CRYPTYDE PROVIDES OPERATIONAL AND BUSINESS UPDATE ON ITS SUBSIDIARY, FOREVER 8
SAFETY HARBOR, Florida, March 24, 2023 (GLOBE NEWSWIRE) -- Cryptyde, Inc. (NASDAQ:TYDE) is pleased to provide its investors a corporate update on its subsidiary, Forever 8 Fund, LLC ("Forever 8" or "F8"). The company continues to strengthen its operational and technological performance.
Highlights:
Technology
As F8 begins to scale its customer count, it continues to invest in both its customer facing and internal portfolio and customer management technologies. During the last 6 months, F8 has rolled out proprietary features that enhance its customers' inventory management experience. Some of these features include giving customers the ability to leverage F8's demand forecasting algorithms to optimize their inventory levels and streamline the purchase order process. At the same time, F8 also provides tracking of supply chain data to identify areas where customers may have lost inventory. F8 is connected to an increasingly wide range of selling platforms, as it continually expands its data coverage across the supply chain. It is leveraging these large data sets to advance its due diligence and onboarding tools. This includes modeling SKUs through profitability, market, sales trends, platform shifts, and other risk profiles faced by eCommerce sellers. Over the course of this year, F8 will be releasing these internal features to customers to provide them with insights on the optimum management of the SKU portfolio of their companies.
Operational
F8 is expanding its partnership with Arca One, LLC ("Arca"), a 3PL with operations in Asia and the United States. Arca is currently expanding its operations as it moves into a new facility in San Bernardino, California, which will facilitate F8's anticipated growth. Since 2022, Arca has been instrumental in assisting F8's logistics and fulfillment requirements.
Customer Acquisition
F8 has spent over 2 years developing and refining its proprietary customer acquisition tool and continues to invest in and refine its capabilities. F8 believes it is positioned to identify new customers in an efficient and low-cost manner. In addition to this, F8 continues to grow organically by providing services for additional products from its existing customer base.
"We continue to be pleased with the progress we have made with Forever 8 since its acquisition. We have projected revenue for Cryptyde of over $60 million in revenue for 2023 and remain confident that our business model is not only unique, but sustainable," said Brian McFadden, CEO of Cryptyde. "Furthermore, our commitment to shareholders is to use the capital invested in us very efficiently, both today and in how we fund our future expansions to support demand. We are engaged with clients and will judicially explore all options that are the most logical for our shareholders and our business," added Mr. McFadden. This projected revenue was determined through an internal review of Cryptyde's existing client base, as well as incremental revenue from new business. The projected revenue assumes the expected continuation in 2023 of Q4 2022 revenue production by Forever 8 and the ability of Cryptyde to raise additional capital in the future of at least $3 million. The projected revenue is not a guarantee of future performance and is subject to a number of risks and uncertainties. Actual results may differ materially from the projected revenue presented in this press release.
About Cryptyde
Cryptyde, Inc. (NASDAQ:TYDE) is focused on driving growth through the acquisition and management of technology. With subsidiaries like Forever 8, an inventory management platform for e-commerce sellers, and Ferguson Containers, a provider of complete manufacturing and logistical solutions for product and packaging needs, Cryptyde is committed to identifying and acquiring businesses with untapped potential and developing strategies to scale them to new heights. Through focused execution and a commitment to innovation, Cryptyde aims to drive significant growth and value creation for its portfolio companies and shareholders.
For additional information, please visit http://www.cryptyde.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact could be deemed forward looking. Words such as "plans," "expects," "will," "anticipates," "continue," "expand," "advance," "develop" "believes," "guidance," "target," "may," "remain," "project," "outlook," "intend," "estimate," "could," "should," and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management's current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the potential that the expected benefits of Cryptyde's acquisition of Forever 8 are not achieved; Forever 8's inability to continue the results from the fourth quarter of 2022; Cryptyde's inability to raise additional capital of at least $3 million; achievement of the expected benefits of Cryptyde's spin-off from Vinco Ventures, Inc.; tax treatment of the spin-off; market and other conditions; the risks that the ongoing COVID-19 pandemic may disrupt Cryptyde's business more severely than it has to date or more severely than anticipated; unexpected costs, charges or expenses that reduce Cryptyde's capital resources; Cryptyde's inability to raise adequate capital to fund its business; Cryptyde's inability to innovate and attract users for Cryptyde's products; future legislation and rulemaking negatively impacting digital assets; and shifting public and governmental positions on digital asset mining activity. . Given this risks and uncertainty, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Cryptyde's actual results to differ from those contained in forward-looking statements, see Cryptyde's filings with the Securities and Exchange Commission (SEC), including the section titled "Risk Factors" in Cryptyde's Registration Statement on Form 10, as amended, filed with the SEC on May 13, 2022, and Cryptyde's Registration Statement on Form S-1, as amended, filed with the SEC on January 24, 2023. All information in this press release is as of the date of the release, and Cryptyde undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.
For further information, please contact:
Investor Relations
Richard Brown
617-819-1289
[email protected]
