Breaking #Fintech
#Stock News: AppTech Payments Corp. (NASDAQ: $APCX) Reports Second Quarter 2023
Results; @AppTechCorp
CARLSBAD,
Calif. - August 15, 2023 (Investorideas.com Newswire) AppTech Payments Corp.
("AppTech") (NASDAQ: APCX),
an innovative Fintech company powering seamless commerce between businesses and
consumers, today announced results for its second quarter ended June 30, 2023.
The financial statements and 10-Q are available on sec.gov.
Read this news, featuring APCX in full at https://www.investorideas.com/CO/APCX/news/2023/08151Q2-Results.asp
Second Quarter and Year-to-Date 2023 Financial
Highlights
Revenue was approximately $134 thousand for the
three months ended June 30, 2023, up 9% compared to $123 thousand for the three
months ended June 30, 2022. The increase was principally driven by higher
transaction volume.
Revenue was approximately $223 thousand for the six
months ended June 30, 2023, compared to $227 thousand for the prior-year
period. The slight decrease was principally driven by an adjustment in our
revenue related to a processor.
Cash and cash equivalents balance was $749 thousand
as of June 30, 2023.
Recent Business Highlights
Executed a definitive 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 digital financial services.
Joined the Russell Microcap® Index, effective after
the US market opened on June 26, 2023. Russell indexes are widely used by
investment managers and institutional investors as benchmarks for active investment
strategies. Approximately $12.1 trillion in assets are benchmarked against
Russell's US indexes.
Management Commentary
Luke D'Angelo, Chief Executive Officer of AppTech,
commented: "In the second quarter, we continued to leverage our powerful
and differentiated Fintech platform, while the value of our patent portfolio is
increasingly being recognized by the market. Our new strategic partnerships
with market-leading companies expand AppTech's opportunity set, further
diversifies the business, and accelerates our growth trajectory. Moreover, our
inclusion in the Russell Microcap Index reinforces our continued progress on
our growth strategy, and amplifies our visibility in the market, which
positions us to enhance long-term 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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