AIRPORT CITY, Israel,
Nov. 20, 2018 /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 third quarter ended September 30,
2018.
Financial Highlights:
- Finished the third quarter with approximately $8.3 million in cash* and no debt, compared to
approximately $2.0 million in cash*
and $558,000 in short term debt as of
December 31, 2017;
- Operating Expenses, adjusted for share-based compensation, for
the three and nine months ended September
30, 2018 were approximately $1.1
million and $3.9 million,
respectively, as compared to approximately $3.3 million and $824,000 for the three and nine months ended
September 30, 2017, respectively;
and
- Announced first commercial agreement for BoxSizeID with Katz
Corporation to improve operational facility and reduce operating
expenses for the leading Israeli package delivery company;
provisioning and integration work expected to finish in
November 2018 with initial revenues
anticipated in the first quarter of 2019.
*includes marketable securities, short-term deposits, and
restricted cash
Corporate Highlights:
- Released first consumer smart measurement fashion app,
MySizeID™, for iOS devices;
- Released MySizeID™ smart body measurement software development
kit (SDK) for use in iOS devices worldwide;
- Participated in September 2018
Fashion Week NYC with Avenue to present a working solution at
Curvicon. The event was considered to be a great success for My
Size, as approximately 700 people visited the booth and 500 people
used MySizeID™ to receive measurements and build their own personal
Fit Profile; and
- Hosted a pop-up Fit Party with two leading global retailers to
showcase MySizeID™ to consumers in New
York City. A post event survey of attendees showed 97%
thought MySizeID™ was easy to use, 97% said the body measurements
received from MySizeID™ were correct, 95% said the size recommended
by MySizeID™ was accurate, 95% said they would feel confident using
their MySizeID™ measurements to shop online, and 100% said they
could see themselves using an app like MySizeID™ while shopping
online.
Subsequent to the End of the Quarter Developments:
- Partnered with Lightspeed, a leading point-of-sale solution for
independent retailers and restaurants with roughly $15 billion in annual online apparel
transactions, to make MySizeID™ available to all apparel retailers
on the Lightspeed platform. My Size also showcased its technology
at the Lightspeed Connect conference in The Netherlands to more than 5,000 online
retailers.
Ronen Luzon, Chief Executive Officer of My Size, commented, "We
continued to invest in and execute a consistent and innovative
program of marketing, promotional, and branding activities and
develop our game-changing technology platforms for sizing and
measurement for consumer apparel and commercial packaging and
logistics. While we believe that the e-commerce apparel
platform will most likely be the most imminent contributor to
material revenue generation for My Size, the third quarter of
2018 will go down in our history as the year in which we signed our
first commercial agreement, which was with Katz, an Israeli-based
courier services business that is deploying our sizing solution
throughout its organization to save money and efficiently move more
than five-million packages a year."
Mr. Luzon commented further, "While we are making good progress
in working with some exceptional global brands that continue with
limited and pilot deployments of MySizeID™, third party e-commerce
providers are taking a very close look at the opportunity to
partner with us to offer a competitive differentiator that their
hosted on-line customers love, and we have announced integration
efforts which are underway with Lightspeed just last month.
We have a very exciting opportunity here, with more than 6 million
apparel merchants on-line, each with needs for a sizing solution
that helps them sell more of their products and save on delivery
and return costs," concluded Mr. Luzon.
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. 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.