AIRPORT CITY, Israel,
Nov. 14, 2019 /PRNewswire/ -- My
Size, Inc. (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE:
MYSZ), the developer and creator of smartphone measurement
solutions, today provided a business update for the third quarter
ended September 30, 2019.
Ronen Luzon, CEO of My Size, Inc., stated, "MySizeID, a smart
measurement solution, is gaining traction with both regional and
global retailers. We are in active pilot programs with a
number of major companies that we cannot yet disclose; however, as
these deployments progress, we look forward to sharing additional
details on these relationships. At the same time, we are
gaining traction in other industries where our smart measurement
technologies provide large, global enterprises a significant value
proposition, such as BoxSize for the shipping and parcel delivery
industries."
"We recently announced that MySizeID has been chosen by Isay, a
Danish fashion brand selling women´s clothes primarily in
Northern Europe, in order to
increase customer loyalty and reduce returns. Isay evaluated
our technology on 50 women and received an overwhelmingly positive
response due to the ability of the app to quickly and efficiently
determine the right size. During the quarter, we also released the
bra measurement feature on our app, which enables consumers to
accurately measure band and cup size for bras and lingerie. We
successfully launched the bra feature with Penti, Turkey's leading multi-category retail fashion
underwear brand, which has a total of 550 retail stores in more
than 35 countries. We have been working with other retailers that
wish to solve this problem and provide their customers the ability
to privately and accurately measure their band and cup size before
purchasing online."
"Last month, we announced the planned launch of MySizeID in
Australia with a global retail
marketplace operator that is set to introduce an integrated,
technology-based app for the custom apparel and merchandise
industry. Our strategy is to leverage partnerships such as these to
accelerate our go-to-market strategy in new territories. Partnering
with this global retail marketplace operator, allows us to provide
apparel brands, manufacturers, vendors and consumers across
Australia with a turn-key
measurement solution. We expect to finish with the integration of
MySizeID and release it before the end of the year."
"As a technology focused organization, building our intellectual
property portfolio is central to our strategy. In July, we
announced a Notice of Allowance from the Canadian Patent and
Trademark Office for a key patent. Our technology is now protected
by four issued patents, one in each of Japan and Russia and two in the U.S. Additional patents
are pending and more patent applications are in process. We are at
the forefront of a rapidly burgeoning industry, where online
apparel shopping is plagued with unnecessary returns, which add
tremendous costs for retailers. We believe we are uniquely
positioned to solve these challenges, as well as build shopper
confidence, which is designed to reduce cart abandonment. We
are extremely encouraged by the overall feedback from the industry
and believe our strong IP portfolio positions us to become the
dominant player in this market with retailers worldwide."
Third Quarter 2019 Financial Highlights:
Revenues for the three months ended September 30, 2019 were $6,000 compared to none for the three months
ended September 30, 2018. The
increase from the corresponding period primarily resulted from a
new license agreement.
Research and development expenses for the three months ended
September 30, 2019 were $395,000 compared to $311,000 for the three months ended September 30, 2018. The increase primarily
resulted from the hiring of new employees and expenses associated
with share-based payments to our employees offset by a decrease in
payments to subcontractors.
Marketing, general and administrative expenses for the three
months ended September 30, 2019 were
$1.2 million compared to $771,000 for the three months ended September 30, 2018. The increase was mainly due
to an increase in insurance expenses and payroll expenses due to
hiring of a sales team in the US and an increase in sales and
marketing expenses.
Financial income, net for the three months ended September 30, 2019 amounted to $249,000 compared to financial expense, net of
$479,000 for the three months ended
September 30, 2018. The decrease
compared to the corresponding period was mainly due to income of
$359,000 for the three months ended
September 30, 2019 from change in
fair value of warrants compared to an expense of $339,000 for the three months ended September 30, 2018.
Net loss for the three months ended September 30, 2019 was $1.4 million, compared to net loss of
$1.6 million for the three months
ended September 30, 2018.
A copy of the Company's quarterly report on Form 10-Q has been
filed with the Securities and Exchange Commission and posted on the
Company's website at https://ir.mysizeid.com.
For the latest news coverage, please follow the Company on
Facebook, LinkedIn, Instagram and Twitter.
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 measurement 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, Instagram and Twitter.
Please click here for a demonstration of how MySizeID
provides a full sizing solution for the retail industry.
Register here for a one-month free trial of MySizeID solution
for your online store.
Please click here to download MySizeID for iOS.
Please click here to download MySizeID for Android.
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.
Israel Press Contact:
Yaniv Leibovich
Leibovich Media
yanivleib@gmail.com
+972-54-444-0326
U.S. Press Contact:
5W Public Relations
mysizeid@5wpr.com
IR Contact:
Crescendo Communications, LLC
Tel: +1 212-671-1020
Email: MYSZ@crescendo-ir.com
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SOURCE My Size, Inc.