Alfi Provides Update on Strategy

Rhea-AI Summary

Alfi Inc. (NASDAQ:ALF) appointed James Lee as Interim CEO effective July 22, 2022, replacing Peter Bordes. Lee, previously Chairman of the Board, will not receive compensation for his interim role. He aims to enhance company performance through improved execution and cost management, focusing on their rideshare initiative and AI-enabled tablet deployment. Alfi's strategy includes better driver installation processes and increased advertising partnerships to expand their AI advertising platform.

Positive

• Appointment of James Lee as Interim CEO may bring new strategic direction.
• Focus on strengthening rideshare initiative can enhance revenue potential.
• Plans to deploy AI-enabled tablets in major U.S. markets may increase market penetration.

Negative

• None.

Chairman of the Board James Lee Appointed Interim CEO

Adjusting Strategy and Focusing Resources to Improve Company Performance

MIAMI BEACH, FL / ACCESSWIRE / August 15, 2022 / Alfi Inc.(NASDAQ:ALF) (the "Company"), an AI enterprise SaaS advertising platform, previously announced that its Board of Directors appointed James Lee, the Chairman of the Board, to serve as the Company's Interim Chief Executive Officer effective July 22, 2022. Mr. Lee will not receive any compensation from the Company for his service as the Company's Interim Chief Executive Officer. Mr. Lee replaces Peter Bordes as the Company's Interim Chief Executive Officer, effective July 22, 2022. Mr. Bordes continues to serve as a director of the Company.

Mr. Lee, age 63, has served as Chairman of the Board since October 22, 2021, and a director of the Company since July 2018. Mr. Lee has been the founder, President and Chief Executive Officer of Lee Aerospace, Inc., a manufacturer of aircraft windshields, full-fuselage builds, and complex composite parts for the aerospace industry, since 1987.

James Lee, Alfi Interim CEO and Chairman of the Board, stated, "We are seeking to deliver improved results. We understand that our shareholders, customers, and partners expect more. We believe that better execution, careful management of costs, prudent capital spending, carefully growing our existing rideshare base and strengthening our software capabilities, among other things, will be important to our success. I have already started working more closely with our executive team and our sales and technical teams in an effort to make appropriate strategy adjustments."

Lee added, "Under the leadership of CW Feril, Sr. Vice President of Operations, we continue to focus on strengthening our rideshare initiative by seeking to enhance our driver installation processes, communications, and payment platform, while striving to build our pipeline of advertisers. We intend to methodically advance the rollout of our AI-enabled intelligent tablets to additional rideshare drivers in our existing major U.S. markets while continuing to make incremental improvements to our software. We expect that this will enable us to increase the number of tablets deployed."

About Alfi, Inc.

Alfi, Inc. provides solutions that bring transparency and accountability to the digital out-of-home advertising marketplace. Since 2018, Alfi, Inc. has been developing its artificial intelligence advertising platform to deliver targeted advertising in an ethical and privacy-conscious manner. For more information, please visit: https://www.getalfi.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may", "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Alfi Inc. Investor Relations

TraDigital IR
Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com

SOURCE: Alfi, Inc.

View source version on accesswire.com:
https://www.accesswire.com/712070/Alfi-Provides-Update-on-Strategy

FAQ

What is the latest update regarding Alfi Inc. and its leadership changes?

Alfi Inc. appointed James Lee as Interim CEO effective July 22, 2022, replacing Peter Bordes.

What strategies is Alfi Inc. implementing under Interim CEO James Lee?

The company is focusing on improving execution, managing costs, enhancing rideshare initiatives, and deploying AI-enabled tablets.

What is Alfi Inc.'s stock symbol?

The stock symbol for Alfi Inc. is ALF.

When was James Lee appointed as Interim CEO of Alfi Inc.?

James Lee was appointed as Interim CEO on July 22, 2022.