CARLSBAD, Calif., Nov. 14, 2023 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (NASDAQ: APCX), a pioneering Fintech company powering frictionless commerce between business-to-business and business-to-consumer, today announced results for its third quarter ended September 30, 2023. The financial statements and 10-Q are available on sec.gov.
Third Quarter and Year-to-Date 2023 Financial Highlights
- Revenue was approximately $140 thousand for the three months ended September 30, 2023, representing an increase of 22% from the same prior-year quarter. The increase was principally driven by incremental licensing revenue in 2023.
- Revenue was approximately $363 thousand for the nine months ended September 30, 2023, representing an increase of 6% from the same prior-year period. The increase was principally driven by incremental licensing revenue in 2023.
- Cash and cash equivalents balance was $251 thousand as of September 30, 2023.
Recent Business Highlights
- Executed a strategic agreement with Broadnet Technologies to expand AppTech’s reach in the global text-to-pay space. The Patent License Agreement licenses AppTech’s SMS and Mobile Payment patents to Broadnet, thereby expanding the Company’s footprint by supporting integrations with its patent-based portfolio in text-to-pay and SMS solutions.
- Entered a strategic partnership to build, develop, launch, and manage InstaCash, Inc.’s mobile-to-mobile payment system, and subsequently extended the license to Brazil and Mexico. AppTech will develop mobile and web-based applications for the contactless payment system, which will feature digital banking services and Visa/MasterCard sponsorship and provide user support services. As part of the partnership, AppTech will receive an equity stake in InstaCash.
- Granted a patent license to PayToMe.co, a Silicon Valley-based company focused on revolutionizing global digital financial services.
- Executed a strategic acquisition of FinZeo, a global software development company centered around the movement of money. FinZeo’s API enables AppTech to efficiently integrate with software providers and Independent Software Vendors (ISVs), facilitating rapid technology implementation. The onboarding process for ISVs will be streamlined with the support of video tutorials, a dedicated customer center, and a sandbox API environment. With the assimilation of FinZeo, AppTech evolves into a Payment Facilitator (PayFac), propelling the company’s aggregation model.
Management Commentary
“The third quarter represented a transformational period of AppTech,” said Luke D’Angelo, Chairman & CEO of AppTech. “We continued to expand our global ecosystem through key strategic partnerships and licensing agreements, paving the way for revenue growth quartering the present and future. Moreover, we strengthened our financial standing by completing a registered direct offering of approximately $3.5 million of common stock and warrants with an institutional investor. From an operational perspective, the strategic acquisition of FinZeo, adds depth to our platform, broadens our market reach, and accelerates our commercialization strategy. These milestones reflect our commitment to innovation, growth, and creating long-term value of our stakeholders”
About AppTech Payments Corp
AppTech Payments Corp. (NASDAQ: APCX) provides digital financial services for corporations, small and midsized enterprises (“SMEs”) and consumers through the Company’s scalable cloud-based platform architecture and infrastructure, coupled with our commerce experiences development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. For more information, please visit www.apptechcorp.com.
Forward-Looking Statements
This 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 Contact
Michael Kim/Brooks Hamilton
737-289-0835
APCX@mzgroup.us
AppTech Payments Corp.
760-707-5959
info@apptechcorp.com
