Eightco Holdings Inc. Reports Full Year 2022 Financial Results and Provides Business Update
April 17 2023 - 6:10PM
Eightco Holdings Inc. (NASDAQ: OCTO) today provided a corporate
update in conjunction with the filing of its Annual Report, on Form
10-K for the year ended December 31, 2022.
Executive Commentary
“2022 was a transformative year for Eightco
Holdings Inc. Our management team made the proactive and strategic
decision to account for uncertainty in the market while continuing
to focus in areas where we see solid, sustainable growth. By
divesting certain of our non-core operations and adding to our
inventory solutions business, we believe are well-positioned for
future growth and will continue to invest and expand our strategy
to assist clients in the e-commerce environment. These changes to
our business assist us in responding to a challenging market and
allow us to make key investments to serve our existing and
potential client base. Furthermore, by expanding our strategy to
assist the e-commerce environment, we continue to position
ourselves to take advantage of the growing trend towards online
purchases. With more and more consumers shopping online, there is a
significant opportunity for growth,” said Eightco Holdings Inc.
CEO, Brian McFadden.
“Inventory can appear as an asset on a balance
sheet, but it can also be a liability if it's not managed
effectively. Inventory management is crucial for businesses, as it
can impact cash flow, profitability, and customer satisfaction.
It's important for companies to have a clear understanding of their
inventory levels and be able to optimize their inventory management
processes to ensure that they have the right amount of inventory at
the right time. Our goal is to provide industry leading e-commerce
inventory solutions globally,” continued Brian McFadden, CEO of
Eightco Holdings Inc.
2022 and Subsequent Corporate
Highlights
- Completion of
the spinoff from Vinco Ventures, Inc.
- Began trading
on the NASDAQ Capital Market
- Completion of
the Acquisition of Forever 8
- Eightco Holdings Projects FY 2023
Revenue of $60 Million
- Eightco Holdings’ subsidiary,
Forever 8 Fund, LLC, Generates Over $1 Million of Revenue in a
Single Day
- Eightco Holdings’ subsidiary,
Forever 8 Fund, LLC, expanded its partnership with Arca One, LLC, a
3PL with operations in Asia and the United States
- Announced Name Change to Eightco
Holdings Inc.
- Announced Upcoming Non-Deal Road
Show with Prominent Investment Bank
- Eightco Holdings Inc. Beta Launches
AI-Generated Content Platform
The full text of the Company's Annual Report on
Form 10-K for the year ended December 31, 2022, is available
through the SEC’s EDGAR database at sec.gov.
About Eightco Holdings
Inc.
Eightco Holdings Inc. (NASDAQ: OCTO) is
committed to growth focused around its existing subsidiaries,
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, through
strategic management and investment. In addition, the company is
actively seeking new opportunities to add to its portfolio of
technology solutions focused on the e-commerce ecosystem through
strategic acquisitions. Through a combination of innovative
strategies and focused execution, Eightco Holdings Inc. aims to
create significant value and growth for its portfolio companies and
shareholders.
For additional information, please
visit www.8co.holdings
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 Eightco Holdings Inc.’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, which is assumed in its
FY 2023 revenue projection; the prior achievement of $1 million in
revenue by Forever 8 does not mean Forever 8 will achieve similar
daily revenue in the future and its daily revenue in the future may
decline significantly; revenue is not the same as net income which
takes into account certain costs and expenses of Forever 8;
achievement of the expected benefits of Eightco Holdings Inc.’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 Eightco Holdings Inc.’s business more severely
than it has to date or more severely than anticipated; unexpected
costs, charges or expenses that reduce Eightco Holdings Inc.’s
capital resources; Eightco Holdings Inc.’s inability to raise
adequate capital to fund its business; Eightco Holdings Inc.’s
inability to innovate and attract users for Eightco Holdings Inc.’s
products; future legislation and rulemaking negatively impacting
digital assets; and shifting public and governmental positions on
digital asset mining activity. Given these 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 Eightco Holdings Inc.’s actual results to differ from those
contained in forward-looking statements, see Eightco Holdings
Inc.’s filings with the Securities and Exchange Commission (SEC),
including the section titled “Risk Factors” in Eightco
HoldingsInc.’s filings with the Securities and Exchange Commission,
including Eightco Holdings Inc.’s Annual Report on Form 10-K and
its Quarterly Reports on Form 10-Q. All information in this press
release is as of the date of the release, and Eightco Holdings Inc.
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 RelationsRichard
Brown617-819-1289investors@8co.holdings
Eightco (NASDAQ:OCTO)
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