Business
MySize Files 10K for Year Ended December 31, 2021 and Issues Shareholder Update Letter and Positive Outlook for 2022
Expects At Least $5 Million in 2022 Revenue Based on Existing Business Evaluating a Pipeline of Additional Strategic Acquisitions to Expand in E-Commerce and
About this update from My Size, Inc.
[{"type":"text","content":"Expects At Least $5 Million in 2022 Revenue Based on Existing Business\n Evaluating a Pipeline of Additional Strategic Acquisitions to Expand in E-Commerce and Digital Management\n\n\nAIRPORT CITY, Israel, March 31, 2022 /PRNewswire/ -- MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) (\"MySize\" or the \"Company\"), an omnichannel e-commerce platform and the provider of AI-driven measurement solutions to drive revenue growth and reduce costs for its business clients, today announced the issuance of the following shareholder letter from its Chairman and Chief Executive Officer, Ronen Luzon:\n \n \nDear MySize family, partners and shareholders,\nWe wish to start by thanking our MySize team, partners and shareholders for your dedication and support. While we know there are ups and downs as an employee or a shareholder of a small emerging growth company, we strongly believe in our actions over the past year and more specifically, recently, in building a strong and valuable company for the future. We have great excitement for the value we see for us in the path ahead. \nWe recentlyfiled our annual 10K for the year ended December 31, 2021 on March 18. While our revenues for 2021 amounted to $131,000 compared to $142,000 for 2020, we are excited with our ramp in license agreements resulting in an increase in recurring revenues. The overall decrease in revenues was due to lower fees from one-time customer projects, which is not our focus.\nDuring 2020 and 2021, we entered into commercial agreements with Levi's, Nautica, Gant, Lacoste, Trutex, Penti, DeMoulin, UniformMarket, and Tricorp among others. We continue to increase our presence in the U.S. with retailers and the acceleration of additional commercial agreements for our measurement technology. We are confident about MySizeID's ability to drive revenue growth, strengthen user confidence and loyalty, reduce costs and optimize processes for our existing and prospective retail clients. We believe we are now at a commercialization inflection point, surpassing 1,000 clients. \nIn early February, we made a major announcement that transitioned us in becoming an omnichannel solution for retailers. We introduced the availability of FirstLook Smart Mirror, an interactive, mirror-like touch display that provides shoppers in physical stores with an enhanced, online shopping experience and contactl...