Upexi, Inc.
TAMPA, FL / ACCESSWIRE / June 20, 2024 / Upexi, Inc. (NASDAQ:UPXI) (the "Company" or "Upexi"), a multi-faceted Amazon and Direct-to-Consumer ("DTC") brand owner and innovator in aggregation, today is providing shareholders with a update on its restructuring to reduce debt and increase working capital through the sale of assets.
As previously announced, the Upexi management team and the Board of Directors are exploring strategic alternatives for the Company to maximize current and future shareholder value. On June 13, 2024, the Company sold 100% of the outstanding stock of its wholly owned subsidiary VitaMedica, Inc. (‘VitaMedica'). The value received from this sale will eliminate some of the current debt and provide the necessary working capital for other business units to grow. Upexi Distribution will continue to provide services to the brand through the transition services agreement.
In addition, the Company has a contract to sell the warehouse located in Clearwater, Florida, which is expected to close in the middle of July and eliminate approximately $2.6 million in debt and provide approximately $1.4 million in cash for working capital.
The Company plans to continue to evaluate alternatives, which may include the sale of other business units to eliminate outstanding debt and free up cash to reinvest and grow the business.
Allan Marshall, CEO of Upexi, commented, "Our current debt has inhibited our ability to operate the businesses and continue with our original strategy. The current market conditions make it impossible to raise growth capital or refinance debt in a way that the Company can grow and bring value to our current shareholders. The asset sales are the only path to eliminate debt, secure the balance sheet and provide the capital needed to grow for the future."
The Company's management expects to file its quarterly financial statements for the nine months ended, March 31, 2024 on June 24, 2024.
About Upexi, Inc.:
Upexi is a multi-faceted brand owner with established brands in the health, wellness, pet, beauty, and other growing markets. We operate in emerging industries with high growth trends and look to drive organic growth of our current brands. We focus on direct to consumer and Amazon brands that are scalable and have anticipated, high industry growth trends. Our goal is to continue to accumulate consumer data and build out a significant customer database across all industries we sell into. The growth of our current database has been key to the year over year gains in sales and profits. To drive additional growth, we have and will continue to acquire profitable Amazon and eCommerce businesses that can scale quickly and reduce costs through corporate synergies.
FORWARD-LOOKING STATEMENTS:
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with business strategy, potential acquisitions, revenue guidance, product development, integration, and synergies of acquiring companies and personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Company Contact
Andrew Norstrud, Chief Financial Officer
Email: andrew.norstrud@upexi.com
Phone: (702) 332-5591
Investor Relations Contact
KCSA Strategic Communications
Valter Pinto, Managing Director
Email: Upexi@KCSA.com
Phone: (212) 896-1254
SOURCE: Upexi, Inc.
View the original press release on accesswire.com
To view this piece of content from www.accesswire.com, please give your consent at the top of this page.
About ACCESS Newswire
Subscribe to releases from ACCESS Newswire
Subscribe to all the latest releases from ACCESS Newswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from ACCESS Newswire
Picktan Capital to Post Record Q2 Amid Market Buzz Over Possible IPO1.7.2025 20:55:00 CEST | Press release
LONDON, UK / ACCESS Newswire / July 1, 2025 / Picktan Capital, a London-headquartered wealth management firm managing over $7 billion in client assets globally, is attracting attention amid growing speculation about a potential public listing. The firm is on track to report its strongest quarterly performance to date, marking a significant milestone in its global growth strategy. With a strong emphasis on emerging technologies and disciplined capital deployment, Picktan Capital's momentum in 2024 has captured the interest of both investors and analysts. Picktan's second-quarter performance reflects a maturing investment approach grounded in both innovation and long-term value. The firm's activity across pivotal sectors, notably aerospace innovation, AI development, and satellite communications, has translated into meaningful gains and reinforced confidence in its forward strategy. Rather than chasing trends, Picktan has concentrated on sectors undergoing structural transformation. Its
DASA, Latin America's Largest Diagnostic Provider, Selects AGFA HealthCare's Enterprise Imaging Platform in Flagship Agreement1.7.2025 10:00:00 CEST | Press release
AGFA HealthCare is proud to announce a landmark achievement: the adoption of its Enterprise Imaging Platform by the largest integrated health network in Latin America - and the fifth largest globally. MORTSEL, BE / ACCESS Newswire / July 1, 2025 / DASA (Diagnósticos da América S.A.) operates an extensive hospital network across Brazil and Argentina, bringing together more than 40 healthcare provider brands. In 2024, DASA and Amil announced the creation of a joint venture that consolidates 25 hospitals and over 4,400 beds, making DASA the second largest hospital group in Brazil. With 321 branches across Brazil, DASA delivers more than 15.2 million clinical studies per year, serves 55,000 patients daily, and processes around 10 million tests monthly - solidifying its leading role in healthcare delivery across the region.AGFA HealthCare After a thorough evaluation process, DASA selected AGFA HealthCare's Enterprise Imaging Platform. Key moments in the decision journey included live demons
Clean Air Metals Files Interim Financial Statements for the Three Months Ended April 30, 202530.6.2025 23:40:00 CEST | Press release
THUNDER BAY, ON / ACCESS Newswire / June 30, 2025 / Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSXV:AIR)(FRA:CKU)(OTCQB:CLRMF) announces that it has filed its unaudited consolidated interim financial statements and management's discussion and analysis for the three-month period ended April 30, 2025, available for viewing on www.sedarplus.ca. Financial Highlights Total assets as at April 30, 2025 of $37,507,184 Total cash as at April 30, 2025 of $2,475,945 Working capital deficiency as at April 30, 2025 of $527,130 Shareholder's equity as at April 30, 2025 of $33,668,042 During the quarter, the Company incurred $584,284 in cost for exploration activities at the Thunder Bay North project. The team performed drilling and follow-up geophysics activities at the Current Deposit, that were focused on expanding the high-grade ballrooms in the Lower Current and Bridge zones. The results of this program were critical in aiding the Company towards developing a revised high-grade
Karbon-X Acquires ALLCOT, Expanding Global Climate Solutions Platform30.6.2025 15:00:00 CEST | Press release
The acquisition unites climate policy expertise and emissions strategy with digital infrastructure and delivery at scale - accelerating trusted, measurable climate action worldwide. CALGARY, AB / ACCESS Newswire / June 30, 2025 / Karbon-X (OTCQX:KARX), an end-to-end climate solutions company, today announced the acquisition of ALLCOT, a global advisory firm with a legacy of supporting climate policy, carbon markets, and high-integrity project development. This acquisition brings together two complementary forces under one shared mission: to scale science-backed, verifiable climate solutions across industries and regions. Karbon-X's leadership in emissions tracking, verified portfolios, and climate strategy combined with Allcot's legacy of policy guidance, project credibility, and regional expertise form a unified climate solutions provider with end-to-end capabilities across both voluntary and compliance markets. "This is about unlocking scale with integrity," said Chad Clovis, CEO of
Eagle Football Holdings supports Leadership Changes at Olympique Lyonnais30.6.2025 09:30:00 CEST | Press release
PALM BEACH GARDENS, FL / ACCESS Newswire / June 30, 2025 / Eagle Football Holdings Limited today confirmed its support of leadership changes which shall occur at its subsidiary Eagle Football Group (France) and Olympique Lyonnais. John Textor, Chairman and majority owner of Eagle Football Holdings, acting in his capacity as the sole director, and on behalf of the sole shareholder, of Olympique Lyonnais, today appointed Michael Gerlinger to the position of Director General (CEO), and Michele Kang to the position of Chair and President. Mr. Textor has resigned from his leadership positions at Olympique Lyonnais, in favor of the appointment of Ms. Kang and Mr. Gerlinger. Michele Kang, who is also a leading shareholder of Eagle Football Holdings, has served on the OL board since 2023, has been appointed Chair and President. She will take an active role in supporting OL's executive management, including spearheading the club's appeal process with the DNCG. Michael Gerlinger, currently Chief
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom