Breaking #Fintech #Stock News: AppTech
Payments Corp. (NASDAQ: $APCX) Reports Fourth Quarter and Fiscal Year 2022
Results; @AppTechCorp
CARLSBAD, Calif. - March 20, 2023
(Investorideas.com Newswire) AppTech Payments Corp. ("AppTech") (NASDAQ: APCX), an
innovative Fintech company powering seamless, omni-channel commerce between
businesses and consumers, today announced results for its fourth quarter and
fiscal year ended December 31, 2022. The financial statements and 10-K are
available on sec.gov.
Read this news, featuring APCX in
full at https://www.investorideas.com/CO/APCX/news/2023/03201Fourth-Quarter-Fiscal-2022-Results.asp
Fourth Quarter and Fiscal Year 2022
Financial Highlights
- 4Q22 revenues were $108,000, an increase of
14% from 4Q21, driven by larger processing volumes.
- Fiscal year 2022 revenues were $450,000, an
increase of 27% from fiscal year 2021, driven primarily by higher
transaction volume and the onboarding of additional merchant accounts.
- Cash balance was $3.5 million as of December
31, 2022.
Recent Business Highlights
- Launched Commerse, the first-to-market,
cloud-based Commerce Experiences-as-a-Service platform backed by the
Company's mobile commerce patents, core partner technology and other
related internal intellectual property. Commerse allows customers to
incorporate a customizable mix of products and services to create
flexible, rich, personalized payment and banking experiences for end
users.
- Expanded its intellectual property rights,
Software-as-a-Service (SaaS), Payments-as-a-Service (PaaS) and
Banking-as-a-Service (Baas) offerings, and global reach through strategic
acquisitions and complimentary partnerships.
- Continued to strengthen the management team
across operations, technology and sales and business development by
bringing onboard senior executives with long-tenured backgrounds and
considerable expertise to accelerate the Company's growth trajectory.
- Following the closing of a $15 million
underwritten public offering and a successful up-listing of its common
stock to the Nasdaq Capital Market in January 2022, the Company raised an
additional $5 million of capital via a registered direct offering further
strengthening its capital position.
- Engaged MZ Group to develop and implement a
comprehensive investor relations and shareholder communications strategy
designed to increase the Company's visibility across the investment
community.
Management Commentary
Luke D'Angelo, Chief Executive
Officer of AppTech, commented: "Last year can be characterized as setting
the stage for the company's next phase of growth. Our accomplishments were broad-based
and foundational, as we look to increasingly convert our growing backlog of
clients. Key milestones included the launch of our unique Commerce
Experiences-as-a-Service platform, further expanding our ecosystem via
partnerships and acquisitions, strengthening the management team, and
bolstering our capital position.
"Looking to 2023 and beyond, we
expect to onboard clients on to our Commerse platform that will drive a step up
in revenue and earnings growth. In addition, our strong balance sheet positions
us well to capitalize on M&A opportunities and strategic partnerships to
further enhance our growth prospects and ultimately drive value for our
shareholders."
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.
info@apptechcorp.com
760-707-5959
AppTech Payments Corp. (APCX) is a featured tech stock on
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