Cryptyde Completes Acquisition of Forever 8
October 04 2022 - 7:30AM
Cryptyde, Inc. (NASDAQ: TYDE) today announced that it has
successfully closed the acquisition of Forever 8 Fund, LLC, an
e-commerce fintech company (“Forever 8”). The acquisition lays the
foundation for Cryptyde’s fintech portfolio and positions Cryptyde
to generate revenue from the F8 acquisition, beginning in Q4 of
2022
“We are pleased to have closed this pivotal
acquisition of Forever 8, which will not only add revenue, it also
positions Cryptyde as a future leader in the financial technology
space,” said Brian McFadden, CEO of Cryptyde. “We believe we have a
unique offering within the fintech universe, with Forever 8
providing an opportunity to combine machine learning technology
with the blockchain to better improve and streamline multiple
industries. We are excited for the future ahead and welcome the
Forever 8 team to our Cryptyde team, as we scale the business”
added McFadden.
“I am excited to be a part of the Cryptyde team
and am confident in its ability to incorporate Forever 8 into
Cryptyde’s expanding ecosystem of disruptive technology,” said
Forever 8 Co-Founder, Paul Vassilakos.
About Cryptyde
Cryptyde, Inc. (Nasdaq: TYDE) is focused on
leveraging blockchain technologies to disrupt consumer-facing
industries. For additional information, please
visit http://www.cryptyde.com/
About Forever 8
Forever 8 Fund, LLC, was founded with the
purpose of developing a unique way of funding inventory for
e-commerce businesses. With a global presence, Forever 8 has
approached its sector differently by developing a technology-driven
capital solution focused on taking product risk directly. When
considering a business for its solution, Forever 8 first determines
which products qualify for inventory funding within the customer’s
product portfolio, using a proprietary due-diligence tool that
assesses a number of parameters including sales, supplier terms and
product category risk. Once approved and on-boarded, Forever 8 then
purchases the existing inventory from the customer, immediately
freeing up capital for the customer to focus on growth activities
such as sales, marketing and product line expansion. Going forward,
Forever 8 purchases all future inventory directly from the supplier
that the customer requires in order to satisfy its growth,
delivering a long-term, un-capped inventory capital solution for
the customer. For additional information, please
visit http://www.forever8.com/
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements in this press release other than
statements of historical fact could be deemed forward looking,
including, but not limited to, the statements regarding the
proposed acquisition of Forever 8 and its potential future
performance. Words such as “plans,” “expects,” “will,”
“anticipates,” “continue,” “expand,” “advance,” “develop”
“believes,” “guidance,” “target,” “may,” “remain,” “project,”
“outlook,” “intend,” “estimate,” “could,” “should,” and other words
and terms of similar meaning and expression are intended to
identify forward-looking statements, although not all
forward-looking statements contain such terms. Forward-looking
statements are based on management’s current beliefs and
assumptions that are subject to risks and uncertainties and are not
guarantees of future performance. Actual results could differ
materially from those contained in any forward-looking statement as
a result of various factors, including, without limitation: the
potential that the expected benefits of Cryptyde’s acquisition of
Forever 8 are not achieved; achievement of the expected benefits of
Cryptyde’s spin-off from Vinco Ventures, Inc.; tax treatment of the
spin-off; market and other conditions; the risks that the ongoing
COVID-19 pandemic may disrupt Cryptyde’s business more severely
than it has to date or more severely than anticipated; unexpected
costs, charges or expenses that reduce Cryptyde’s capital
resources; Cryptyde’s inability to raise adequate capital to fund
its business; Cryptyde’s inability to innovate and attract users
for Cryptyde’s products; future legislation and rulemaking
negatively impacting digital assets; and shifting public and
governmental positions on digital asset mining activity. Given
these risks and uncertainties, you are cautioned not to place undue
reliance on such forward-looking statements. For a discussion of
other risks and uncertainties, and other important factors, any of
which could cause Cryptyde’s and Forever 8’s actual results to
differ from those contained in the forward-looking statements, see
Cryptyde’s filings with the Securities and Exchange Commission
(SEC), including the section titled “Risk Factors” in Cryptyde’s
Registration Statement on Form 10, as amended, filed with the SEC
on May 13, 2022, and Cryptyde’s Registration Statement on Form S-1,
as amended, filed with the SEC on August 12, 2022. All information
in this press release is as of the date of the release, and
Cryptyde undertakes no duty to update this information or to
publicly announce the results of any revisions to any of such
statements to reflect future events or developments, except as
required by law.
For further information, please contact:
Investor RelationsRichard
Brown617-819-1289investors@cryptyde.com
Media RelationsJoe Gerace917-757-5374joe@dittopr.co
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