AppTech Payments reports results for the second quarter of 2022
CARLSBAD, Calif., Aug. 4, 2022 (GLOBE NEWSWIRE) — AppTech Payments Corp . (“AppTech”) (NASDAQ: APCX), a fintech company that operates commerce experiences, today announced results for the three months ended June 30, 2022. The annual financial statements and 10-Q are available at sec.gov.
Financial highlights for the second quarter of 2022
- Revenue for the three months ended June 30, 2022 was approximately $123,000.
- Cash on hand as of June 30, 2022 was $7.7 million.
Recent Business Highlights
- Enter the Canadian market by signing a partnership that will enable transactions across international borders in a variety of retail outlets in Canada, including in-person retail, e-commerce, transportation, lodging, hospitality, automotive and restaurants.
- A definitive agreement was completed to acquire Hothand Inc., a patent-holding company that owns intellectual property rights to a broad range of mobile credit/debit transactions and mobile search, location, offer and payment fields.
- On board an experienced development team of experts who has accelerated the launch date of the platform. In addition, the company has brought along its new sales director and head of business development, who will be tasked with building the foundations for the company’s planned expansion.
- Developed key system features including CI/CD pipelines, scalable and secure AWS infrastructure, Text2Pay Invoice System POC and Crypto Payments Invoice System POC.
- Researched, identified and researched partnerships with partners with digital asset platforms for the use of blockchain and cryptocurrency.
- Co-developed end-to-end, automated product and opportunity intake process to streamline, categorize and prioritize new products/functions and business development opportunities.
Management commentary
Luke D’Angelo, CEO of AppTech commented: “In the second quarter, we engaged in a number of progress 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 excited our customers who are eager to deliver innovative payment technologies, especially crypto integration, to meet their customers’ needs.
Our digital payment and all-in-one banking platform is rooted in industry standards, and can be used as a stand-alone or enterprise solution. The platform is designed to deliver transformative customer experiences across a broad base of retail industries and customers, including merchants, banking institutions and enterprises.
Our technology is based on our strong portfolio of patents, covering many areas, including mobile-to-mobile and computer-to-mobile payments. Our recent acquisition of Hothand further strengthens our patent portfolio to a total of 17 patents. Our ownership of these patents, many of which are cited by industry-leading companies, will allow us to pursue licensing agreements with several large companies, many of which currently use AppTech intellectual property.
With a strong balance sheet, combined with our exceptional leadership team, we are well positioned to successfully execute our plans to become a premier Fintech platform that powers trading 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 customers and their customers. AppTech is developing a transformative all-in-one digital payment and banking platform that will upgrade the Fintech industry. Our built-in, highly secure platform powers B2B, B2C and P2P functions 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 transfers.
Forward-looking statements
This press release contains forward-looking statements that are inherently subject to risk and uncertainty. All statements in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. Words such as “anticipate, believe, estimate, expect, foresee, 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 marketing methods, delays in production or distribution, changes in customer order patterns, changes in customers. offer 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 change its forward-looking statements whether as a result of new information, future events or otherwise.
Investor Relations Contact
Ben Shamsian
Lytham Partners, LLC
[email protected]
646-829-9701
Media contact
Sarah Bilyeu
KCD PR for AppTech Payments Corp
[email protected]
619-252-9111
AppTech Payments Corp.
[email protected]
760-707-5959
