Business
Specificity Reaches $1.8 Million in Annual Run-Rate Revenue
Specificity Reaches $1.8 Million in Annual Run-Rate Revenue.
About this update from Specificity, Inc.
[{"type":"text","content":"Ongoing Revenues and Additional New Business Signed During June and July 2023 Equates to $1.8 Million Annualized RateTAMPA, FL / ACCESSWIRE / August 8, 2023 / Specificity Inc. (OTCQB:SPTY) (the "Company"), a full-service digital marketing firm that delivers cutting-edge marketing solutions, today announced the Company's filing of its Quarterly Report on Form 10-Q on August 4, 2023. For the month of June 2023, Specificity generated $150,000 revenue and dramatically lowered its cash burn rate, resulting in nearing positive cash flow from operations. Specificity grew the monthly revenue numbers to bring their annual run-rate up to $1.8 million; a fact that will be reflected by July and August numbers as the new client campaigns launch.Jason Wood, Chief Executive Officer of Specificity, commented, "We continue the implementation of our strategy to focus on customer accounts with better margins and prospects for additional future growth and expansion. In July we doubled our sales team, as we currently have the largest sales pipeline in company history and are keenly focused on larger clients. During the second quarter several client launches which were anticipated to be completed during the second quarter of 2023 were delayed from completion by the quarter ended June 30, 2023, and are anticipated to be consummated during the third quarter of 2023. This action was confirmed by our most recent monthly results, as we generated more than $150,000 sales in July."Wood, continued, "The early success of our re-focused sales and marketing approach, which started in mid-February, has dramatically increased our sales funnel of opportunities and closing rate. Our ongoing revenues and additional new business signed in June and launching in June and July illuminates a revised run rate, defined as the monthly volume of sales annualized at the rate, of approximately $1.8 million moving forward given the dynamic of our billing practice and client relationships. In regards to our capital structure and financing needs, we continue to successfully access capital when needed and still have a limited number of shares out there, with 10.7 million shares outstanding and 1.7 million shares in the float. We look forward to continuing to expand our Specificity digital marketing solutions, locally, regionally, and now with the additiona...