AppTech Payments Reports Second Quarter 2022 Results
CARLSBAD, Calif., Aug. 04, 2022 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (“AppTech”) (NASDAQ: APCX), a Fintech company powering commerce experiences, today announced results for the three months ended June 30, 2022. The financial statements and 10-Q are available on sec.gov.
Second Quarter 2022 Financial Highlights
- Revenue for the three months ended in June 30, 2022 was approximately $123k.
- Cash balance as of June 30, 2022 was $7.7 million.
Recent Business Highlights
- Entered the Canadian market by signing a partnership that will enable transactions across international borders in a multitude of different retail outlets in Canada, including in-person retail, ecommerce, transportation, lodging, hospitality, automotive, and restaurants.
- A Definitive Agreement was fully executed to acquire Hothand Inc., a patent-holding company that owns the intellectual property rights to a wide array of mobile credit/debit transactions and mobile search, location, offer, and payment fields.
- Onboarded a seasoned development team of experts who have expedited the platform launch date. In addition, the Company onboarded its new sales director and head of business development, who will be tasked with building the foundation for the Company’s planned expansion.
- Developed key system functions, including CI/CD pipelines, go-forward scalable and secure AWS infrastructure, POC for Text2Pay Invoice System, and POC for Crypto Payments Invoice System.
- Researched, identified, and vetted partnerships with digital asset platform partners for blockchain and cryptocurrency use cases.
- Co-developed end-to-end, automated product and opportunity intake process to streamline, categorize and prioritize new products/features and business development opportunities.
Management Commentary
Luke D’Angelo, CEO of AppTech commented: “In the second quarter, we engaged in a number of forward-propelling activities to accelerate our progression to help meet the planned launch of our platform in 2022. Our team has been focused on delivering a Fintech product to market that will create seamless omni-channel experiences for clients and their customers. Our expected launch later this year has ignited excitement within our clients who are eager to deliver innovative payment technologies, especially crypto integration, to meet the needs of their customers.
Our digital payments and all-in-one banking platform is rooted in industry standards, and can be used as a standalone or enterprise solution. The platform designed to deliver transformative customer experiences across a broad base of retail industries and clients, including merchants, banking institutions and business enterprises alike.
Our technology is based on our strong portfolio of patents, covering many areas, including mobile-to-mobile and computer-to-mobile payment. Our recent acquisition of Hothand further bolsters our patent portfolio to 17 total patents. Our ownership of these patents, many of which have been cited by industry-leading corporations, will allow us to pursue licensing agreements with several large companies, many of which are currently using AppTech intellectual property.
With a strong balance sheet, coupled with our exceptional leadership team, we are well-positioned to successfully execute our plans to become a premier Fintech platform that powers commerce experiences, optimizes financial operations and generates brand loyalty with end users.”
About AppTech
AppTech Payments Corp. (NASDAQ: APCX) is an innovative Fintech company with an elite digital platform that powers seamless omni-channel commerce experiences for clients and their customers. AppTech is developing a transformative digital payments and banking all-in-one platform that will upend the Fintech industry. Our embedded, highly secure platform drives B2B, B2C and P2P capabilities in Payments as a Service (PaaS) and Banking as a Service (BaaS) from crypto and contactless payment options to virtual cards, text-to-pay, mobile-to-mobile and cross-border remittance.
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
Ben Shamsian
Lytham Partners, LLC
646-829-9701
Media Contact
Sarah Bilyeu
KCD PR for AppTech Payments Corp
619-252-9111
AppTech Payments Corp.
760-707-5959
