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PIXY

ShiftPixy Inc. NASDAQ Capital Market
$2.12
Open: $2.23 High: $2.23 Low: $2.02 Close: $2.1
Range: 2021-04-19 - 2021-04-20
Volume: 889,691
Market: Extended-hours
Powered by Finage Stock APIDelayed data
PIXY
ShiftPixy Inc. 1 Venture Irvine CA, 92618 http://www.shiftpixy.com
ShiftPixy Inc is a provider of employment services solutions for businesses and workers in an environment in which shift or other part-time/temporary positions are performed.
  • CEO: Scott W. Absher
  • Employees: 7,648
  • Sector: Industrials
  • Industry: Employment Services
PIXY News
Latest news about the PIXY
  • ShiftPixy, Inc. Reports Fiscal 2021 Q1 Results

    MIAMI, Jan. 14, 2021 (GLOBE NEWSWIRE) -- ShiftPixy, Inc. (NASDAQ: PIXY), a Florida-based staffing enterprise that designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced results for the quarter ended November 30, 2020 (“2021 First Quarter”). 2021 First Quarter Financial Highlights * Improved balance sheet with cash position of $9.1 million and no long-term debt as of November 30, 2020, compared to cash of $4.3 million and no long-term debt as of August 31, 2020. * Successfully closed public equity offering yielding gross proceeds of $12 million on October 14, 2020. * Net Loss excluding non-recurring items was $6.9 million, or $0.22 per share. * Operating Loss of $5.6 million for the 2021 First Quarter as compared to $4.2 million for the same period of the prior fiscal year ended August 31, 2020 (“Fiscal 2020”). * Discontinued operations charge of $1.3 million for increased workers’ compensation reserves related to January 2020 Asset Sale. * Despite impacts on our Southern California based restaurant customers from new COVID-19 restrictions beginning in November 2020, gross billings grew 15% to $19.8 million for the 2021 First Quarter, compared to $17.2 million for the same period of Fiscal 2020. * Revenues increased 15% to $2.5 million for the 2021 First Quarter compared to $2.2 million for the same period of Fiscal 2020. * Gross profit was $513,000 for the 2021 First Quarter, or 20% of revenues including a $180,000 charge for additional workers’ compensation reserves, compared to $221,000 for the same period of Fiscal 2020. Excluding the COVID-19 related workers’ compensation charge, gross profit would have been 27% of revenues compared to 10% of revenues for the first quarter of Fiscal 2020. * Operating expenses were $6.1 million for the 2021 First Quarter compared to $4.4 million for the first quarter of Fiscal 2020. Excluding non-recurring charges, operating expenses were $4.9 million for the 2021 First Quarter. Excluding non-recurring charges and non-cash charges, cash basis operating expenses were $4.3 million for the 2021 First Quarter compared to $4.2 million for the same period of Fiscal 2020. * No resolution of Asset Sale working capital settlement due to COVID-19 delays.2021 First Quarter Operational Highlights and COVID -19 Impacts * Despite the impact of COVID-19, our customer count as of November 30, 2020 continued to increase with approximately 88 clients representing over 500 customer locations and 3,400 billed worksite employees (“WSEs”), an increase of 42% over the same period of Fiscal 2020.   * Additional billed nurse WSEs pushed our location count to over 800 and total billed WSEs to approximately 3,600 at the end of December 2020. While we anticipate that our quick service restaurant (“QSR”) related WSE growth will be negatively impacted by the renewed COVID-19 restrictions implemented by the State of California and elsewhere, we do not believe that the impact will be as significant as when restrictions were first implemented earlier in the year. * Average annualized gross billings per WSE decreased to $23,300 for the 2021 First Quarter from $28,300 during the same period of Fiscal 2020 due to lower per WSE billings caused by the COVID-19 pandemic, but the decrease was partially offset by an increase in higher wage healthcare WSEs. * We believe that COVID-19 negative impacts to our development cycles that had delayed key features for our HRIS and mobile application launch are now primarily behind us, with additional spending having taken place during the 2021 First Quarter to complete key technology initiatives. * We did not apply for PPP funds under the CARES Act. We elected to defer payment of certain federal taxes as an alternative to PPP funds. These taxes are accrued and will be paid beginning in the fiscal year ending August 31, 2022. Commenting on the Company’s 2021 First Quarter results, Chief Executive Officer Scott Absher stated, “Despite additional restrictions placed on our restaurant clients both earlier in the year and more recently in November 2020, the impact to our business was not as severe as in the second quarter of Fiscal 2020, and we saw marked improvement to adoption in December for our healthcare WSEs that is driving both revenue and gross profit growth. Our key Fiscal 2020 customer wins - Washington Hospitality Association and US Wellness - are beginning to bear fruit with additional WSE and client locations driving billings and gross profit growth, and we are well positioned to provide them key support services. The addition of more billed nurses will drive higher per WSE revenues and gross profit and with our renewed focus on franchise operators as our target customers in the restaurant space, we see an increased need for the delivery features of our application as food operators increasingly move towards delivery as an additional source of revenues. We continue to see strong demand and new opportunities.Mr. Absher continued, “Our recapitalization and improved balance sheet have been instrumental in helping us address opening and re-opening opportunities with larger customers and we are excited to have a clean capital structure. We believe that COVID-19 related delays in the launch of our mobile application solution are now largely behind us as our team has migrated to add features that will provide us with new revenue sources from new markets. Our internal sales team has been streamlined and focused to take advantage of the application and we are extremely excited about our near-term opportunities for significantly larger customers in new markets.”About ShiftPixyShiftPixy is a disruptive human capital services enterprise, revolutionizing employment in the Gig Economy by delivering a next-gen platform for workforce management that helps businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s nearly 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy. ShiftPixy’s complete human capital management ecosystem is designed to manage regulatory requirements and compliance in such required areas as paid time off (PTO) laws, insurance and workers’ compensation, minimum wage increases, and Affordable Care Act (ACA) compliance.ShiftPixy Cautionary Statement The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. These forward-looking statements are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Although such forwardlooking statements are based upon what our management believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute our vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; risks arising from the COVID-19 pandemic or any other events that could cause wide-scale business disruptions; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets. These and other risks are discussed in our filings with the Securities and Exchange Commission (the “SEC”), including, without limitation, our Annual Report on Form 10-K, filed on November 30, 2020, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. These documents, including the sections therein entitled “Risk Factors,” identify important factors that could cause actual results to differ materially from those contained in forward-looking statements. All of our forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. We undertake no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect our financial results is included in the filings we make with the SEC from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of our website at https://ir.shiftpixy.com/financial-information/sec-filings, or directly from the SEC’s website at https://www.sec.gov.Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, we are alerting investors and other members of the general public that we will provide updates on operations and progress required to be disclosed under Regulation FD through the Company’s social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in us are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.INVESTOR CONTACT: InvestorRelations@shiftpixy.com 800.475.3655 ShiftPixy, Inc. Condensed Consolidated Balance Sheets  November 30, 2020  August 31, 2020    (Unaudited)     ASSETS         Current assets         Cash $9,080,000  $4,303,000  Accounts receivable  158,000   308,000  Unbilled accounts receivable  2,460,000   2,303,000  Deposit – workers’ compensation  288,000   293,000  Prepaid expenses and other current assets  704,000   796,000  Current assets of discontinued operations  960,000   1,030,000  Total current assets  13,650,000   9,033,000            Fixed assets, net  1,085,000   575,000  Note receivable, net  4,004,000   4,045,000  Deposits – workers’ compensation  730,000   736,000  Deposits and other assets  712,000   449,000  Non-current assets of discontinued operations  2,435,000   2,582,000            Total assets $22,616,000  $17,420,000            LIABILITIES AND STOCKHOLDERS’ DEFICIT                   Current liabilities         Accounts payable and other current liabilities $3,358,000  $3,831,000  Payroll related liabilities  6,357,000   5,752,000  Accrued workers’ compensation costs  529,000   497,000  Current liabilities of discontinued operations  1,764,000   1,746,000  Total current liabilities  12,008,000   11,826,000  Non-current liabilities         Accrued workers’ compensation costs  1,342,000   1,247,000  Payroll related liabilities  635,000   -  Non-current liabilities of discontinued operations  4,475,000   4,377,000  Total liabilities  18,460,000   17,450,000  Commitments and contingencies         Stockholders’ equity (deficit)         Preferred stock, 50,000,000 authorized shares; $0.0001 par value  -   -  Common stock, 750,000,000 authorized shares; $0.0001 par value; 20,920,146 and 16,902,146 shares issued as of November 30, 2020 and August 31, 2020  2,100   2,000  Additional paid-in capital  130,552,000   119,430,000  Accumulated deficit  (126,398,000)  (119,462,000) Total stockholders’ equity (deficit)  4,156,000   (30,000) Total liabilities and stockholders’ equity (deficit) $22,616,000  $17,420,000  These unaudited interim condensed consolidated financial statements should be read with the accompanying notes and Management Discussion and Analysis available on Form 10-Q filed on January 14, 2021 with the Securities and Exchange Commission.                ShiftPixy Inc. Condensed Consolidated Statements of Operations (Unaudited)  For the Three Months Ended    November 30, 2020  November 30, 2019  Revenues (gross billings of $19.8 million and $17.2 million less worksite employee payroll cost of $17.3 million and $15.0 million, respectively for the three months ended) $2,503,000  $2,169,000  Cost of revenue  1,990,000   1,948,000  Gross profit  513,000   221,000            Operating expenses:         Salaries, wages, and payroll taxes  2,193,000   1,756,000  Stock-based compensation – general and administrative  496,000   127,000  Commissions  38,000   71,000  Professional fees  707,000   840,000  Software development  877,000   353,000  Depreciation and amortization  62,000   79,000  General and administrative  1,759,000   1,160,000  Total operating expenses  6,132,000   4,386,000            Operating Loss  (5,619,000)  (4,165,000)           Other (expense) income:         Interest expense  (3,000)  (1,161,000) Change in fair value of derivative liability  -   942,000  Total other (expense) income  (3,000)  (219,000) Loss from continuing operations  (5,622,000)  (4,384,000) (Loss) Income from discontinued operations  (1,314,000)  1,990,000  Total Income (Loss) from discontinued operations, net of tax  (1,314,000)  1,990,000            Net loss $(6,936,000) $(2,394,000)           Net Loss per share, Basic and diluted         Continuing operations $(0.18) $(4.91) Discontinued operations (loss) income  (0.04)  2.23  Net Loss per share of common stock – Basic and diluted $(0.22) $(2.68)           Weighted average common stock outstanding – Basic and diluted  30,808,150   893,094  These unaudited interim condensed consolidated financial statements should be read with the accompanying notes and Management Discussion and Analysis available on Form 10-Q filed on January 14, 2021 with the Securities and Exchange Commission.

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  • ShiftPixy to Participate in the ICR Conference

    MIAMI, Jan. 05, 2021 (GLOBE NEWSWIRE) -- ShiftPixy, Inc. (NASDAQ: PIXY), a Florida-based staffing enterprise that designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced that it will be attending the ICR Conference on Monday, January 11th through Thursday, January 14th, with CEO and co-founder Scott Absher presenting at 3:30 PM ET on Monday, January 11th. Please click here to view the presentation. About ShiftPixy ShiftPixy is a disruptive human capital services enterprise, revolutionizing employment in the Gig Economy by delivering a next-gen platform for workforce management that helps businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s nearly 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy. ShiftPixy’s complete human capital management ecosystem is designed to manage regulatory requirements and compliance in such required areas as paid time off (PTO) laws, insurance and workers’ compensation, minimum wage increases, and Affordable Care Act (ACA) compliance.ShiftPixy Cautionary Statement The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. These forward-looking statements are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Although such forward-looking statements are based upon what our management believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute our vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; risks arising from the COVID-19 pandemic or any other events that could cause wide-scale business disruptions; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets. These and other risks are discussed in our filings with the Securities and Exchange Commission (the “SEC”), including, without limitation, our Annual Report on Form 10-K, filed on November 30, 2020, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. These documents, including the sections therein entitled “Risk Factors,” identify important factors that could cause actual results to differ materially from those contained in forward-looking statements. All of our forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. We undertake no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect our financial results is included in the filings we make with the SEC from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of our website at https://ir.shiftpixy.com/financial-information/sec-filings, or directly from the SEC’s website at https://www.sec.gov.Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, the Company is alerting investors and other members of the general public that the Company will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in the Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.Media Contact: Amy Wang amy.wang@shiftpixy.com (949) 245-7291

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  • This Company Is Making It More Profitable For Restaurants To Employ Gig Economy Workers

    ShiftPixy, Inc. was one of the sponsors for the Benzinga Global Small Cap Conference that took place on December 8-9, 2020. From businesses closing and implementing off-premises strategies to unemployment ramping, the current crisis has upended the traditional working world, causing many to pursue gig opportunities to restructure their income. According to data from the Bureau of Labor Statistics, as of November, over 10 million Americans were unemployed, almost double the same period last year. In response to these substantial lay-offs, digital platforms have become critical, connecting freelancers and companies to contract short-term and frequently asset-sharing opportunities. The implementation of these new technologies spearheaded by companies such as Uber Technologies, Inc. (NYSE: UBER), Lyft, Inc. (NASDAQ: LYFT), GrubHub, Inc. (NYSE: GRUB), DoorDash Inc (NYSE: DASH), and ShiftPixy, Inc. (NASDAQ: PIXY), are known as "The Gig-Economy." This economic model will be vital to reconstruct the country's economy, and it is expected to reach $455.2 billion by 2023. The New Challenges Faced By Business Owners It was a particularly transformative year for the restaurant industry, as many restaurateurs relied on delivery and take out to keep themselves afloat. With restaurant foot traffic projected to remain low, others adopted a new approach with ghost kitchens and the support of third-party delivery platforms. Yet, this brings new challenges for business owners that now rely on a smaller pool of workers for critical restaurants operations. Not to mention that dissatisfaction with third-party platforms can lead to misplaced negative reviews from customers. At the same time, scaling up operations--whether for delivery or otherwise--can be very expensive. According to some reports, onboarding a new employee can cost up to $1,816 per hourly worker. And these services take a large cut of the restaurants' profits. Brands that use third-party platforms pay fees between 15-30% on orders, an inordinate cost with delivery comprising such a large chunk of restaurant sales. Now more than ever creating beneficial situations for both the restaurant and the workers is crucial to survive. This is where platforms like ShiftPixy come in. ShiftPixy is a platform that helps businesses manage their workforce and remain compliant with part-time employee mandates while allowing them to self-deliver better customer experience. The idea is to make it more cost-efficient for restaurants to employ gig economy workers. ShiftPixy And The Restaurant Industry ShiftPixy's gig platform truly represents a new way to work. Without physical stores, it is vital that brands focus on customers having pleasurable experiences. ShiftPixy combines the modern perks of the gig economy with traditional employment benefits. The app serves as an all-in-one workforce management platform for business owners that rely on contingent employees. But it's also a dynamic employment resource for shifters (aka, part-time workers) who want the freedom to make their own schedule. Shifters can receive valuable benefits such as health insurance and workers' compensation. Meanwhile, operators are able to rest easy knowing that they remain compliant with labor laws and free of time-consuming admin tasks."ShiftPixy is in the business of making operators agile. Our biggest lesson in the COVID crisis working with restaurant operators is that to survive your business needs to be agile and able to move quickly to keep your connection with your customers," said Scott Absher, Co-Founder and Chief Executive Officer. "To rethink your business used to require courage, now rethinking customer engagement, rethinking real estate, and rethinking human capital will be required for survival." For more information, please visit the company's website.Photo by Marco Lastella on UnsplashSee more from Benzinga * Click here for options trades from Benzinga * One Way To Play The Recovery In The Indian Travel Industry * Biotech Drugmaker Actinium Pharmaceuticals Is Creating New Ways To Battle Cancer(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • David Meltzer's New Pitch Show, "2 Minute Drill" to Air on Bloomberg TV, Amazon Prime Video, in Over 100 Million Homes in 2021

    On January 8th, 2021 the first "Pitch Only" show for over $50,000 of cash and prizes will premiere at 8:30 EST (7:30 CST) on Bloomberg TV.

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  • ShiftPixy to Participate in the Benzinga Global Small Cap Conference

    MIAMI, Dec. 04, 2020 (GLOBE NEWSWIRE) -- ShiftPixy, Inc. (NASDAQ: PIXY), a Florida-based staffing enterprise that designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced that it will be attending the Benzinga Global Small Cap Conference on Tuesday, December 8th, with CEO and co-founder Scott Absher presenting at 3:15 PM ET. Please click here to register for the event and presentation. About ShiftPixy ShiftPixy is a disruptive human capital services enterprise, revolutionizing employment in the Gig Economy by delivering a next-gen platform for workforce management that helps businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s nearly 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy. ShiftPixy’s complete human capital management ecosystem is designed to manage regulatory requirements and compliance in such required areas as paid time off (PTO) laws, insurance and workers’ compensation, minimum wage increases, and Affordable Care Act (ACA) compliance.ShiftPixy Cautionary Statement The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. These forward-looking statements are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Although such forward-looking statements are based upon what our management believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute our vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; risks arising from the COVID-19 pandemic or any other events that could cause wide-scale business disruptions; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets. These and other risks are discussed in our filings with the Securities and Exchange Commission (the “SEC”), including, without limitation, our Annual Report on Form 10-K, filed on November 30, 2020, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. These documents, including the sections therein entitled “Risk Factors,” identify important factors that could cause actual results to differ materially from those contained in forward-looking statements. All of our forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. We undertake no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect our financial results is included in the filings we make with the SEC from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of our website at https://ir.shiftpixy.com/financial-information/sec-filings, or directly from the SEC’s website at https://www.sec.gov.Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, the Company is alerting investors and other members of the general public that the Company will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in the Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.Media Contact: Amy Wang amy.wang@shiftpixy.com (949) 245-7291

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  • ShiftPixy, Inc. Reports Fiscal 2020 Results

    MIAMI, Nov. 30, 2020 (GLOBE NEWSWIRE) -- ShiftPixy, Inc. (NASDAQ: PIXY), a Florida-based staffing enterprise that designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced operating results for the year ended August 31, 2020 (“2020”). 2020 Financial Highlights * Improved balance sheet compared to the fiscal year ended August 31, 2019 (“2019”): * Eliminated debt with full-ratchet anti-dilution price protection during 2020 * Raised over $25 million in equity from May 2020 to October 2020 * Sold 85% of lower growth business which generated $9.5 million of cash * Quarterly gross billings improved to $18.7 million for Q4 2020, a sequential increase of $4.3 million or 30% from Q3 2020, due to new customer additions and COVID-19 recovery for existing customers. For the entire fiscal year, gross billings from continuing operations were $66 million, compared to $73 million for 2019, due primarily to COVID-19 impacts in 2020, as well as client cancellations primarily in the early part of 2020, during calendar 2019.   * Quarterly revenues improved to $2.4 million for Q4 2020, a sequential increase of 20% from Q3 2020. Revenues for the entire fiscal year decreased 17% to $8.6 million, compared to $10.5 million for 2019, primarily as a result of our strategic decision to shift our client focus during 2019, as well as the negative impact of COVID-19 growth headwinds. * Gross profit for 2020 was $1.0 million, decreasing 50% from 2019 gross profit of $1.9 million, due to workers’ compensation cost increases. * Loss from Operations for 2020 increased $6.0 million to $21.6 million from $15.6 million in 2019, of which $3.5 million was a non-cash asset impairment charge related to previously capitalized software, along with a $1.0 million increase in stock-based compensation.   * EBITDAS Loss (Operating Loss excluding asset impairment, interest expense, depreciation, amortization and share-based compensation) increased to $16.2 million for 2020 from $14.7 million for 2019 due to $1.0 million of reduced margins and increased spending on our mobile application development, offset by decreased operations costs.   * Investment in our mobile application and technology solution deployment increased to $4.2 million in 2020 from $3.1 million in 2019. Total Human Resource Information System (“HRIS”) and mobile application investment is $20.7 million to date.2020 Operational Highlights * The number of employees retained in our employee HRIS exceeded 35,000. * Relocated corporate headquarters to Miami, Florida to expand sales and marketing reach to better serve Eastern United States and Latin America (move substantially completed in September 2020). * Experienced billings and worksite employee growth during 2020 despite COVID-19 pandemic due to new client additions and Q4 COVID-19 recovery. * New partnership established in Q4 2020 that has the potential to bring over 200,000 new restaurant employees onto our HRIS platform, with the added potential to generate gross wage billings of $20,000 per employee. * New nationwide nurse staffing client signed in Q4 2020 with over 8,000 employees that has the potential to generate gross billings of approximately $50,000 per employee, which we expect to drive significant revenue and gross profit growth. * Full suite of mobile application and HRIS platform functionality nearing completion and full commercial launch, which we expect to add additional revenue streams.“2020 was a key transition year for ShiftPixy. We completed the client refocus we began in 2019 away from light industrial clients to quick service restaurants and other new business opportunities that we believe are better served by our new technology platform. We significantly improved our balance sheet by selling assets and raising additional capital which allowed us to eliminate our convertible debt and continue to invest in our growth initiatives. Despite setbacks in our May 31, 2020 quarter due to the COVID-19 pandemic, at year end the combined recovery of our pre-COVID business combined with our new customer additions resulted in sequential billing growth that continues into our first fiscal quarter of 2021,” stated Chief Executive Officer Scott Absher. “We are starting to see customer on-boarding from sales wins by our new sales team in our new Miami headquarters and are very excited about our new partnerships in the State of Washington and our new nurse staffing client, both of which we believe will drive revenue and gross profit growth in the first half of Fiscal 2021. We believe that we are well positioned to execute on these recent wins and expect to see a significant increase in our business activity levels. We hope to achieve profitability in the second half of Fiscal 2021 as we continue our focus on creating long-term shareholder value.”About ShiftPixyShiftPixy is a disruptive human capital services enterprise, revolutionizing employment in the Gig Economy by delivering a next-gen platform for workforce management that helps businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s nearly 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy. ShiftPixy’s complete human capital management ecosystem is designed to manage regulatory requirements and compliance in such required areas as paid time off (PTO) laws, insurance and workers’ compensation, minimum wage increases, and Affordable Care Act (ACA) compliance.ShiftPixy Cautionary StatementThe information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. These forward-looking statements are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Although such forward-looking statements are based upon what our management believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute our vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; risks arising from the COVID-19 pandemic or any other events that could cause wide-scale business disruptions; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets. These and other risks are discussed in our filings with the Securities and Exchange Commission (the “SEC”), including, without limitation, our Annual Report on Form 10-K, filed on November 30, 2020, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. These documents, including the sections therein entitled “Risk Factors,” identify important factors that could cause actual results to differ materially from those contained in forward-looking statements. All of our forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. We undertake no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect our financial results is included in the filings we make with the SEC from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of our website at https://ir.shiftpixy.com/financial-information/sec-filings, or directly from the SEC’s website at https://www.sec.gov.Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, we are alerting investors and other members of the general public that we will provide updates on operations and progress required to be disclosed under Regulation FD through the Company’s social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in us are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.INVESTOR CONTACT: InvestorRelations@shiftpixy.com 800.475.3655ShiftPixy, Inc. Consolidated Balance Sheets  August 31, 2020  August 31, 2019  ASSETS         Current assets         Cash $4,303,000  $1,561,000  Accounts receivable, net  308,000   85,000  Unbilled accounts receivable  2,303,000   1,418,000  Deposit – workers’ compensation  293,000   235,000  Prepaid expenses  723,000   349,000  Other current assets  73,000   244,000  Current assets of discontinued operations  1,030,000   10,139,000  Total current assets  9,033,000   14,031,000            Fixed assets, net  575,000   4,155,000  Note receivable, net  4,045,000   -  Deposits – workers’ compensation  736,000   754,000  Deposits and other assets  449,000   124,000  Non-current assets of discontinued operations  2,582,000   5,567,000  Total assets $17,420,000  $24,631,000            LIABILITIES AND STOCKHOLDERS’ DEFICIT                   Current liabilities         Accounts payable and other accrued liabilities $3,831,000  $4,454,000  Payroll related liabilities  5,752,000   2,559,000  Convertible notes, net  -   3,351,000  Accrued workers’ compensation costs  497,000   235,000  Default penalties accrual  -   1,800,000  Derivative liability  -   3,756,000  Current liabilities of discontinued operations  1,746,000   16,033,000  Total current liabilities  11,826,000   32,188,000  Non-current liabilities         Accrued workers’ compensation costs  1,247,000   525,000  Non-current liabilities of discontinued operations  4,377,000   3,853,000  Total liabilities  17,450,000   36,566,000  Commitments and contingencies         Stockholders’ deficit         Preferred stock, 50,000,000 authorized shares; $0.0001 par value  -   -  Common stock, 750,000,000 authorized shares; $0.0001 par value; 16,902,146 and 909,222 shares issued as of August 31, 2020 and 2019  1,000   -  Additional paid-in capital  119,431,000   32,505,000  Treasury stock, at cost-0 and 13,953 shares as of August 31, 2020 and August 31, 2019  -   (325,000) Accumulated deficit  (119,462,000)  (44,115,000) Total stockholders’ deficit  (30,000)   (11,935,000) Total liabilities and stockholders’ deficit $17,420,000  $24,631,000  ShiftPixy Inc. Consolidated Statements of Operations   For the year ended     August 31, 2020  August 31, 2019  Revenues (gross billings of $65.5 million and $73.4 million less worksite employee payroll cost of $56.9 million and $62.9 million, respectively) $8,642,000  $10,451,000  Cost of revenue  7,685,000   8,538,000  Gross profit  957,000   1,913,000            Operating expenses:         Salaries, wages, and payroll taxes  7,227,000   6,283,000  Stock-based compensation – general and administrative  1,526,000   632,000  Commissions  181,000   201,000  Professional fees  3,366,000   3,918,000  Software development - external  2,240,000   1,209,000  Depreciation and amortization  272,000   194,000  Impaired asset expense  3,543,000   -  General and administrative  4,180,000   5,032,000  Total operating expenses  22,535,000   17,469,000            Operating Loss  (21,578,000)  (15,556,000)           Other (expense) income:         Interest expense  (2,525,000)  (8,507,000) Change in fair value of note receivable  (1,074,000)   -  Expense related to Preferred Options  (62,091,000)  -  Expense related to modification of warrants  (21,000)  -  Loss from debt conversion  (3,500,000)  -  Inducement loss  (624,000)  (3,927,000) Loss on debt extinguishment  (1,592,000)  -  Change in fair value derivative and warrant liability  1,777,000   2,569,000  Loss on convertible note settlement  -   811,000  Gain on convertible note penalties accrual  760,000   -  Total other (expense) income  (68,890,000)  (9,054,000)  Loss from continuing operations  (90,468,000)  (24,610,000) (Loss) Income from discontinued operations         (Loss) Income from discontinued operations  (561,000)  6,528,000  Gain from asset sale  15,682,000   -  Total Income (Loss) from discontinued operations, net of tax  15,121,000   6,528,000            Net loss $(75,347,000) $(18,082,000)           Net Loss per share, Basic and diluted         Continuing operations $(4.96) $(30.09) Discontinued operations         Operating (loss) income  (0.03)  7.98  Gain on sale of assets  0.86   -  Total discontinued operations  0.83   7.98  Net Loss per share of common stock – Basic and diluted $(4.13) $(22.11)           Weighted average common stock outstanding – Basic and diluted  18,222,661   817,720

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  • Sidoti Virtual Microcap Investor Conference

    * Presentation Times and Weblinks Released for Over 60 Presenting Companies * Today: Thursday, November 19, 2020NEW YORK, NY / ACCESSWIRE / November 19, 2020 / Sidoti & Company, LLC proudly releases the presentation schedule, with weblink click-throughs, for today's Virtual Microcap Investor Conference.

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  • ShiftPixy to Participate in the Sidoti Virtual Microcap Conference

    MIAMI, Nov. 12, 2020 (GLOBE NEWSWIRE) -- ShiftPixy, Inc. (NASDAQ: PIXY), a Florida-based gig engagement platform provider, today announced that it will be presenting at the Sidoti Virtual Microcap Conference on Thursday, November 19th, with CEO and co-founder Scott Absher hosting investor meetings throughout the day. The company will present on November 19th at 4:00 PM ET. Please click here to access the presentation via webcast. About ShiftPixy ShiftPixy (PIXY) provides a disruptive human capital management platform, revolutionizing employment in the Gig Economy by delivering a next-gen mobile engagement technology to help businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s nearly 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.ShiftPixy Cautionary Statement The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. These forward-looking statements are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of the Company, could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of the Company’s business model; the Company’s ability to execute its vision and growth strategy; the Company’s ability to attract and retain clients; the Company’s ability to assess and manage risks; changes in the law that affect the Company’s business and its ability to respond to such changes and incorporate them into its business model, as necessary; the Company’s ability to insure against and otherwise effectively manage risks that affect its business; risks arising from the COVID-19 pandemic or any other events that could cause wide-scale business disruptions; competition; reliance on third-party systems and software; the Company’s ability to protect and maintain its intellectual property; and general developments in the economy and financial markets. These and other risks are discussed in the Company’s filings with the SEC, including, without limitation, its Annual Report on Form 10-K, filed on December 13, 2019, and its periodic reports on Form 10-Q and Form 8-K. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of the Company, is included in the filings we make with the SEC from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of the Company’s website at https://ir.shiftpixy.com/financial-information/sec-filings, or directly from the SEC’s website at https://www.sec.gov.Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, the Company is alerting investors and other members of the general public that the Company will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in the Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.Media Contact: Amy Wang amy.wang@shiftpixy.com (949) 245-7291

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  • ShiftPixy to Participate in the Fall Investor Summit

    MIAMI, Nov. 10, 2020 (GLOBE NEWSWIRE) -- ShiftPixy, Inc. (NASDAQ: PIXY), a Florida-based gig engagement platform provider, today announced that it will be presenting at the Fall Investor Summit hosted by the Investor Summit on Tuesday, November 17th, with CEO and co-founder Scott Absher hosting investor meetings throughout the day. The company will present on November 17th at 3:30 PM ET. Please click here to access the presentation via webcast. About ShiftPixy ShiftPixy (PIXY) provides a disruptive human capital management platform, revolutionizing employment in the Gig Economy by delivering a next-gen mobile engagement technology to help businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s nearly 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.ShiftPixy Cautionary Statement The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. These forward-looking statements are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of the Company, could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of the Company’s business model; the Company’s ability to execute its vision and growth strategy; the Company’s ability to attract and retain clients; the Company’s ability to assess and manage risks; changes in the law that affect the Company’s business and its ability to respond to such changes and incorporate them into its business model, as necessary; the Company’s ability to insure against and otherwise effectively manage risks that affect its business; risks arising from the COVID-19 pandemic or any other events that could cause wide-scale business disruptions; competition; reliance on third-party systems and software; the Company’s ability to protect and maintain its intellectual property; and general developments in the economy and financial markets. These and other risks are discussed in the Company’s filings with the SEC, including, without limitation, its Annual Report on Form 10-K, filed on December 13, 2019, and its periodic reports on Form 10-Q and Form 8-K. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of the Company, is included in the filings we make with the SEC from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of the Company’s website at https://ir.shiftpixy.com/financial-information/sec-filings, or directly from the SEC’s website at https://www.sec.gov.Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, the Company is alerting investors and other members of the general public that the Company will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in the Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.Media Contact: Amy Wang amy.wang@shiftpixy.com (949) 245-7291

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  • ShiftPixy, Inc. Announces Pricing of $12 Million Public Offering

    MIAMI, Oct. 09, 2020 (GLOBE NEWSWIRE) -- ShiftPixy, Inc. (the “Company”) (Nasdaq: PIXY), a Florida-based gig engagement platform provider, today announced the pricing of an underwritten public offering with expected total gross proceeds of $12,000,000, before deducting underwriting discounts, commissions and other offering expenses payable by the Company. The securities offered by the Company consist of 4,000,000 shares of common stock together with warrants (the “Warrants”) to purchase up to 2,000,000 shares of common stock. Each share of common stock and accompanying Warrant are being sold together at a combined public offering price of $3.00. The Warrants will have an exercise price of $3.30 per share, will be immediately exercisable and will expire five (5) years from the date of issuance. The Company has granted the underwriter a 45-day option to purchase up to an additional 600,000 shares of common stock and/or Warrants to purchase up to 300,000 shares of common stock to cover over-allotments, if any.The Company intends to use the net proceeds from this offering for general corporate purposes, including working capital, operating expenses and capital expenditures. The offering is expected to close on or about October 14, 2020, subject to customary closing conditions.A.G.P./Alliance Global Partners is acting as the sole book-running manager for the offering.This offering is being made pursuant to an effective registration statement on Form S-1 (No. 333-240136) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective on October 8, 2020. The offering is being made only by means of a prospectus. A final prospectus relating to the proposed offering will be filed and made available on the SEC’s website. A copy of the final prospectus relating to the offering may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022 or via telephone at 212-624-2060 or email: prospectus@allianceg.com. Before investing in this offering, interested parties should read the prospectus.This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.About ShiftPixyShiftPixy (Nasdaq: PIXY) provides a disruptive human capital management platform, revolutionizing employment in the Gig Economy by delivering a next-gen mobile engagement technology to help businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management's nearly 25 years of workers' compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.Forward Looking StatementsThe information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. These forward-looking statements are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of the Company, could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, references to the Company’s expectations regarding the closing of the public offering and its anticipated use of net proceeds from the offering; risks associated with the nature of the Company’s business model; the Company’s ability to execute its vision and growth strategy; the Company’s ability to attract and retain clients; the Company’s ability to assess and manage risks; changes in the law that affect the Company’s business and its ability to respond to such changes and incorporate them into its business model, as necessary; the Company’s ability to insure against and otherwise effectively manage risks that affect its business; risks arising from the COVID-19 pandemic or any other events that could cause wide-scale business disruptions; competition; reliance on third-party systems and software; the Company’s ability to protect and maintain its intellectual property; and general developments in the economy and financial markets. These and other risks are discussed in the Company’s filings with the SEC, including, without limitation, its Annual Report on Form 10-K, filed on December 13, 2019, and its periodic reports on Form 10-Q and Form 8-K, as well as the risks identified in the registration statement and the preliminary prospectus supplement relating to the offering. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of the Company, is included in the filings we make with the SEC from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of the Company’s website at https://ir.shiftpixy.com/financial-information/sec-filings, or directly from the SEC’s website at https://www.sec.gov.Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, the Company is alerting investors and other members of the general public that the Company will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in the Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.Media Contact:Amy Wang amy.wang@shiftpixy.com (949) 245-7291

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  • ShiftPixy Announces Partnership with Washington Hospitality Association

    – More than 300,000 restaurant and hospitality employees to enter ShiftPixy ecosystem – – Partnership brings sophisticated operating platform to workers across the State –MIAMI, Sept. 08, 2020 (GLOBE NEWSWIRE) -- ShiftPixy, Inc. (NASDAQ: PIXY), a gig engagement platform provider, today announced a new partnership with the Washington Hospitality Association, the state’s leading hospitality trade group representing more than 6,000 members, and supporting more than 300,000 restaurant and hospitality industry employees across the state of Washington.“We are absolutely thrilled to join forces with the Washington Hospitality Association in one of our largest and most significant partnerships to date,” said ShiftPixy Co-Founder and CEO Scott Absher.  “The Washington Hospitality Association has historically demonstrated leadership and innovation in bringing vitality and leading-edge capabilities to the thousands of restaurant and hospitality operators across Washington State.  We see our new partnership as a natural extension of that forward-thinking mindset, and eagerly anticipate helping Washington Hospitality Association advance its core mission utilizing our sophisticated and scalable human capital platform.”Discussing the new partnership, Washington Hospitality Association President & CEO Anthony Anton stated, “An important focus of ours is to keep our restaurant and hospitality operators agile and equipped with the latest tools to succeed.  We found the ShiftPixy platform to be exactly what we were seeking, especially during times such as these, when the ability to adapt to new market realities is of the utmost importance.  We’re excited to join forces with the ShiftPixy team and eagerly look forward to introducing the ShiftPixy ecosystem to our restaurant and hospitality operators and the thousands they employ across Washington State.”About ShiftPixy ShiftPixy (PIXY) provides a disruptive human capital management platform, revolutionizing employment in the Gig Economy by delivering a next-gen mobile engagement technology to help businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s nearly 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.ShiftPixy Cautionary Statement The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of ShiftPixy, Inc., could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute the Company's vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; risks arising from the COVID-19 pandemic or any other events that could cause wide-scale business disruptions; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of ShiftPixy, Inc., is included in the filings we make with the Securities and Exchange Commission from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of our website at https://ir.shiftpixy.com/financial-information/sec-filings, or directly from the SEC’s website at https://www.sec.gov. Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, ShiftPixy is alerting investors and other members of the general public that ShiftPixy will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in our Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.INVESTOR CONTACT: Investor.Relations@ShiftPixy.com 800.475.3655

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  • ShiftPixy Announces New Alliance with US Wellness

    – US Wellness to immediately place 9,000 nurses on the ShiftPixy platform – – Near-term future plans expected to double scale –MIAMI, Aug. 24, 2020 (GLOBE NEWSWIRE) -- ShiftPixy, Inc. (NASDAQ: PIXY), a Florida-based gig engagement platform provider, today announced an important nationwide alliance with US Wellness, a provider of employee wellness programs with a comprehensive suite of services designed to engage and inspire employees toward achieving their wellness goals.  Through the alliance, US Wellness will immediately place 9,000 of its nurses on the ShiftPixy human capital management platform, with near-term plans expected to double that staff volume.“From its inception, ShiftPixy was designed to be rapidly scalable for high volume, fast moving companies such as US Wellness, and we are honored to help with their critical needs by bringing their valued employees onto our sophisticated platform,” said ShiftPixy Co-Founder and CEO Scott Absher. “We will be working diligently with our new partner to immediately on-board 9,000 members of the US Wellness team, followed by an expected additional 11,000 team members over the coming weeks.  We couldn’t be more excited to enter this important alliance and look forward to helping US Wellness achieve its vital corporate mission for years to come.”“With ShiftPixy we saw an immediate opportunity to quickly scale our team and offer valuable benefits and protections to our national clinical staff. ShiftPixy offers us the tools we’ve been looking for to manage our rapid growth and better connect with our field staff,” said Tori Tomlinson, Founder and CEO of US Wellness.  “The ability to move quickly to meet the immediate and future demands for COVID-19 testing and other support services for employers was of the utmost important to us.  ShiftPixy was the natural choice. We are enthusiastic about this partnership and what it offers to us and our national staff of clinical professionals.”About ShiftPixy ShiftPixy (PIXY) provides a disruptive human capital management platform, revolutionizing employment in the Gig Economy by delivering a next-gen mobile engagement technology to help businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s nearly 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.ShiftPixy Cautionary Statement The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of ShiftPixy, Inc., could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute the Company's vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; risks arising from the COVID-19 pandemic or any other events that could cause wide-scale business disruptions; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of ShiftPixy, Inc., is included in the filings we make with the Securities and Exchange Commission from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of our website at https://ir.shiftpixy.com/financial-information/sec-filings, or directly from the SEC’s website at https://www.sec.gov. Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, ShiftPixy is alerting investors and other members of the general public that ShiftPixy will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in our Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.INVESTOR CONTACT: Investor.Relations@ShiftPixy.com 800.475.3655

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  • ShiftPixy Announces Corporate Relocation to Miami, Florida

    ShiftPixy Labs Ghost Kitchen also to be located in Miami areaIRVINE, Calif., Aug. 20, 2020 (GLOBE NEWSWIRE) -- ShiftPixy, Inc. (NASDAQ: PIXY), a California-based gig engagement platform provider, today announced that the Company will be relocating its corporate headquarters to the city of Miami, Florida. The relocation is part of ShiftPixy’s strategy, along with ShiftPixy Labs, to expand its business into the thriving East Coast restaurant industry.  Additionally, the Company is pleased to announce that the new ShiftPixy Labs Ghost Kitchen will also be located in the Miami area. The location was selected due to the Miami area’s rich and diverse food culture, which the Company expects to provide a strong customer base for both the Ghost Kitchen Incubator Project and the Incubator Contest. After the relocation, ShiftPixy’s Irvine, California office will remain open to continue serving the Company’s growing West Coast customer base. “Since our launch in 2015, we’ve been proud to call the city of Irvine our home. Here, ShiftPixy has been able to build a strong customer base throughout the West Coast, and the Company’s beginnings in the great state of California will always be important to us,” said ShiftPixy Co-Founder and CEO Scott Absher. “With that said, we are excited to begin the Company’s next growth chapter in the thriving city of Miami.  Establishing our new headquarters in one of the East Coast’s largest cities will provide the perfect foothold from which to launch our expansion to cities up and down the Eastern Seaboard.”Mr. Absher went on to say, “Miami has long been on our roadmap because of inquiries we have from operators in Europe and Latin America, and the city is ideal as our base not only for Eastern US expansion, but for new markets beyond our borders.  I’m also excited to be so close to our new Ghost Kitchen venture, and we look forward to sharing more exciting news and details in the coming weeks and months.”Through ShiftPixy Labs, the Company expects to provide additional layers of services and engagement, from business start-up clear through to customer meal delivery. The new functionality builds on the traditional ShiftPixy gig engagement platform, which empowers restaurant operators to take full advantage of their human capital with cutting-edge tools to handle payroll, compliance and native delivery.The Company’s new corporate address will be as follows:501 Brickell Key Drive Suite 300 Miami, Florida 33131About ShiftPixyShiftPixy (PIXY) provides a disruptive human capital management platform, revolutionizing employment in the Gig Economy by delivering a next-gen mobile engagement technology to help businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s nearly 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.ShiftPixy Cautionary StatementThe information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of ShiftPixy, Inc., could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute the Company's vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; risks arising from the COVID-19 pandemic or any other events that could cause wide-scale business disruptions; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of ShiftPixy, Inc., is included in the filings we make with the Securities and Exchange Commission from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of our website at https://ir.shiftpixy.com/financial-information/sec-filings, or directly from the SEC’s website at https://www.sec.gov. Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, ShiftPixy is alerting investors and other members of the general public that ShiftPixy will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in our Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.INVESTOR CONTACT: Investor.Relations@ShiftPixy.com 800.475.3655

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  • ShiftPixy Labs Announces Ghost Kitchen Incubator Contest

    IRVINE, Calif., Aug. 13, 2020 (GLOBE NEWSWIRE) -- ShiftPixy, Inc. (NASDAQ: PIXY), a California-based gig engagement platform provider, today revealed its new contest program as part of the ShiftPixy Labs Ghost Kitchen Incubator Project. As an addition to the Company’s thrilling new Ghost Kitchen expansion, the contest will offer qualified chefs and restaurant operators the chance to earn a spot in the Incubator by pitching and testing new ideas with fully simulated ghost kitchen and delivery experiences. The contest as well as the Incubator Project will be streamed on YouTube, providing the Company and all participants with an elevated platform for a global audience. With the restaurant industry experiencing a seismic shift towards ghost kitchens and delivery-centric business models, it’s more important than ever for operators to learn how to succeed using these concepts. The services provided by the ShiftPixy Labs Incubator Project are designed to prepare operators to launch new businesses — and coach them on how to build and optimize their businesses around delivery and off-premises dining from the ground up.“At our core, ShiftPixy’s mission is about helping operators succeed. In today’s landscape, that means guiding them through the process of running a strong ghost kitchen and delivery-based restaurant,” said ShiftPixy co-founder and CEO Scott Absher. “Our Ghost Kitchen Incubator Project will change the way restaurants are created and launched, and this new contest program opens that opportunity to a huge range of participants, which also gives us the chance to discover and partner with the exciting brands of tomorrow.  From culinary students with great ideas to aspiring restaurateurs trying to open their second restaurant, the Ghost Kitchen Incubator Contest is open to anyone who applies – and viewers around the world will be able to see how entrepreneurs can leverage ShiftPixy’s engagement and strategy. We look forward to sharing more news and information about these revolutionary programs in the coming weeks.”Through ShiftPixy Labs, the Company expects to provide additional layers of services and engagement, from business start-up clear through to customer meal delivery. The new functionality builds on the traditional ShiftPixy gig engagement platform, which empowers restaurant operators to take full advantage of their human capital with cutting-edge tools to handle payroll, compliance and native delivery. Mr. Absher will be providing more information at NRN’s Restaurants Rise series of webinars, scheduled to take place August 18. The Company encourages interested parties to register for the event here.About ShiftPixy ShiftPixy (PIXY) provides a disruptive human capital management platform, revolutionizing employment in the Gig Economy by delivering a next-gen mobile engagement technology to help businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s nearly 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.ShiftPixy Cautionary Statement The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of ShiftPixy, Inc., could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute the Company's vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; risks arising from the COVID-19 pandemic or any other events that could cause wide-scale business disruptions; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of ShiftPixy, Inc., is included in the filings we make with the Securities and Exchange Commission from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of our website at https://ir.shiftpixy.com/financial-information/sec-filings, or directly from the SEC’s website at https://www.sec.gov. Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, ShiftPixy is alerting investors and other members of the general public that ShiftPixy will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in our Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.INVESTOR CONTACT: Investor.Relations@ShiftPixy.com 800.475.3655

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  • ShiftPixy Introduces Ghost Kitchen Incubator Project

    IRVINE, Calif., Aug. 11, 2020 (GLOBE NEWSWIRE) -- ShiftPixy, Inc. (NASDAQ: PIXY), a California-based gig engagement platform provider, today announced the addition of its Ghost Kitchen Incubator Project to ShiftPixy Labs, the Company’s new suite of marketing and support services for quick service restaurant operators (QSRs). The Incubator Project represents a groundbreaking new approach to how aspiring restaurant operators take their ideas from inception to reality. Through this collaboration with ShiftPixy Labs, operators should gain valuable information and insights on how to launch their new businesses — and how to build and optimize around delivery and off-premise dining from the ground up. By building these relationships with budding restaurateurs, the Company expects to forge lasting partnerships that could open the door to further business opportunities. The COVID-19 pandemic has fundamentally altered the restaurant industry, forcing QSRs to adjust their business models to meet the surging demand for off-premises dining. ShiftPixy’s Ghost Kitchen is designed to combine the Company’s industry-leading technology with a unique approach to physical space requirements to help QSRs pivot and address the new landscape.“ShiftPixy Labs is an innovative and highly evolved approach that elevates our engagement with the QSR operator clients we support, especially during these very difficult market conditions,” said ShiftPixy co-founder and CEO Scott Absher. “The numbers are clear: Ghost kitchens and off-premises dining are here to stay, and are growing rapidly. If operators want to survive, they need to re-think their business processes, customer engagement and their approach to real estate. The ShiftPixy Labs Ghost Kitchen allows us not only to help our existing businesses but to discover and participate in the birth and growth of exciting new culinary concepts as well. We are positioned to add an innovative and highly valuable twist to the ghost kitchen movement and we look forward to sharing more details and exciting news in the coming weeks.”Through ShiftPixy Labs, the Company expects to provide additional layers of services and engagement, from business start-up clear through to customer meal delivery. The new functionality builds on the traditional ShiftPixy gig engagement platform, which empowers restaurant operators to better leverage their human capital with cutting-edge technology tools to better navigate their way to profitability.About ShiftPixy ShiftPixy (PIXY) provides a disruptive human capital management platform, revolutionizing employment in the Gig Economy by delivering a next-gen mobile engagement technology to help businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s nearly 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.ShiftPixy Cautionary Statement The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of ShiftPixy, Inc., could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute the Company's vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; risks arising from the COVID-19 pandemic or any other events that could cause wide-scale business disruptions; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of ShiftPixy, Inc., is included in the filings we make with the Securities and Exchange Commission from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of our website at https://ir.shiftpixy.com/financial-information/sec-filings, or directly from the SEC’s website at https://www.sec.gov. Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, ShiftPixy is alerting investors and other members of the general public that ShiftPixy will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in our Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.INVESTOR CONTACT: Investor.Relations@ShiftPixy.com 800.475.3655

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  • LD Micro: Announces Preliminary List of Presenters for the LD-500.

    LOS ANGELES, CA / ACCESSWIRE / August 5, 2020 / LD Micro today announced the initial list of companies slated to present at the upcoming LD 500, taking place September 1st-4th, 2020, exclusively online.

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  • ShiftPixy Labs to Support the Rapid Rise of Ghost Kitchens

    Invites restaurateurs to reimagine the traditional business model, leveraging sophisticated ShiftPixy technologyIRVINE, Calif., Aug. 05, 2020 (GLOBE NEWSWIRE) -- ShiftPixy, Inc. (NASDAQ: PIXY), a California-based gig engagement platform provider, today added additional commentary around last week’s groundbreaking launch of ShiftPixy Labs, a new suite of marketing and support services for quick service restaurant operators (QSRs).  The COVID-19 pandemic has proven a game-changer for QSRs, which are now embracing ghost kitchens in response to social distancing mandates.  New ghost kitchens have already raised more than $500 million in capital and are spreading quickly nationwide.  Euromonitor expects a $1 trillion market globally by 2030, which could replace up to half of all dine-in volume as early as 2022.  ShiftPixy aims to provide sophisticated technology to assist with all aspects of establishing and operating a successful ghost kitchen, and with the launch of ShiftPixy Labs last week, is inviting budding and established restaurant entrepreneurs alike to partner with ShiftPixy to drive their future success. “ShiftPixy is introducing an innovative approach to physical space requirements, and a format that helps restaurant operators leverage our technology and human capital engagement platform to reimagine and test new ways of becoming better and more agile digital marketers,” said ShiftPixy Co-Founder and CEO Scott Absher.  “We look forward to sharing more in the coming days on the exciting opportunities ahead for restaurateurs across the U.S. to forge long-term vital partnerships with us.”Through ShiftPixy Labs, the Company expects to provide additional layers of services and engagement, from business startup clear through to customer meal delivery.  The new functionality builds on the traditional ShiftPixy gig engagement platform that empowers restaurant operators to take full advantage of their human capital with cutting edge tools to handle payroll, compliance and native delivery.About ShiftPixy ShiftPixy (PIXY) provides a disruptive human capital management platform, revolutionizing employment in the Gig Economy by delivering a next-gen mobile engagement technology to help businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management's nearly 25 years of workers' compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.ShiftPixy Cautionary Statement The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of ShiftPixy, Inc., could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute the Company's vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; risks arising from the Covid-19 pandemic or any other events that could cause wide-scale business disruptions; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of ShiftPixy, Inc., is included in the filings we make with the Securities and Exchange Commission from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of our website at https://ir.shiftpixy.com/financial-information/sec-filings, or directly from the SEC’s website at https://www.sec.gov. Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, ShiftPixy is alerting investors and other members of the general public that ShiftPixy will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in our Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.INVESTOR CONTACT: Investor.Relations@ShiftPixy.com 800.475.3655

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  • ShiftPixy Introduces ShiftPixy Labs

    Exciting new suite of services extends ShiftPixy’s support of QSR end-to-end needsIRVINE, Calif., July 29, 2020 (GLOBE NEWSWIRE) -- ShiftPixy, Inc. (NASDAQ: PIXY), a California-based gig engagement platform provider, today announced the launch of ShiftPixy Labs – a new suite of marketing and support services for quick service restaurant operators (QSRs) seeing increased opportunities in the gig economy due to coronavirus restrictions and lockdowns. Coming on the heels of the financial collapse of 2008, the gig economy began to emerge in 2009 with platforms like Uber. Since then, it has exploded in size and popularity: more than a third of the workforce in the United States is part of the gig economy and the global gig marketplace is estimated at $4.5 trillion. Areas of this market are still in a growth phase, with approximately $27 billion in new funding applied to third-party delivery startups alone.At the start of 2020, the restaurant industry was already experiencing challenges caused by third-party delivery services and lost customer engagement, as well as employee retention and compliance. The arrival of the COVID-19 pandemic exacerbated these existing dilemmas and gave ShiftPixy’s approach to the gig economy a boost by providing operators the agility they need to meet the demands of a changing marketplace.Through its unique gig engagement platform, ShiftPixy empowers restaurant operators to take full advantage of their human capital with powerful functionality to handle payroll, compliance and native delivery. The Company expects ShiftPixy Labs to provide additional layers of services and engagement, from business startup clear through to customer meal delivery.“2020 has been a year of tremendous growth and transformation for ShiftPixy and I’m proud of the work we’ve accomplished in helping restaurants adapt to the challenges posed by COVID-19,” said ShiftPixy Co-Founder and CEO Scott Absher. “ShiftPixy Labs is the next stage in our evolution. This is a bold new project that’s aiming to change the way restaurants are built from the ground up.  In light of the combined forces of gig economics and COVID, we think ShiftPixy Labs will be a vital resource for making operators agile amid market upheavals like we are experiencing today.  We look forward to sharing more details of this exciting venture in the coming weeks.”About ShiftPixy ShiftPixy (PIXY) provides a disruptive human capital management platform, revolutionizing employment in the Gig Economy by delivering a next-gen mobile engagement technology to help businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management's nearly 25 years of workers' compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.ShiftPixy Cautionary Statement The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of ShiftPixy, Inc., could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute the Company's vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; risks arising from the Covid-19 pandemic or any other events that could cause wide-scale business disruptions; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of ShiftPixy, Inc., is included in the filings we make with the Securities and Exchange Commission from time to time. These documents are available on the "SEC Filings" subsection of the "Investor Information" section of our website at https://ir.shiftpixy.com/financial-information/sec-filings. Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, ShiftPixy is alerting investors and other members of the general public that ShiftPixy will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in our Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.INVESTOR CONTACT: Investor.Relations@shiftpixy.com 800.475.3655

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  • ShiftPixy to Present at the MoneyShow Accredited Investor Virtual Event

    IRVINE, Calif., July 21, 2020 -- ShiftPixy, Inc. (NASDAQ: PIXY), a California-based gig engagement platform provider, today announced that it will be presenting at the.

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  • ShiftPixy, Inc. Reports Fiscal 2020 Q3 Results

    IRVINE, Calif., July 15, 2020 -- ShiftPixy, Inc. (NASDAQ: PIXY), a California-based gig engagement platform provider, today announced operating results for the quarter ended.

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