Specificity Strengthens Balance Sheet

Rhea-AI Summary

Specificity Inc. (OTCQB:SPTY) has successfully raised $750,000 from a mix of existing and new investors, including a notable insider purchase of $300,000 by Chief Revenue Officer Kevin Frisbie. The funds will support growth initiatives, including expanding the sales team and launching the subsidiary Pick Pocket. Following the effective S-1 Registration Statement, the company aims to raise an additional $5 million. CEO Jason Wood expressed confidence in attracting new investors to enhance company growth and product offerings.

Positive

• Successfully raised $750,000 from investors.
• Insider purchase of $300,000 by Chief Revenue Officer.
• Plans to utilize new capital for expanding sales team and launching subsidiary.
• Effective S-1 registration allows for potential additional capital raise of $5 million.

Negative

• None.

Well-Positioned for Accelerated Growth

TAMPA, FL / ACCESSWIRE / October 20, 2022 / Specificity Inc. (OTCQB:SPTY) (the "Company"), a full-service digital marketing firm that delivers cutting-edge marketing solutions, is pleased to announce it has successfully raised $750,000. The investor group was a mix of existing and new shareholders, including friends, family and retail investors, and was highlighted with participation by Chief Revenue Officer and Director of Sales Kevin Frisbie. The capital infusion consisted of equity at a fixed price.

Kevin Frisbie, Chief Revenue Officer and Director of Sales, made an insider purchase of an additional $300,000. Mr. Frisbie joined Specificity Inc. earlier in 2022 after building a very successful financial services practice. Mr. Frisbie, commented, "Since I joined Specificity earlier in 2022, I have gained even more enthusiasm and confidence in our team and strategy in building a sizable company. I have now put my money where my mouth is and look forward to great things ahead."

Specificity filed an S-1 Registration Statement on September 13, 2022 in order to raise up to an additional $5 million, consisting of 2 million shares priced at $2.50 with an additional warrant at $5.00 per share. This S-1 has since been declared effective on September 26, 2022. The additional capital raise will be utilized to grow the sales team to increase revenue as well as the launch of Pick Pocket, an owned subsidiary of Specificity Inc.

Jason Wood, Chief Executive Officer of Specificity, commented, "We are pleased with the equity raise as we took in the amount of total capital we sought at the onset. It is very satisfying to attract new investors that share in our enthusiasm and vision for our Company and strategic plan. Adding Kevin Frisbie to the team enhances our capabilities on both the sales management and growth side, as we strengthen the corporate structuring side of our business. Subsequently, the most recently filed S-1 Registration Statement enables us to access additional capital, which is a big part of why we decided to become publicly-traded this year. We look forward to now utilizing this additional cash to roll-out additional products and services and accelerate our revenue growth."

About Specificity, Inc.

Specificity, based in Tampa, Florida, is a full-service digital marketing firm that delivers cutting-edge marketing solutions to business-to-business clients as well as business to consumer clients. Our core mission is to offer our clients the most advanced audience targeting capabilities out there. We believe that precision targeting is the key to building the most successful marketing campaigns possible. Specificity has developed tools that allow it to identify and market to people who are actively in the buying cycle. Specificity takes advantage of the real-time messaging opportunities digital marketing offers to give small and medium-sized businesses a fair chance at online traffic.

For further information about Specificity Inc. and the range of digital marketing solutions offered, visit - https://www.specificityinc.com/. Specificity also has a growing online community across social media, including Facebook and LinkedIn. Specificity is a publicly traded company, ticker symbol #SPTY.

For more information, please contact:

ClearThink Investor Relationsr, Investor Relations
nyc@clearthink.capital

Jason Wood, CEO
jason@specificityinc.com

Forward-Looking Statements Disclaimer:

This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. Many factors are difficult to predict accurately and are generally beyond the Specificity's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Although forward-looking statements contained in this presentation are based upon what management of Specificity Inc. believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Specificity Inc. 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 reader is cautioned not to place undue reliance on forward-looking statements.

SOURCE: Specificity Inc.

View source version on accesswire.com:
https://www.accesswire.com/721063/Specificity-Strengthens-Balance-Sheet

FAQ

What was the recent capital raise amount for Specificity Inc. (SPTY)?

Specificity Inc. raised $750,000 from a mix of investors.

Who made an insider purchase in Specificity Inc. (SPTY)?

Kevin Frisbie, Chief Revenue Officer, made an insider purchase of $300,000.

What will the raised funds be used for in Specificity Inc. (SPTY)?

The funds will be used to expand the sales team and launch the subsidiary Pick Pocket.

What is the potential additional capital raise amount for Specificity Inc. (SPTY)?

Specificity Inc. aims to raise an additional $5 million through its effective S-1 registration.