Upexi Provides Shareholder Update on Restructuring to Reduce Debt and Increase Working Capital
Upexi Provides Shareholder Update on Restructuring to Reduce Debt and Increase Working Capital
TAMPA, FL / ACCESSWIRE / August 5, 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 an update on its restructuring to reduce debt and increase working capital through the sale of assets.
佛羅里達州坦帕市/ACCESSWIRE/2024年8月5日/Upexi, Inc.(納斯達克股票代碼:UPXI)(“公司” 或 “Upexi”)是一家多方面的亞馬遜和直接面向消費者(“DTC”)品牌所有者和綜合創新者,今天向股東介紹其重組的最新情況,以通過出售資產減少債務和增加營運資金。
After the closing of several transactions since the nine month period ended, March 31, 2024, the Company has:
自截至2024年3月31日的九個月期限以來,在完成了幾筆交易後,公司:
$16.1 million eliminated in debt and accrued interest
$7.4 million in cash to strengthen the balance sheet
Approximately $1.5 million eliminated in excess operational costs, without affecting operations
取消了1,610萬美元的債務和應計利息
740萬美元現金用於加強資產負債表
在不影響運營的情況下,減少了大約 150 萬美元的多餘運營成本
Allan Marshall, CEO of Upexi, commented, "The Upexi management team has completed four major steps in the restructuring process. The corporate reset has positioned the Company to execute on its current business segments in Contract Manufacturing, Logistics and remaining DTC businesses in Pets, heath and CBD. While we have completed the majority of our short-term restructuring objectives, the significant reduction in debt and increase in working capital will allow management to continue to look at disruptive ways to grow in the short and long term. We now have the capital to operate and grow the organic business and be open to opportunities in high growth sectors to enter. I have full confidence that with the time and resources created by the reset, management can continue building the business with a focus on profitability and shareholder value."
Upexi首席執行官艾倫·馬歇爾評論說:“Upexi管理團隊已經完成了重組過程中的四個主要步驟。公司重組使公司能夠執行其目前的合同製造、物流業務部門以及寵物、健康和中央商務區剩餘的DTC業務。儘管我們已經完成了大部分短期重組目標,但債務的大幅減少和營運資金的增加將使管理層能夠繼續尋找顛覆性的短期和長期增長方式。現在,我們有足夠的資金來運營和發展有機業務,並對進入高增長領域的機會持開放態度。我完全相信,利用重置所創造的時間和資源,管理層可以繼續以盈利能力和股東價值爲重點發展業務。”
Transaction Overview:
交易概述:
On August 1, 2024, the Company completed the sale of E-core/Neti and Tytan Tiles, reducing debt by approximately $12 million and increasing cash by $2 million.
In July, the Company completed the closing of two Las Vegas locations and transitioned the workforce to a single facility in Florida resulting in the reduction of workforce by approximately 30% and a reduction in annualized operational costs by over $1.5 million.
On July 9, 2024, the Company completed the sale of its warehouse located in Clearwater, Florida, eliminating approximately $2.6 million in debt and providing approximately $1.4 million in cash for working capital.
On June 13, 2024, the Company completed the sale of its wholly owned subsidiary for immediate cash of $4 million and additional payments up to $2 million in the next fifteen months.
2024年8月1日,公司完成了對e-Core/Neti和Tytan Tiles的出售,債務減少了約1200萬美元,現金增加了200萬美元。
7月,該公司完成了對拉斯維加斯兩個地點的關閉,並將員工隊伍轉移到佛羅里達州的單一工廠,從而減少了約30%的員工隊伍,年化運營成本減少了超過150萬美元。
2024年7月9日,該公司完成了其位於佛羅里達州克利爾沃特的倉庫的出售,免除了約260萬美元的債務,並提供了約140萬美元的現金作爲營運資金。
2024年6月13日,公司完成了對全資子公司的出售,即時現金爲400萬美元,並在未來十五個月內額外支付高達200萬美元的款項。
Management expects to file its Form 10-K for the fiscal year ended June 30, 2024, in September and will provide a more detailed financial and business overview as well as a updated corporate website and investor presentation.
管理層預計將在9月提交截至2024年6月30日的財年的10-k表格,並將提供更詳細的財務和業務概覽以及更新的公司網站和投資者介紹。
About Upexi, Inc.:
關於 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.
Upexi 是一個多方面的品牌所有者,在健康、保健、寵物、美容和其他成長型市場擁有知名品牌。我們在具有高增長趨勢的新興行業開展業務,並希望推動我們當前品牌的有機增長。我們專注於可擴展且具有預期的高行業增長趨勢的直接面向消費者的品牌和亞馬遜品牌。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是銷售額和利潤同比增長的關鍵。爲了推動進一步增長,我們已經並將繼續收購盈利的亞馬遜和電子商務業務,這些業務可以通過企業協同效應快速擴展並降低成本。
FORWARD LOOKING STATEMENTS:
前瞻性陳述:
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.
本新聞稿包含 “前瞻性陳述”,該術語的定義見1933年《美國證券法》第27A條和1934年《證券交易法》第21E條。本新聞稿中不純粹是歷史的陳述是前瞻性陳述,包括有關未來信念、計劃、預期或意圖的任何陳述。由於多種因素,實際業績可能與任何前瞻性陳述中的預測有所不同。除其他外,這些因素包括與業務戰略、潛在收購、收入指導、產品開發、整合以及收購公司和人員的協同效應相關的固有不確定性。這些前瞻性陳述是截至本新聞發佈之日作出的,我們認爲沒有義務更新前瞻性陳述,也沒有義務更新實際業績可能與前瞻性陳述中預測的結果不同的原因。儘管我們認爲本新聞稿中包含的信念、計劃、期望和意圖是合理的,但無法保證此類信念、計劃、期望或意圖會被證明是準確的。投資者應查閱此處列出的所有信息,還應參考我們在10-K表年度報告以及不時向美國證券交易委員會提交的其他定期報告中概述的風險因素披露。
Company Contact
公司聯繫人
Andrew Norstrud, Chief Financial Officer
Email: andrew.norstrud@upexi.com
Phone: (702) 332-5591
安德魯·諾斯特魯德,首席財務官
電子郵件:andrew.norstrud@upexi.com
電話:(702) 332-5591
Investor Relations Contact
投資者關係聯繫人
KCSA Strategic Communications
Valter Pinto, Managing Director
Email: Upexi@KCSA.com
Phone: (212) 896-1254
KCSA 戰略傳播
瓦爾特·平託,董事總經理
電子郵件:Upexi@KCSA.com
電話:(212) 896-1254
SOURCE: Upexi
來源:Upexi