AIRPORT CITY, Israel,
May 15, 2019 /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, 2019.
Ronen Luzon, CEO of My Size, Inc., stated, "We achieved a
number of major milestones in the first quarter of 2019. Most
important, we generated our first pilot and licensing revenues,
reflecting the next step in our commercial strategy with retailers.
We are very encouraged by the feedback thus far and look further to
providing further updates shortly on our commercial deployments, as
the pilot programs underway begin to scale up and transition to
longer term commercial arrangements.
"We have expanded our platform to increase access for consumers
and enhance the value of our service for retailers. We kicked
off the year with the launch of the MySizeID™ smart measurement
technology for Android, which accounts for approximately 76% of all
smartphones. We also launched our own online store, Modelista,
allowing consumers to shop for apparel using the Company's
MySizeID™ mobile measurement technology.
"At the same time, we are diversifying our offering beyond the
fashion marketplace through BoxSizeID, which provides accurate
parcel measurement and cost calculation, as well as integration
with enterprise resource planning (ERP) systems. I am pleased
to report the integration of BoxSizeID into Katz Corporation's ERP
system has gone extremely well, resulting in meaningful revenues
and cost savings for Katz. Building on this success, we
launched BoxSizeID™ to distribution and logistics centers across
the world through the Honeywell Marketplace, a division of
Honeywell Inc., (NYSE: HON). Based on feedback we have
received, we believe BoxSizeID™ holds enormous potential in the
months and years ahead.
"To capitalize on the growing demand, we are ramping up our
sales organization. Specifically, we hired a number of new
senior sales executives. We have also presented at numerous trade
fairs and expos, where the response and lead generation has been
quite positive. To support our anticipated growth, we are also
enhancing our internal organization, including the recent
promotions of Billy Pardo to Chief
Operating Officer and Eli Turchinsky
to Chief Technology Officer. We ended the quarter with over
$5 million of cash and no have no
long-term debt. As a result, we believe we are well positioned
to accelerate our growth and drive significant value for
shareholders going forward."
First Quarter 2019 Financial Highlights:
Revenues for the three months ended March
31, 2019 were $20,000 compared
to none for the three months ended March 31,
2018. The increase between the corresponding period
primarily resulted from new pilot and license agreements.
Research and development expenses for the three months ended
March 31, 2019 were $292,000 compared to $265,000 for the three months ended March 31, 2018.
Marketing, general and administrative expenses for the three
months ended March 31, 2019 amounted
to $990,000 compared to $1,612,000 for the three months ended
March 31, 2018. The decrease was
mainly due to a reduction in share-based payment expenses and
professional services, which were offset by an increase in
marketing expenses.
Financial expenses, net for the three months ended March 31, 2019 amounted to $264,000 compared to financial expenses, net of
$3,546,000 for the three months ended
March 31, 2018. The decrease compared
to the corresponding period was mainly due to income of
$87,000 for the three months ended
March 31, 2019 from change in fair
value of warrants as opposed to expenses of $3,899,000 for the three months ended
March 31, 2018.
Net loss for the three months ended March
31, 2019 was $1,527,000,
compared to net loss of $5,423,000
for the three months ended March 31,
2018.
A copy of the Company's quarterly report on Form 10-Q has been
filed with the Securities and Exchange Commission and posted on the
Company's website at https://ir.mysizeid.com.
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.
Israel Press Contact:
Yaniv Leibovich
Leibovich Media
yanivleib@gmail.com
U.S. Press Contact:
Matthew Bretzius
FischTank Marketing & PR
matt@fischtankpr.com
IR Contact:
Crescendo Communications, LLC
Email: MYSZ@crescendo-ir.com
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SOURCE My Size Inc.