AIRPORT CITY, Israel,
May 15, 2020 /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 first quarter ended March 31, 2020. A copy of the Company's quarterly
report on Form 10-Q for the first quarter ended March 31, 2020 has been filed with the Securities
and Exchange Commission and posted on the Company's website at
https://ir.mysizeid.com.
Recent Highlights
- Regained compliance with Nasdaq's stockholders' equity
rule
- Raised approximately $5.0 million
in gross proceeds in public offering
- Increased demand for MySizeID due to COVID-19 pandemic
- Developed contactless solution for MySizeID app, allows
customers to purchase clothing through the app
- Released OneClick™ feature for BoxSize- allows the
user to easily and quickly measure a package in a single
motion
- Signed non-binding LOI to establish a Joint Venture with
Logystico to operate and manage micro-fulfilment centers using My
Size's BoxSize enhanced platform for retail vendors in the United States
Ronen Luzon, CEO of My Size, Inc., stated, "We are pleased to
report that on May 12, we received
written notification from Nasdaq indicating that we regained
compliance with the stockholders' equity rule for continued listing
on the Nasdaq Capital Market. We also recently raised approximately
$5.0 million which gives us a solid
runway to execute on our business. We remain committed to providing
support for our customers and partners during the COVID-19
pandemic. Retailers around the world are feeling the impact of the
virus on their business and many are looking to adopt new
technologies or digital solutions in order to improve their
consumers' shopping experience as well as their bottom line. Due to
the current COVID-19 pandemic some of our in-person sales and
marketing efforts have been curtailed. However, we are active by
phone, virtual presentations, and other means, while at the same
time are seeing an increase in in-bound interest in MySizeID, a
smart measurement solution based on shoppers' personal body
measurements from retailers worldwide that are looking for a
turnkey solution that helps consumers choose their appropriate size
and fit while shopping online as well as improve the in-store
shopping experience."
"As stay at home orders are starting to lift, retailers are
beginning to offer buy-online pick-up in-store (BOPIS) and curbside
pickup. In order to accommodate retailers and consumers, we have
recently developed a contactless shopping feature for the MySizeID
app. By downloading the MySizeID app on their smartphones,
consumers can safely measure themselves, find their right size and
even make a purchase through the app, offering a true streamlined
contactless experience. We believe the COVID-19 pandemic will
create a long-lasting shift in consumer shopping behaviors and by
developing this new feature, MySizeID can provide another layer of
safety for consumers and store associates. We continue to receive
positive feedback from retailers, and we look forward to launching
this feature with our retail customers."
"As we continue to innovate and evolve our technology, we
recently announced that we have released the new
OneClick™ feature for the BoxSize, an intuitive
measurement app and management tool for the delivery services
industry. This breakthrough feature allows the user to easily and
quickly measure a package in a single motion which represents a
significant leap forward in terms of speed, convenience and ease of
use. BoxSize provides large, global enterprises a significant value
proposition by streamlining the delivery management system through
accurate parcel measurement, resulting in improved operational
efficiency and reduced operating expenses. Currently, BoxSize is an
approved partner for both Honeywell's and Zebra's Global Vendor
Program and is fully compatible with many of their mobile devices.
As consumer demand for the delivery of time-sensitive goods
increases, we see an enormous opportunity within the logistics
market with BoxSize. We recently announced a non-binding LOI to
establish a Joint Venture (JV) with Logystico, a third-party
logistics fulfillment company that specializes in automating the
order fulfillment process. Subject to entry into of a definitive
agreement, the JV will exclusively operate and manage
micro-fulfilment centers using My Size's BoxSize enhanced platform
for retail vendors in the United
States. We look forward to launching this JV with Logystico
as we believe the future of e-commerce is in micro-fulfillment
centers."
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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.
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.