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My Size Inc. Announces Second Quarter 2018 Results and Provides Year-to-Date Progress Report

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My Size Inc. Announces Second Quarter 2018 Results and Provides Year-to-Date Progress Report

PR Newswire

AIRPORT CITY, Israel, Aug. 13, 2018 /PRNewswire/ -- My Size, Inc. (the "Company" or "MySize") (NASDAQ:MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement applications, today announced its results for the Second Quarter of 2018.  A complete set of financial results have been filed on Form 10-Q with the U.S. Securities and Exchange Commission.

MySize Logo

Quarterly Highlights:

  • Finished the quarter with $8.7 million in cash and no debt, compared to $1.8 million in cash and $558,000 in notes payable as of December 31, 2017;
  • Operating Expenses, adjusted for share-based compensation, for the six month period were $2.0 million, and $0.9 million for the three-month period, compared to $2.2 million, and $1.2 million for the prior comparable periods, respectively;
  • Received patent from the U.S. Patent and Trademark Office for MySizeID smartphone measurement technology, which covers My Size's suite of smart mobile measurement solutions such as MySizeID™, BoxSizeID™, SizeUp™ and QSize™; and
  • Announced the launch of its BoxSizeID™ mobile measurement technology for rugged handheld devices within the shipping/parcel industry.

Subsequent to the End of the Quarter Developments:

  • Announced new features to the Company's mobile smart tape measure app, SizeUp™, and expanded availability to an additional 11 Android devices - SizeUp is now supported on 45 different smartphone models worldwide; and
  • Planning series of co-branding events in New York for Fashion Week, September 6-14, 2018 to showcase and promote MySizeID™ as a key technology platform with leading global apparel brands.

Ronen Luzon, Chief Executive Officer of My Size Inc., commented, "We are encouraged by the progress we've made in each of our compelling technology platforms, and particularly with on-line retailers and global logistics services providers.  We are at various stages of discussions with numerous well-recognized apparel brands and local courier fleets that we believe will result in our first commercial wins for BoxSizeID™ within the next few months."

Mr. Luzon commented further, "We are engaging and partnering with executives, educators, fashion experts and other influencers to promote the benefits of using real-time, simple measuring solutions to help retailers sell more and give buyers the confidence that their on-line shopping time will be rewarded by clothes that actually fit when they are delivered. We are pleased to report that we are also seeing demand for MySizeID™ technology from some of the world's most prestigious fashion design schools that are looking to integrate our platform within their curriculum for incoming students, as early as this Fall."

"Last but not least, we are looking forward to announcements with third party shopping platform providers that will validate our technology, where we'll be partnering with some of the world's best to help them with their consumer-facing on-line internet transactions," concluded Mr. Luzon.

About My Size, Inc.

My Size, Inc. (TASE: MYSZ) (NASDAQ:MYSZ) has developed a unique measurement technology based on sophisticated algorithms and cutting-edge technology with broad applications including the apparel, e-commerce, DIY, shipping and parcel delivery industries.  This proprietary technology is driven by several algorithms which are able to calculate and record measurements in a variety of novel ways. To learn more about My Size, please visit our website www.mysizeid.com. Follow us on Facebook, LinkedIn and Twitter.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Investor Contact:
My Size:
Ronen Luzon, Chief Executive Officer  
ronen@mysizeid.com

Darrow Associates, Inc.
Peter Seltzberg, Managing Director, Investor Relations
pseltzberg@darrowir.com

Media Contact:
FischTank Marketing & PR
Matthew Bretzius
matt@fischtankpr.com

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SOURCE My Size Inc.

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