AIRPORT CITY, Israel, Nov. 20, 2018 /PRNewswire/ -- My Size, Inc. (the "Company" or "My Size") (MYSZ) (MYSZ), the developer and creator of smartphone measurement applications, today reported financial and operating results for the third quarter ended September 30, 2018.
- 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
- 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. (MYSZ) (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.
Ronen Luzon, Chief Executive Officer
Darrow Associates, Inc.
Peter Seltzberg, Managing Director, Investor Relations
FischTank Marketing & PR