ShiftPixy Announces Corporate Relocation to Miami, Florida

Rhea-AI Summary

ShiftPixy, Inc. (NASDAQ: PIXY) has announced its relocation to Miami, Florida, to tap into the thriving East Coast restaurant industry. This move is part of a broader growth strategy and includes the establishment of a new Ghost Kitchen in the Miami area. The company will maintain its West Coast office in Irvine to serve existing clients. The CEO emphasized the importance of Miami for attracting new operators and expanding into international markets, particularly in Europe and Latin America.

Positive

• Relocation to Miami to access a larger customer base in the East Coast restaurant industry.
• Establishment of the new ShiftPixy Labs Ghost Kitchen in Miami to facilitate business growth.
• Maintaining the Irvine office to continue serving the West Coast client base.

Negative

• None.

IRVINE, Calif., Aug. 20, 2020 (GLOBE NEWSWIRE) -- ShiftPixy, Inc. (NASDAQ: PIXY), a California-based gig engagement platform provider, today announced that the Company will be relocating its corporate headquarters to the city of Miami, Florida. The relocation is part of ShiftPixy’s strategy, along with ShiftPixy Labs, to expand its business into the thriving East Coast restaurant industry.  Additionally, the Company is pleased to announce that the new ShiftPixy Labs Ghost Kitchen will also be located in the Miami area. The location was selected due to the Miami area’s rich and diverse food culture, which the Company expects to provide a strong customer base for both the Ghost Kitchen Incubator Project and the Incubator Contest. After the relocation, ShiftPixy’s Irvine, California office will remain open to continue serving the Company’s growing West Coast customer base.

“Since our launch in 2015, we’ve been proud to call the city of Irvine our home. Here, ShiftPixy has been able to build a strong customer base throughout the West Coast, and the Company’s beginnings in the great state of California will always be important to us,” said ShiftPixy Co-Founder and CEO Scott Absher. “With that said, we are excited to begin the Company’s next growth chapter in the thriving city of Miami.  Establishing our new headquarters in one of the East Coast’s largest cities will provide the perfect foothold from which to launch our expansion to cities up and down the Eastern Seaboard.”

Mr. Absher went on to say, “Miami has long been on our roadmap because of inquiries we have from operators in Europe and Latin America, and the city is ideal as our base not only for Eastern US expansion, but for new markets beyond our borders.  I’m also excited to be so close to our new Ghost Kitchen venture, and we look forward to sharing more exciting news and details in the coming weeks and months.”

Through ShiftPixy Labs, the Company expects to provide additional layers of services and engagement, from business start-up clear through to customer meal delivery. The new functionality builds on the traditional ShiftPixy gig engagement platform, which empowers restaurant operators to take full advantage of their human capital with cutting-edge tools to handle payroll, compliance and native delivery.

The Company’s new corporate address will be as follows:

501 Brickell Key Drive
Suite 300
Miami, Florida 33131

About ShiftPixy

ShiftPixy (PIXY) provides a disruptive human capital management platform, revolutionizing employment in the Gig Economy by delivering a next-gen mobile engagement technology to help businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s nearly 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.

ShiftPixy Cautionary Statement

The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of ShiftPixy, Inc., could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute the Company's vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; risks arising from the COVID-19 pandemic or any other events that could cause wide-scale business disruptions; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of ShiftPixy, Inc., is included in the filings we make with the Securities and Exchange Commission from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of our website at https://ir.shiftpixy.com/financial-information/sec-filings, or directly from the SEC’s website at https://www.sec.gov. Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, ShiftPixy is alerting investors and other members of the general public that ShiftPixy will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in our Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.

INVESTOR CONTACT: Investor.Relations@ShiftPixy.com 800.475.3655

FAQ

Why is ShiftPixy relocating to Miami?

ShiftPixy is relocating to Miami to expand into the East Coast restaurant industry and attract new clients.

What is the significance of the new ShiftPixy Labs Ghost Kitchen?

The Ghost Kitchen aims to leverage Miami's food culture to support restaurant operators and enhance service offerings.

How does the relocation affect ShiftPixy's operations on the West Coast?

ShiftPixy will keep its Irvine office open to continue serving its West Coast clients.

What are the future plans for ShiftPixy after the Miami relocation?

ShiftPixy plans to expand into cities along the Eastern Seaboard and explore international markets.

What are the risks mentioned in ShiftPixy's press release?

The risks include competition, operational disruptions from events like COVID-19, and the ability to attract and retain clients.