Upexi Provides Shareholders With Update on Restructuring to Reduce Debt and Increase Working Capital Through Sale of Assets
Upexi Provides Shareholders With Update on Restructuring to Reduce Debt and Increase Working Capital Through Sale of Assets
TAMPA, FL / ACCESSWIRE / June 20, 2024 / Upexi, Inc. (NASDAQ:UPXI) (the "Company" or "Upexi"), a multi-faceted Amazon and Direct-to-Consumer ("DTC") brand owner and innovator in aggregation, today is providing shareholders with a update on its restructuring to reduce debt and increase working capital through the sale of assets.
美國佛羅里達州坦帕/ACCESSWIRE/2024年6月20日/Upexi公司(NASDAQ股票代碼:UPXI)(以下簡稱“公司”或“Upexi”)是亞馬遜和直銷消費品品牌的多元化所有者和創新者,今天發佈了一份關於通過資產出售減少債務並增加運營資本的公司重組更新,爲股東提供服務。
As previously announced, the Upexi management team and the Board of Directors are exploring strategic alternatives for the Company to maximize current and future shareholder value. On June 13, 2024, the Company sold 100% of the outstanding stock of its wholly owned subsidiary VitaMedica, Inc. ('VitaMedica'). The value received from this sale will eliminate some of the current debt and provide the necessary working capital for other business units to grow. Upexi Distribution will continue to provide services to the brand through the transition services agreement.
正如之前宣佈的那樣,陽泉管理團隊和董事會正在尋找戰略選擇,以最大化現有和未來股東價值。2024年6月13日,公司出售其全資子公司VitaMedica,Inc('VitaMedica')的全部在外股份。從此次銷售中獲得的價值將消除一些目前的債務並提供必要的工作資本,以促進其他業務部門的發展。Upexi Distribution將通過過渡服務協議繼續向該品牌提供服務。
In addition, the Company has a contract to sell the warehouse located in Clearwater, Florida, which is expected to close in the middle of July and eliminate approximately $2.6 million in debt and provide approximately $1.4 million in cash for working capital.
此外,該公司已與購買其位於佛羅里達州克利爾沃特倉庫的買家簽訂了一份合同,預計將於7月中旬完成,並消除約260萬美元的債務併爲營運資本提供約140萬美元現金。
The Company plans to continue to evaluate alternatives, which may include the sale of other business units to eliminate outstanding debt and free up cash to reinvest and grow the business.
公司計劃繼續評估其他替代方案,可能包括出售其他業務部門以消除未償債務並釋放資金以再投資和促進業務增長。
Allan Marshall, CEO of Upexi, commented, "Our current debt has inhibited our ability to operate the businesses and continue with our original strategy. The current market conditions make it impossible to raise growth capital or refinance debt in a way that the Company can grow and bring value to our current shareholders. The asset sales are the only path to eliminate debt, secure the balance sheet and provide the capital needed to grow for the future."
Upexi的CEO Allan Marshall評論道:“我們目前的債務限制了我們運營企業和繼續執行我們最初的戰略的能力。當前的市場條件使公司無法以使其增長併爲現有股東帶來價值的方式籌集增長資本或再融資債務。銷售資產是消除債務、確保資產負債表的唯一途徑,並提供未來所需的資本以促進增長。”
The Company's management expects to file its quarterly financial statements for the nine months ended, March 31, 2024 on June 24, 2024.
該公司管理層預計於2024年6月24日提交截至2024年3月31日的第三季度財務報表。
About Upexi, Inc.:
Upexi is a multi-faceted brand owner with established brands in the health, wellness, pet, beauty, and other growing markets. We operate in emerging industries with high growth trends and look to drive organic growth of our current brands. We focus on direct to consumer and Amazon brands that are scalable and have anticipated, high industry growth trends. Our goal is to continue to accumulate consumer data and build out a significant customer database across all industries we sell into. The growth of our current database has been key to the year over year gains in sales and profits. To drive additional growth, we have and will continue to acquire profitable Amazon and eCommerce businesses that can scale quickly and reduce costs through corporate synergies.
關於Upexi,Inc.:
Upexi是一家多元化品牌所有者,在健康、健身、寵物、美容等增長市場擁有既定品牌。我們在高成長趨勢的新興行業中運營,並尋求推動當前品牌的有機增長。我們專注於可擴展且具備預期高行業增長趨勢的直接面向消費者和亞馬遜品牌。我們的目標是繼續積累消費者數據,並在我們銷售的所有行業中建立重要的客戶數據庫。我們當前數據庫的增長對銷售和利潤的年度增長至關重要。爲了推動額外的增長,我們已經並將繼續收購可快速擴展並通過企業協同效應降低成本的亞馬遜和電子商務業務。
FORWARD-LOOKING STATEMENTS:
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with business strategy, potential acquisitions, revenue guidance, product development, integration, and synergies of acquiring companies and personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
前瞻性聲明:
本新聞稿包含美國1933年證券法第27A條和1934年證券交易法第21E條中定義的"前瞻性聲明"。本新聞稿中的陳述,如果不是純粹的歷史記錄,都是前瞻性聲明,幷包括有關未來信仰、計劃、期望或意圖的任何陳述。由於衆多因素,實際結果可能與任何前瞻性陳述有所 不同。這些因素包括商業策略、潛在收購、收入指導、產品開發、併購公司和人員的整合和協同效應等方面所固有的不確定性。這些前瞻性聲明是根據本新聞稿發佈日期做出的,並且我們假設沒有義務更新前瞻性聲明,或更新原因,因爲實際結果可能與前瞻性聲明中預測的結果有所不同。儘管我們認爲本新聞稿所包含的信仰、計劃、預期和意圖是合理的,但不能保證這些信仰 、計劃、預期或意圖是準確的。投資者應查閱本文所述的所有信息,並參考我們的年度報告10-K和其他定期報告中提供的風險因素披露。
Company Contact
Andrew Norstrud, Chief Financial Officer
Email: andrew.norstrud@upexi.com
Phone: (702) 332-5591
公司聯繫
Marcia Novero
Innodata Inc.
Mnovero@innodata.com
(201) 371-8015
首席財務官Andrew Norstrud
電子郵件:andrew.norstrud@upexi.com
電話:(702)332-5591
Investor Relations Contact
KCSA Strategic Communications
Valter Pinto, Managing Director
Email: Upexi@KCSA.com
Phone: (212) 896-1254
投資者關係聯繫人
KCSA戰略傳播
Valter Pinto, 董事總經理
電子郵件:Upexi@KCSA.com
電話:(212)896-1254
SOURCE: Upexi, Inc.
消息來源:Upexi, Inc.