Endexx Corporation Announces New CEO Guidance Report for Shareholders
CAVE CREEK, AZ, July 26, 2024 (GLOBE NEWSWIRE) -- via – Endexx Corporation (OTC: EDXC), a leading provider of innovative plant-based wellness and nutritional products, released a new CEO Guidance Report for Shareholders today. This report outlines the company’s recent developments, strategic initiatives, and forward-looking goals.
New CEO Guidance Report for Shareholders
Dear Shareholders,
As the President of CBD Unlimited and on behalf of the management team at Endexx Corporation, I am pleased to provide an update on our company's strategic direction and recent developments. This report highlights our commitment to growth, innovation, and shareholder value.
Key Highlights:
- Strategic Vision and Initiatives: Our primary focus remains expanding our product lines, enhancing distribution channels, and driving sustainable growth. We are investing in research and development to bring new and innovative products to market, ensuring that we stay ahead of industry trends and meet the evolving needs of our customers.
- Financial Performance: Despite the challenges faced in the past year, our financial performance has shown resilience. We have implemented cost-saving measures and optimized our operations to improve profitability. Our recent financial results demonstrate our ability to navigate a complex market environment while maintaining a strong balance sheet.
- Market Expansion: We are excited about our ongoing efforts to expand our domestic and international market presence. Our HYLA division continues to make significant strides in securing distribution agreements in new territories, enhancing our global footprint, and driving revenue growth.
- Shareholder Value: Enhancing shareholder value remains a top priority. We are committed to maintaining transparency and open communication with our shareholders. Our strategic initiatives are designed to create long-term value and ensure Endexx Corporation's continued success.
Interim CEO Guidance Letter:
Introduction
Dear Shareholders,
Allow me to introduce myself. I am Brad Listermann, and the Board of Directors has appointed me as the interim CEO of Endexx Corporation. My team and I have been brought in to help organize and prepare the company for new management.
This letter provides a snapshot of our company's status as of the end of last year, based on our most recent filing. We recognize that another filing, the Q2 report, is forthcoming, and shareholders can expect an updated summary soon. This letter aims to discuss our position at the end of last year to provide some insight and an overall summary.
Financial Performance and Position
As of December 31, 2023, we have made notable strides despite ongoing financial challenges.
- Revenue Growth: We recorded revenues of $1,094,723, a significant increase from $491,709 in the same period last year, reflecting our expanding market presence.
Last year was our best revenue year ever. The next six months look promising, and we look forward to expanding as we gain traction.
Strategic Initiatives
We are undertaking several strategic initiatives to strengthen our position and enhance shareholder value:
1. Product Innovation:
- Hyla Vape Products: Continued robust demand for organic, plant-based, zero-nicotine vape products.
2. Market Expansion:
- Distribution Network: Expanding our distribution both domestically and internationally.
- E-commerce Growth: Strong performance of our online sales platforms, cbdunlimited.com and tryhyla.com.
3. Operational Efficiency:
- Cost Management: Implementing stringent cost control measures to optimize operations and improve financial stability.
Key Sales Initiatives and Updates
We are actively working on various sales initiatives to drive growth and expand our market reach:
- Internal Sales Traction: We have gained traction with our internal sales efforts and will soon announce more details.
- Proposals and Launches: We have initiated proposals and marketing efforts with various potential partners and retailers to enhance product visibility and secure orders.
- Product Samples and Follow-ups: Samples have been sent to several potential distributors, with ongoing follow-ups to secure distribution agreements.
- Retail Meetings: We have conducted introductory meetings with several retail franchises to discuss the potential introduction of our products.
Dustin Sullivan, spearheading the HYLA sales effort, emphasized that work is ongoing to introduce HYLA products across key convenience and gas station retail partners throughout the US.
Addressing Financial Challenges
We acknowledge the financial hurdles we face, including our working capital deficit and the need for additional funding. To address these:
- Strategic Financing: Engaging with potential investors and financial partners to secure necessary capital.
- Cash Flow Management: Improving cash flow through better receivables management and optimizing payment cycles.
Future Outlook
Despite the challenges, our future outlook remains promising. We are confident in our strategy and the steps we are taking to drive sustainable growth. Key focus areas include:
- R&D and Innovation: Investing in research and development for new, high-quality products.
- Market Penetration: Expanding our footprint through strategic alliances and increased marketing efforts.
- Regulatory Compliance: Ensuring all products meet regulatory standards to enhance credibility and market acceptance.
The second half of 2024 looks strong as we are interested in Hyla products.
Conclusion
Thank you for your continued support and trust in Endexx Corporation. We are committed to building a strong, resilient company that delivers value to its shareholders. While challenges remain, our strategic initiatives position us well for future success.
Sincerely,
Brad Listermann
Interim CEO, Endexx Corporation
About Endexx Corporation
Endexx Corporation is a conglomerate of wellness and lifestyle products, including HYLA, specializing in all-natural, plant-derived wellness and lifestyle products, as well as topical skincare products. The science behind these products is backed by a decade of clinical research, ensuring functional formulations with ingredients for better well-being and enjoyment.
About HYLA
HYLA, a division of Endexx, markets proprietary non-nicotine, guarana, and L-Dopa-based vape products in various flavors. The HYLA device is a first-of-its-kind non-nicotine vape product in the United States, offering up to 4,500 puffs per device. HYLA is currently distributed in 10 countries, with distribution agreements in an additional nine countries.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
We caution that any forward-looking statements (as such term is defined in the U.S. Private Securities Litigation Reform Act of 1995) contained in this press release or made by us, our management, or our spokespeople involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Forward-looking statements include, without limitation, statements regarding our future operating results, the implementation and impact of our strategic plans, and our ability to meet environmental, social, and governance goals. Words such as “estimate,” “commit,” “target,” “goal,” “project,” “plan,” “believe,” “seek,” “strive,” “expect,” “anticipate,” “intend,” “potential,” and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, could affect our financial performance and cause actual results to differ materially from those expressed or implied in any forward-looking statements.
Except as may be required by law, we assume no obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events, even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. More information on potential factors that could affect our results is included in “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission.
Contact: Endexx Corporation
424-250-0042
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