Balance sheet strengthened and
approximately $900,000 in
annualized interest savings is expected
CLEARWATER, Fla., Nov. 3, 2022
/PRNewswire/ -- Upexi Inc. (NASDAQ: UPXI) (the "Company" or
"Upexi"), a multi-faceted brand owner and innovator in
aggregation, today announced the payoff of the outstanding balance
on its $15 million senior secured
debt facility, its plans to terminate the registration statement
covering the loan, and the termination of the agreement with
lenders. The elimination of this loan is expected to reduce
annualized interest expense by approximately $900,000.
The sale of CBD assets gave the Company flexibility to cut
overall expenses.
Allan Marshall, CEO of Upexi,
commented, "Our team's focus is to maximize every percentage point
of expense and margin for overall maximum profitability. Our
current balance sheet allows Upexi to work with commercial lenders
at a more attractive rate going forward."
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. We utilize our in-house, SaaS
programmatic ad technology to help achieve a lower cost per
acquisition and accumulate consumer data for increased
cross-selling between our growing portfolio of brands.
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 Nortstrud
Chief Financial Officer
andrew.norstrud@upexi.com
Investor Relations Contact
KCSA Strategic
Communications
Valter Pinto or Jack Perkins
Email: Upexi@KCSA.com
Phone: (212) 896-1254
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content:https://www.prnewswire.com/news-releases/upexi-eliminates-outstanding-balance-of-15-million-senior-secured-debt-and-plans-to-terminate-underlying-registration-statement-301667167.html
SOURCE Upexi, Inc.