Eightco's Forever 8 Signs Inventory Management Agreement with Prominent Electronics Distributor Mobi-hub
May 17 2023 - 7:30AM
Eightco Holdings Inc. (NASDAQ: OCTO) announced today that its
subsidiary, Forever 8, has renewed and expanded an Inventory
Management Agreement (IMA) with Mobi-hub Ltd. (Mobi-hub), a
prominent electronics distributor that specializes in premium
refurbishment of electronics, most notably, mobile devices. The IMA
will guide existing business activities for the upcoming year, as
well as provide additional growth opportunities that stand to
benefit both companies in the future.
The IMA will allow Forever 8 to provide
inventory management solutions for Mobi-hub, enabling them to
expand their global sales efforts while Mobi-hub focuses on other
aspects of their business. The IMA includes minimum order
quantities that exceed those of fiscal year 2022, giving Forever 8
the ability to better forecast inventory needs and be prepared to
meet increased demand. The updated IMA will also allow Forever 8
increase its presence in the refurbished cellular phone market,
which is projected to reach $66.8 billion in global sales by
[date]1.
"Our expanded IMA with Mobi-hub represents an
enhanced driver of growth for Forever 8. Through Mobi-hub's
extensive global network, we are well-positioned to rapidly expand
our presence in the booming refurbished cellular phone market. This
growth opportunity reinforces our commitment to delivering
innovative and valuable inventory management solutions to customers
around the world," said Eightco Holdings Inc. CEO Brian
McFadden.
“Through our wholesale and
retail segments, Mobi-hub’s mission is to provide a
sustainable, yet highly profitable solution for reclaimed and
refurbished
consumer electronics,” says Moheb Pirzada, CEO of
Mobi-hub. “This IMA should provide our company the
resources to expand our global presence and grow our revenue
exponentially. Lastly, our continued commitment to the
environment through reusing and recycling
electronics remains a
vital component to Mobi-hub’s pursuit to
build a better future, one device at a time,” added
Naz Pirzada Co-Founder
About Eightco Holdings
Inc.
Eightco Holdings Inc. (NASDAQ: OCTO) is
committed to growth focused around its existing subsidiaries,
Forever 8, an inventory management platform for e-commerce sellers,
and Ferguson Containers, a provider of complete manufacturing and
logistical solutions for product and packaging needs, through
strategic management and investment. In addition, the company is
actively seeking new opportunities to add to its portfolio of
technology solutions focused on the e-commerce ecosystem through
strategic acquisitions. Through a combination of innovative
strategies and focused execution, Eightco Holdings Inc. aims to
create significant value and growth for its portfolio companies and
shareholders.
For additional information, please
visit www.8co.holdings
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.
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 failure to achieve the expected
benefits of the Inventory Management Agreement with Mobi-hub; the
potential that the expected benefits of Eightco Holdings Inc.’s
acquisition of Forever 8 are not achieved; unexpected costs,
charges or expenses that reduce Eightco Holdings Inc.’s capital
resources; Eightco Holdings Inc.’s inability to raise adequate
capital to fund its business; Eightco Holdings Inc.’s ability to
repay its debts; and Eightco Holdings Inc.’s inability to innovate
and attract users for Eightco Holdings Inc.’s products. 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 Eightco Holdings Inc.’s actual results to differ
from those contained in forward-looking statements, see Eightco
Holdings Inc.’s filings with the Securities and Exchange Commission
(SEC), including the section titled “Risk Factors” in Eightco
Holdings Inc.’s Annual Report on Form 10-K and its Quarterly
Reports on Form 10-Q. All information in this press release is as
of the date of the release, and Eightco Holdings Inc. 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@8co.holdings
1
https://www.statista.com/statistics/1208598/used-smartphone-shipments-worldwide/
Eightco (NASDAQ:OCTO)
Historical Stock Chart
From Sep 2024 to Oct 2024
Eightco (NASDAQ:OCTO)
Historical Stock Chart
From Oct 2023 to Oct 2024