CORRECTION -- AppTech Payments Reports Third Quarter 2022 Results
11 November 2022 - 11:39AM
AppTech Payments Corp. (“AppTech”) (NASDAQ: APCX), a Fintech
company powering commerce experiences, today announced results for
the three months ended September 30, 2022. The financial statements
and 10-Q are available on sec.gov.
Third Quarter 2022 Financial
Highlights
- Revenue for the three months ended
on September 30, 2022 was approximately $115 thousand versus $92
thousand for 3Q21.
- Cash balance as of September 30,
2022 was $5.9 million.
Recent Business Highlights
- Unveiled its
new product platform, Commerse™ at Money20/20 USA. Cloud-based
Commerce Experiences-as-a-Service ("CXS") platform is backed by
AppTech’s mobile commerce patents, core partner technology and
other related internal intellectual property. CXS solutions
incorporate PaaS, BaaS, Data, AI/ML, MarTech and other features to
create flexible, rich, personalized payment and banking experiences
for end users.
- Announced
partnership with Chip Financial to support the company’s growing
Fintech, digital banking and payments ecosystem. The partnership
enhances Chip Financial’s suite of solutions that focus on a
tailored customer approach to provide capabilities in
Payments-as-a-Service (PaaS) and Banking-as-a-Service (BaaS).
- Opened a new
office in Austin's emerging tech hub to expand operations and
foster growth. The location will serve as a licensing headquarters
and main site for new product development within digital banking
and mobile payments technology.
- Entered the Canadian market by
signing a partnership that will enable transactions across
international borders in a multitude of different retail outlets in
Canada, including in-person retail, ecommerce, transportation,
lodging, hospitality, automotive, and restaurants.
- A Definitive Agreement was fully
executed to acquire Hothand Inc., a patent-holding company that
owns the intellectual property rights to a wide array of mobile
credit/debit transactions and mobile search, location, offer, and
payment fields.
- Onboarded a seasoned development
team of experts who have expedited the platform launch date. In
addition, the Company onboarded its new sales director and head of
business development, who will be tasked with building the
foundation for the Company’s planned expansion.
- Developed key system functions,
including CI/CD pipelines, go-forward scalable and secure AWS
infrastructure, POC for Text2Pay Invoice System, and POC for Crypto
Payments Invoice System.
Management Commentary
Luke D’Angelo, CEO of AppTech commented: “We
have accelerated our progression to help meet the planned launch of
our Commerse platform in the coming weeks. Our team is hyperfocused
on bringing this all-new Fintech product to market as it will
create truly seamless omni-channel, immersive experiences for our
clients and their customers.
After many months of work, in October we
unveiled Commerse, an innovative, cloud-based Commerce
Experiences-as-a-Service ("CXS") platform that is backed by
AppTech’s mobile commerce patents, core partner technology and
other related internal intellectual property. Commerse
seamlessly delivers digital banking, text-to-pay, crypto payments
and merchant services altogether from a single, unified platform.
Its suite of powerful omni-channel payment and digital banking
solutions simplify the process while enabling businesses to offer
feature-rich commerce experiences to their customers with minimal
effort, along with greater efficiency and a cost savings as
well.
The anticipated launch of Commerse later this
year has ignited an overwhelming response from our clients who are
eager to provide innovative payment technologies, especially crypto
integration, to meet the needs of their customers. We are currently
working with select clients to perfect Commerse and ensure it
sustains high functionality and ease of use.
Our Commerse platform is designed to deliver
immersive customer experiences across a broad base of retail
industries and clients, including merchants, banking institutions
and business enterprises alike. Clients can launch quickly using
our off-the-shelf solutions or leverage the flexibility of our Gold
Standard APIs to develop custom-tailored experiences or utilize our
in-house team of experts to design, build and implement their
unique vision.
Our technology is based on our strong portfolio
of patents, covering many areas, including mobile-to-mobile and
computer-to-mobile payment. Our recent acquisition of Hothand
increased our portfolio to 17 total patents. Ownership of these
patents, which have been cited by industry-leading corporations,
enables us to pursue licensing agreements with hundreds, if not
thousands, of companies who are already using AppTech’s
intellectual property.
Historically, AppTech has always been a payment
processor company—but that will change significantly with the
release of our Commerse platform. It officially marks AppTech’s
business transformation into a Software-as-a-Service (SaaS) company
with end-to-end digital commerce service offerings. That means we
can now pursue new revenue opportunities in the global
Fintech-as-a-Service (FaaS) market space. The FaaS market size was
valued at USD 232.14 billion in 2021 and is expected to expand at a
compound annual growth rate (CAGR) of 17.2% from 2022 to 2030,
reaching USD 949.49 billion by 2030 according to Grand View
Research, Inc.
With a strong balance sheet, coupled with our
exceptional product and leadership teams, we are well-positioned to
successfully execute on our plans to become the premier Fintech
SaaS platform powering high-conversion, immersive, commerce
experiences for businesses and their customers worldwide.”
About AppTech AppTech Payments
Corp. (Nasdaq: APCX) is an innovative Fintech company whose mission
is to deliver a better way for businesses to provide their
customers with immersive commerce experiences. Commerse™, its
all-new, patent-backed technology platform powering seamless
omni-channel Commerce Experiences-as-a-Service (CXS), drives highly
secure, scalable, cross-border digital banking, text-to-pay, crypto
payments and merchant services altogether from a single, unified
stack designed to increase operational efficiencies and growth for
businesses while providing the economic convenience that their
customers demand from today’s commerce experiences. For more
information, visit apptechcorp.com.
Forward-Looking StatementsThis
press release contains forward-looking statements that are
inherently subject to risks and uncertainties. Any statements
contained in this document that are not historical facts are
forward-looking statements as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Words such as
“anticipate, believe, estimate, expect, forecast, intend, may,
plan, project, predict, should, will” and similar expressions as
they relate to AppTech are intended to identify such
forward-looking statements. These risks and uncertainties include,
but are not limited to, general economic and business conditions,
effects of continued geopolitical unrest and regional conflicts,
competition, changes in methods of marketing, delays in
manufacturing or distribution, changes in customer order patterns,
changes in customer offering mix, and various other factors beyond
the Company’s control. Actual events or results may differ
materially from those described in this press release due to any of
these factors. AppTech is under no obligation to update or alter
its forward-looking statements whether as a result of new
information, future events or otherwise.
Investor Relations ContactBen
ShamsianLytham Partners,
LLCshamsian@lythampartners.com646-829-9701
Media ContactSarah BilyeuKCD PR
for AppTech Payments Corpsbilyeu@kcdpr.com619-252-9111
AppTech Payments
Corp.info@apptechcorp.com760-707-5959
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