AIRPORT CITY, Israel,
March 28, 2019 /PRNewswire/
-- My Size, Inc. (the "Company" or "My Size") (NASDAQ: MYSZ)
(TASE: MYSZ), the developer and creator of smartphone measurement
applications, today reported financial and operating results for
the fourth quarter and full year 2018.
2018 Financial Highlights:
- Issued 3 million shares at $2.00/share in a public offering in February 2018, netting proceeds of $5.5 million;
- Ended the year with approximately $6.6
million in cash* as of December 31,
2018, compared to approximately $2.0
million in cash* as of December 31,
2017;
- Operating loss was down slightly for the year ended
December 31, 2018 to $5.2 million from $5.6
million in the prior year ended December 31, 2017
- Net loss was $6.0 million for the
year ended December 31, 2018 compared
to $5.4 million for the year ended
December 31, 2017.
*includes cash and cash equivalents, restricted cash, restricted
deposit, and short term deposit
2018 Corporate Highlights-Update:
- Launched first complete ready-to-deploy MySizeID solution at
CES 2018
- Entered into first commercial deployment of BoxSizeID with
Katz, a leading parcel delivery service in Israel; with revenues anticipated to begin Q2
2019
- Reached milestone of 1 million downloads for SizeUp, the
company's Do-it-Yourself Design platform
- Demonstrated proof of concept at Fashion Week 2018,
New York, in cooperative marketing
with Avenue, a leading womenswear marketing and apparel company and
a sponsored "Pop-Up Store/Fit Party" event in New York supported by large international
marketing and apparel companies
- Announced second patent issued from USPTO
Subsequent to the End of the Year Developments:
- Announced that Shopify has begun to offer MySizeID on its
e-commerce platform
- Announced that Honeywell Marketplace has begun to offer
BoxSizeID on its e-commerce platform
- Announced the hiring of two senior-level sales and two
marketing leaders for North
America;
- Initial agreements signed with European and U.S.-based
retailers for MySizeID integrations, with custom integration work
scheduled to begin in Q2 2019
Ronen Luzon, Chief Executive Officer of My Size, commented, "We
continued to develop and introduce our technologically innovative
product platforms to a marketplace that is very much looking for a
product such as ours, and our sales funnel across product lines
continues to expand. Having achieved some key developmental
milestones, we look forward to continuing to introduce a completed
and ready-to-deploy solution to the markets, and we are currently
focused on accelerating the adoption curve, monetizing our
technology, and working on new features for future generations of
product. We plan to continue to execute our branding and
marketing strategy through trade shows, continued sales leadership
team expansion, and pursuing new channel development to the markets
we serve."
Mr. Luzon commented further, "While we have seen that each
customer wants certain customization and implementation cycles
consist of multiple stages, we're confident that 2019 will be the
year in which we will see our first material revenues for MySizeID
and BoxSizeID. Further, we also look forward to adding new
pilots and trials, taking current ones to the next phases in
implementations and announcing our future successes."
A copy of the Company's Annual Report on Form 10-K for the year
ended December 31, 2018 has been
filed with the Securities and Exchange Commission and posted on the
Company's website at https://ir.mysizeid.com. You may request
a copy of the Company's Form 10-K, at no cost to you, by writing to
the Chief Financial Officer of the Company at 3 Arava St., Airport
City, 7010000, Israel or by
calling the Company at +972-3-6009030.
About My Size, Inc.
My Size, Inc. (TASE: MYSZ) (NASDAQ: MYSZ) has developed a unique
measurement technology based on sophisticated algorithms and
cutting-edge technology with broad applications including the
apparel, e-commerce, DIY, shipping and parcel delivery
industries. This proprietary technology is driven by several
algorithms which are able to calculate and record measurements in a
variety of novel ways. To learn more about My Size, please visit
our website. www.mysizeid.com. We routinely post information
that may be important to investors in the Investor Relations
section of our website. Follow us on Facebook, LinkedIn
and Twitter.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
identified by the use of the words "could," "believe,"
"anticipate," "intend," "estimate," "expect," "may," "continue,"
"predict," "potential," "project" and similar expressions that are
intended to identify forward-looking statements. All
forward-looking statements speak only as of the date of this press
release. You should not place undue reliance on these
forward-looking statements. Although we believe that our plans,
objectives, expectations and intentions reflected in or suggested
by the forward-looking statements are reasonable, we can give no
assurance that these plans, objectives, expectations or intentions
will be achieved. Forward-looking statements involve significant
risks and uncertainties (some of which are beyond our control) and
assumptions that could cause actual results to differ materially
from historical experience and present expectations or projections.
Actual results to differ materially from those in the
forward-looking statements and the trading price for our common
stock may fluctuate significantly. Forward-looking statements also
are affected by the risk factors described in the Company's filings
with the U.S. Securities and Exchange Commission. Except as
required by law, we undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
Investor Contact:
My Size:
Ronen Luzon, Chief Executive Officer
ronen@mysizeid.com
Darrow Associates, Inc.
Peter Seltzberg, Managing Director,
Investor Relations
pseltzberg@darrowir.com
Media Contact:
FischTank Marketing & PR
Matthew Bretzius
matt@fischtankpr.com
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SOURCE My Size Inc.