Upexi, Inc.
20.6.2024 15:04:24 CEST | ACCESS Newswire | Press release
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
TIS, EuroFinance Study Finds Corporate Treasurers Actively Evaluating AI, But Hesitant to Adopt It28.7.2026 15:00:00 CEST | Press release
The EuroFinance Deep Dive, supported by Treasury Intelligence Solutions (TIS), interviewed and surveyed corporate treasury leaders, finding that while they see AI as a powerful tool for cash forecasting, multiple concerns are deterring them from adopting it - for now. BERLIN, DE / ACCESS Newswire / July 28, 2026 / Treasury Intelligence Solutions (TIS), a best-in-class solution for payments and cash management, partnered with the research and trade association EuroFinance, in a research initiative that discovered nearly half of leading corporate finance teams are considering the use of artificial intelligence in cash forecasting - but just as many are holding off because of concerns over the technology. The EuroFinance Deep Dive, AI in Treasury: Accuracy, Intelligence and the Future of Cash Forecasting, brings together proprietary research, survey data, and perspectives from treasury leaders at Microsoft, Siemens Energy and other companies to assess where AI is creating value and where
CHAR Tech Provide Update on GazoTech's Bio-Methane Provence Project28.7.2026 14:00:00 CEST | Press release
TORONTO, ON / ACCESS Newswire / July 28, 2026 / (TSXV:YES)(OTC PINK:CTRNF)(FSE:68K) GazoTech's lead project, Bio-Méthane Provence ("BMP"), an industrial-scale HTP project in France developed under the CHAR Tech / GazoTech collaboration, has successfully concluded its CNDP-supervised voluntary public consultation, with a clear majority of opinions supporting the project BMP is redeveloping the site of a former 600 MW coal-fired power plant in Gardanne, France, converting legacy fossil infrastructure into renewable energy production Once operational, BMP is expected to process 115,000 tonnes of recovered wood annually, producing 230 GWh (828,000 GJ) of RNG plus 12,000 tonnes of biocarbon, targeting commercial operations in H2 2029 CHAR Technologies Ltd. ("CHAR Tech" or "the Company"), a leader in sustainable biomass energy solutions, today provided an update on the Bio-Méthane Provence ("BMP") project in Gardanne, France, an industrial-scale High-Temperature Pyrolysis ("HTP") project bei
Giatec Completes Its First International MixPilot Fleet Roll-Out with Heidelberg Materials UK28.7.2026 11:00:00 CEST | Press release
Following a successful trial validating MixPilot in a new market, across an expanded range of truck types and slump measurement standards, Giatec and Heidelberg Materials sign a binding agreement to scale MixPilot across the Heidelberg Materials UK fleet. OTTAWA, ON / ACCESS Newswire / July 28, 2026 / Giatec, a global leader in digital concrete technology platforms, today announced that Giatec and Heidelberg Materials, one of the world's largest integrated manufacturers of heavy building materials and solutions, have scaled MixPilot across Heidelberg Materials' UK concrete operations. MixPilot was selected on the strength of two factors: superior slump accuracy, validated against other systems under real operating conditions, and driver adoption, with the superior app interface becoming a key catalyst for fleet-wide buy-in. "MixPilot delivered something simple but rare: data our team could trust from day one," said Fabrice Arriordaz, Regional Operations Manager, North Concrete, Heidelb
LiberNovo Omni SE, Omni Pro and Maxis Enter Final Week of Early Bird Launch Pricing24.7.2026 09:00:00 CEST | Press release
HONG KONG, HK / ACCESS Newswire / July 24, 2026 / Seven days is what remains of LiberNovo's 2026 launch pricing. Across the EU and UK, Omni SE, Omni Pro, and the Maxis series hold their early bird prices until July 31, and the window closes there. The whole lineup is built around dynamic ergonomics: the support system links the neck support, backrest, armrests, and seat, so everything moves together as you shift, lean, and recline. The chair follows the movement; you get on with the work. A quick way to choose Omni SE: the simplest build in the lineup. No motor and no battery; you set the lumbar depth by hand and the automatic support does the rest. Solid dynamic ergonomics at the friendlier price. Better Comfort, Simplified. Omni Pro: the premium chair in the lineup. Motorized lumbar adjustment and the OmniStretch guided back stretch at the press of a button, plus Active Airflow ventilation built into the seat for long days and warm rooms, an aluminum base, and Danish Gabriel fabric.
2026 Fields Medals Awarded to Four of World's Top Mathematicians23.7.2026 16:45:00 CEST | Press release
The award, nicknamed the Nobel Prize of mathematics, recognizes outstanding achievement - and the promise of future achievement - by mathematicians under 40. PHILADELPHIA, PA / ACCESS Newswire / July 23, 2026 / During today's opening ceremony at the International Congress of Mathematicians (ICM) in Philadelphia, the International Mathematical Union (IMU) announced the recipients of the 2026 Fields Medals. This year's prizes went to four of the world's top mathematicians: Chinese mathematician Yu Deng of the University of Chicago; American mathematician John Pardon of Stony Brook University in New York; Canadian mathematician Jacob Tsimerman of the University of Toronto; and Chinese mathematician Hong Wang of New York University and France's Institut des Hautes Études Scientifiques (IHES). The Fields Medal is often described as the Nobel Prize of mathematics due to its prestige. Awarded every four years to two to four mathematicians under the age of 40, the medal recognizes outstanding
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