately assist in implementing.
“Despite these difficult, unprecedented times,
the PPP loan program offers a glimmer of hope for restaurants as
these funds can offer operators the chance to rebuild their
business even while their dining rooms are closed, by repurposing
their dining staff as delivery drivers,” said Scott Absher, CEO and
Co-founder of ShiftPixy. “At ShiftPixy, we understand the digital
demands of such a drastic pivot and are committed to helping
restaurants leverage their greatest asset – their staff – in a new
way that avoids third-party delivery commissions that eat into
their revenues.”
While third-party delivery companies face
uncertainty on both employee designation and increased demand,
ShiftPixy is working with restaurants across the country to deploy
their current staff as delivery drivers. In addition to avoiding
unnecessary commissions, restaurants can maintain better brand
control and ensure a superior customer experience by repurposing
staff for native delivery.
“Tough times don’t last, tough people do, and
we’re helping restaurants showcase that,” Absher concluded.
For more information on PPP loans, visit
www.sba.gov. To get in touch with ShiftPixy, go to
www.ShiftPixy.com.
About ShiftPixyShiftPixy
(NASDAQ:PIXY) is a disruptive human capital management platform,
revolutionizing employment in the Gig Economy by delivering a
next-gen mobile engagement technology to help businesses with
shift-based employees navigate regulatory mandates, minimize
administrative burdens and better connect with a ready-for-hire
workforce. With expertise rooted in management's nearly 25 years of
workers' compensation and compliance programs experience, ShiftPixy
adds a needed layer for addressing compliance and continued demands
for equitable employment practices in the growing Gig Economy.
ShiftPixy Cautionary
StatementThe information provided in this release includes
forward-looking statements, the achievement or success of which
involves risks, uncertainties, and assumptions. Although such
forward-looking statements are based upon what management of the
Company believes are reasonable assumptions, there can be no
assurance that forward-looking statements will prove to be
accurate. If any of the risks or uncertainties, including those set
forth below, materialize or if any of the assumptions proves
incorrect, the results of ShiftPixy, Inc., could differ materially
from the results expressed or implied by the forward-looking
statements we make. The risks and uncertainties include, but are
not limited to, risks associated with the nature of our business
model; our ability to execute the Company's vision and growth
strategy; our ability to attract and retain clients; our ability to
assess and manage risks; changes in the law that affect our
business and our ability to respond to such changes and incorporate
them into our business model, as necessary; our ability to insure
against and otherwise effectively manage risks that affect our
business; competition; reliance on third-party systems and
software; our ability to protect and maintain our intellectual
property; and general developments in the economy and financial
markets. Statements made in connection with any guidance may refer
to financial statements that have not been reviewed or audited. The
Company undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change, except as required by applicable securities laws.
The information in this press release shall not be deemed to be
"filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934, as amended, or otherwise subject to the liabilities of
that section, and will not be deemed an admission as to the
materiality of any information that is required to be disclosed
solely by Regulation FD. Further information on these and other
factors that could affect the financial results of ShiftPixy, Inc.,
is included in the filings we make with the Securities and Exchange
Commission from time to time. These documents are available on the
"SEC Filings" subsection of the "Investor Information" section of
our website at
https://ir.shiftpixy.com/financial-information/sec-filings.
Consistent with the SEC’s April 2013 guidance on
using social media outlets like Facebook and Twitter to make
corporate disclosures and announce key information in compliance
with Regulation FD, ShiftPixy is alerting investors and other
members of the general public that ShiftPixy will provide updates
on operations and progress required to be disclosed under
Regulation FD through its social media on Facebook, Twitter,
LinkedIn and YouTube. Investors, potential investors, shareholders
and individuals interested in our Company are encouraged to keep
informed by following us on Facebook, Twitter, LinkedIn and
YouTube.
Media Contact:Amy
Wangamy.wang@shiftpixy.com(949) 245-7291
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