AppTech Payments Reports Second Quarter 2022 Results
August 04 2022 - 4:15PM
AppTech Payments Corp. (“AppTech”) (NASDAQ: APCX), a Fintech
company powering commerce experiences, today announced results for
the three months ended June 30, 2022. The financial statements and
10-Q are available on sec.gov.
Second Quarter 2022 Financial
Highlights
- Revenue for the three months ended
in June 30, 2022 was approximately $123k.
- Cash balance as of June 30, 2022
was $7.7 million.
Recent Business Highlights
- Entered the Canadian market by
signing a partnership that will enable transactions across
international borders in a multitude of different retail outlets in
Canada, including in-person retail, ecommerce, transportation,
lodging, hospitality, automotive, and restaurants.
- A Definitive Agreement was fully
executed to acquire Hothand Inc., a patent-holding company that
owns the intellectual property rights to a wide array of mobile
credit/debit transactions and mobile search, location, offer, and
payment fields.
- Onboarded a seasoned development
team of experts who have expedited the platform launch date. In
addition, the Company onboarded its new sales director and head of
business development, who will be tasked with building the
foundation for the Company’s planned expansion.
- Developed key system functions,
including CI/CD pipelines, go-forward scalable and secure AWS
infrastructure, POC for Text2Pay Invoice System, and POC for Crypto
Payments Invoice System.
- Researched, identified, and vetted
partnerships with digital asset platform partners for blockchain
and cryptocurrency use cases.
- Co-developed end-to-end, automated
product and opportunity intake process to streamline, categorize
and prioritize new products/features and business development
opportunities.
Management Commentary
Luke D’Angelo, CEO of AppTech commented: “In the
second quarter, we engaged in a number of forward-propelling
activities to accelerate our progression to help meet the planned
launch of our platform in 2022. Our team has been focused on
delivering a Fintech product to market that will create seamless
omni-channel experiences for clients and their customers. Our
expected launch later this year has ignited excitement within our
clients who are eager to deliver innovative payment technologies,
especially crypto integration, to meet the needs of their
customers.
Our digital payments and all-in-one banking
platform is rooted in industry standards, and can be used as a
standalone or enterprise solution. The platform designed to deliver
transformative customer experiences across a broad base of retail
industries and clients, including merchants, banking institutions
and business enterprises alike.
Our technology is based on our strong portfolio
of patents, covering many areas, including mobile-to-mobile and
computer-to-mobile payment. Our recent acquisition of Hothand
further bolsters our patent portfolio to 17 total patents. Our
ownership of these patents, many of which have been cited by
industry-leading corporations, will allow us to pursue licensing
agreements with several large companies, many of which are
currently using AppTech intellectual property.
With a strong balance sheet, coupled with our
exceptional leadership team, we are well-positioned to successfully
execute our plans to become a premier Fintech platform that powers
commerce experiences, optimizes financial operations and generates
brand loyalty with end users.”
About AppTech AppTech Payments
Corp. (NASDAQ: APCX) is an innovative Fintech company with an elite
digital platform that powers seamless omni-channel commerce
experiences for clients and their customers. AppTech is developing
a transformative digital payments and banking all-in-one platform
that will upend the Fintech industry. Our embedded, highly secure
platform drives B2B, B2C and P2P capabilities in Payments as a
Service (PaaS) and Banking as a Service (BaaS) from crypto and
contactless payment options to virtual cards, text-to-pay,
mobile-to-mobile and cross-border remittance.
Forward-Looking StatementsThis
press release contains forward-looking statements that are
inherently subject to risks and uncertainties. Any statements
contained in this document that are not historical facts are
forward-looking statements as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Words such as
“anticipate, believe, estimate, expect, forecast, intend, may,
plan, project, predict, should, will” and similar expressions as
they relate to AppTech are intended to identify such
forward-looking statements. These risks and uncertainties include,
but are not limited to, general economic and business conditions,
effects of continued geopolitical unrest and regional conflicts,
competition, changes in methods of marketing, delays in
manufacturing or distribution, changes in customer order patterns,
changes in customer offering mix, and various other factors beyond
the Company’s control. Actual events or results may differ
materially from those described in this press release due to any of
these factors. AppTech is under no obligation to update or alter
its forward-looking statements whether as a result of new
information, future events or otherwise.
Investor Relations ContactBen
ShamsianLytham Partners,
LLCshamsian@lythampartners.com646-829-9701
Media ContactSarah BilyeuKCD PR
for AppTech Payments Corpsbilyeu@kcdpr.com619-252-9111
AppTech Payments
Corp.info@apptechcorp.com760-707-5959
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