Cryptyde, Inc. Projects FY 2023 Revenue of $60 Million
January 26 2023 - 7:30AM
Cryptyde, Inc. (NASDAQ: TYDE) is pleased to announce its financial
guidance for fiscal year 2023 of revenue of $60 million. This
estimate is based on the expected continued performance of its
current wholly owned subsidiaries, Forever 8 Fund, LLC (“Forever
8”) and Ferguson Containers, Inc. (“Ferguson Containers”). This
projected revenue was determined through an internal review of its
existing client base, as well as incremental revenue from new
business.
"We are very excited about the potential for
growth in the coming year," said CEO Brian McFadden. "Our focus on
identifying revenue-producing opportunities is beginning to show
results and we believe that by continuing to execute on our
strategy, we will be well-positioned for success in 2023 and
beyond."
Cryptyde's growth strategy includes recognizing
and prioritizing revenue-producing business opportunities and
expansions, developing a strategy for efficiently acquiring
capital, launching new software as a service product and evaluating
potential acquisition targets. The company is committed to
continuously monitoring market conditions and adjusting its
strategy as needed to remain competitive and well-positioned for
growth.
"Cryptyde is proud to announce projected revenue
of $60 million for the fiscal year 2023. We are eager to continue
building upon our success and creating value for all stakeholders.
This is only the beginning of what we expect to accomplish," added
McFadden.
The projected revenue assumes the expected
continuation in 2023 of Q4 2022 revenue production by Forever 8 and
the ability of Cryptyde to raise additional capital in the future
of at least $3 million. The projected revenue is not a guarantee of
future performance and is subject to a number of risks and
uncertainties. Actual results may differ materially from the
projected revenue presented in this press release.
About Cryptyde
Cryptyde, Inc. (Nasdaq: TYDE) is focused on
driving growth through the acquisition and management of
technology. With subsidiaries like Forever 8, providing cash flow
management platform and inventory solutions for e-commerce sellers,
and Ferguson Containers, a provider of complete manufacturing and
logistical solutions for product and packaging needs, Cryptyde is
committed to identifying and acquiring businesses with untapped
potential and developing strategies to scale them to new heights.
Through focused execution and a commitment to innovation, Cryptyde
aims to drive significant growth and value creation for its
portfolio companies and shareholders. For additional information,
please visit http://www.cryptyde.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 Forever 8’s
and Ferguson Containers’ 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; Forever 8’s inability to
continue the results from the fourth quarter of 2022; Cryptyde’s
inability to raise additional capital of at least $3 million;
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, Forever 8’s, and Ferguson Containers’ 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 January 24, 2023.
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
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