ShiftPixy Announces First International Expansion

Rhea-AI Summary

ShiftPixy (NASDAQ: PIXY) has announced its inaugural international expansion into Canada, establishing ShiftPixy Canada as a wholly-owned subsidiary. This move is a response to growing demand from multi-unit restaurant operators within Canada’s $90 billion foodservice industry. The company is finalizing registrations across all ten provinces and aims to launch its restaurant solutions shortly. ShiftPixy also continues to explore opportunities in Latin America and Japan, reinforcing its commitment to global expansion despite current market uncertainties.

Positive

• Establishment of ShiftPixy Canada to capture the $90 billion foodservice market.
• Continued international expansion plans into Latin America and Japan.

Negative

• Risks associated with executing growth strategy in new markets.
• Uncertain market conditions and competition may affect operational success.

IRVINE, Calif., May 07, 2020 (GLOBE NEWSWIRE) -- ShiftPixy (NASDAQ: PIXY), a California-based gig engagement platform provider, today announced its first international expansion, ShiftPixy Canada, to meet the recent increased interest from multi-unit restaurant operators in Canada. The company is currently in the process of completing all the necessary registrations in each of Canada’s ten provinces and plans to begin offering its end-to-end restaurant solution to Canadian customers as soon as that process is complete in the coming months. The company has established ShiftPixy Canada as a wholly-owned subsidiary.

With its $90 billion foodservice industry, Canada represents ShiftPixy’s first international expansion, a continuation of the company’s aggressive growth strategy that has evolved from California-only followed by nationwide service across the US. The company will continue its expansion to international markets that meet its criteria and are ripe for disruption in the restaurant industry.

As restaurants face an uncertain future globally, operators are seeking simple, digital solutions that can help them not only weather the storm but also better reinforce their business infrastructure. Furthermore, third-party delivery partners are eating into restaurants’ already thin margins. ShiftPixy’s human capital management, online ordering and native delivery services offer Canadian restaurants an all-in-one platform.

“Despite these uncertain times, we are very excited to be expanding to Canada and helping restaurants and operators there do what they do best – deliver a great food experience – while helping them grow their businesses,” said Scott Absher, CEO and co-founder of ShiftPixy. “ShiftPixy’s multi-lingual approach makes new market entry very quick, and we’re eager to continue our global expansion plans.”

In addition to Canada, ShiftPixy is working with relevant partners and regulators in nations throughout Latin America and Japan in order to meet the demand in those markets.

About ShiftPixy
ShiftPixy (NASDAQ:PIXY) is 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. Learn more at www.shiftpixy.com.

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; 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.

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.

Media Contact:
Amy Wang
amy.wang@shiftpixy.com
(949) 245-7291 

FAQ

What is ShiftPixy's recent expansion announcement?

ShiftPixy announced its first international expansion into Canada, establishing ShiftPixy Canada as a wholly-owned subsidiary.

What is the significance of the Canadian market for ShiftPixy?

The Canadian foodservice industry is valued at $90 billion, representing a substantial growth opportunity for ShiftPixy.

What services will ShiftPixy offer to Canadian restaurants?

ShiftPixy will provide human capital management, online ordering, and native delivery services as part of its all-in-one platform.

What are ShiftPixy's future expansion plans?

ShiftPixy is also exploring growth opportunities in Latin America and Japan.

How is ShiftPixy addressing market uncertainties?

ShiftPixy aims to offer simple digital solutions to assist restaurant operators in navigating current challenges.