Cryptyde’s Recent Acquisition of Forever 8 Offers A Solution to Inventory Capital
November 15 2022 - 7:30AM
With Cryptyde’s (Nasdaq:TYDE) acquisition of Forever 8 Fund, LLC
(“Forever 8”) now complete, the company intends to aggressively
pursue the $5 trillion dollar e-commerce market1, approximately
$600 billion2 of which represents Amazon Global and its third-party
sellers, Forever 8’s primary sales channel.
Forever 8’s distinct business model provides an
inventory purchasing solution for e-commerce sellers to effectively
operate their business without the need to dedicate time and
resources towards financing. Forever 8 creates a favorable
environment for the seller to scale their business while mitigating
the risk that a traditional factoring, merchant cash advance and a
revenue-based financing program faces when engaging a potential
client. Through utilization of a proprietary due diligence tool
that assesses product category, sales history and margin, Forever 8
can generate seller specific pricing for each product SKU. Upon
approval and on-boarding, Forever 8 purchases the existing
inventory from the client, instantly freeing up capital for the
client to focus on growth initiatives such as sales, marketing and
product line expansion. Forever 8 then procures all future
inventory directly from the supplier to elicit and help its
client’s growth, thus delivering a long-term inventory capital
solution for the client.
Founded by a group of industry veterans within
the financial sector and technology space, Forever 8’s global team
has grown revenue while maintaining a 96% customer retention rate
since launch. Cryptyde has hired key employees from Forever 8 to
assist senior management in the continued growth of the combined
company.
Several key milestones have been reached by
Forever 8:
- Over 1000 unique SKUs financed
- An excess of $32 million of funded
sales
- Provided capital to over 30
brands
- Supported products across multiple
categories, including, but not limited to, electronics, home goods
and apparel
Brian McFadden, CEO of Cryptyde, said, “Forever
8 has proven to be a disruptor in traditional e-commerce financing
by identifying and solving supply chain inefficiencies through
innovative technology. By supporting Forever 8 with financial
backing and product development led by our combined team of
experts, we believe our offering will have a meaningful impact on
the millions of potential clients unable to further grow their
business due to capital constraints. Equally important, this model
offers our clients a scalable end-to-end solution while lessening
the capital risk normally seen with options offered by many of our
competitors who leverage traditional credit-based financing.”
Additionally, Cryptyde, Inc. announced financial
results for the three and six months ended September 30, 2022. The
financial statements are available in the Company’s Quarterly
Report on Form 10-Q for the period ended September 30, 2022, filed
with the Securities and Exchange Commission on November 14,
2022.
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 to develop 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. 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 November 14, 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 Relations Joe Gerace
917-757-5374joe@dittopr.co
1 Source:
https://www.channeladvisor.com/uk/resources/library-webinars/emarketer-analyst-report-global-ecommerce-forecast-2022/2
Source:
https://www.marketplacepulse.com/marketplaces-year-in-review-2021
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