My Size and Logystico Announce LOI to Form Joint Venture to Operate and Manage Micro-Fulfilment Centers Utilizing BoxSize Platform
AIRPORT CITY, Israel, April 22, 2020 /PRNewswire/ -- My Size, Inc. (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions, today announced that it has entered into a non-binding letter of intent (LOI) with Logystico LLC, a third party logistics fulfillment company that specializes in automating the order fulfillment process, to form a joint venture (JV). Under the terms of the LOI, the JV will exclusively operate and manage micro-fulfilment centers using My Size's BoxSize platform for retail vendors in the United States and My Size will have a 68% stake and Logystico will have a 32% stake in the JV Entity. Establishment of the JV is subject to the entry into a definitive binding agreement.
BoxSize is an intuitive parcel measurement app that can provide real-time logistic data on packages volumes and transportation, which is designed to improve operational efficiency and reduce operating expenses. BoxSize streamlines delivery management through highly accurate parcel measurement and costcalculation, real time dimensional weight (DIM) details for improved logistics, and integration with enterprise resource planning (ERP) systems through barcode scan, image capture, and geo-location tagging. Individual consumers can also utilize BoxSize to measure the volume of a package they intend to mail – receiving a price quote and the ability to schedule a pick-up.
Jonathan Day, COO of Logystico, stated, "We are pleased to enter into this LOI with My Size. The BoxSize enhanced platform streams real-time logistics data, such as barcode scanning, package images and locations, while also allowing for image capture and geolocation tagging. BoxSize streamlines the fulfillment process, which results in improved operational efficiency and more importantly, reduces operating expenses."
Ronen Luzon, Chief Executive Officer of My Size, commented, "We believe micro-fulfillment centers are transforming the way logistics work across cities. As an innovative technology company, we see an enormous opportunity within the logistics market with BoxSize, as the U.S. third-party logistics market continues to grow with industry revenues estimated to reach $213.5 billion in 2018 - almost double the revenues in 2009. Moreover, there has been a year-on-year increase in revenue every year. At the same time, the package delivery market continues to grow in the U.S. and globally, small to mid-size retailers require tools to enhance their supply chain activities, especially since they do not have the needed manpower or IT capabilities to operate on a larger scale. Micro-fulfilment is accelerating in urban areas and we look forward to collaborating with Logystico as they have great knowledge, customers and over a decade of experience in development and provision of supply chain integration solutions and fulfillment centers."
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About Logystico LLC
Logystico is a logistics partner that specializes in automating the order fulfillment process. Logystico serves every type of business in all sizes, offering leading-edge technology, competitive shipping rates, reliability, and excellent service. For more information please visit: http://www.logystico.com/.
About My Size, Inc.
My Size, Inc. (TASE: MYSZ) (NASDAQ: MYSZ) has developed a unique measurement technology based on sophisticated algorithms and cutting-edge technology with broad applications including the apparel, e-commerce, DIY, shipping and parcel delivery industries. This proprietary measurement technology is driven by several algorithms which are able to calculate and record measurements in a variety of novel ways. To learn more about My Size, please visit our website: www.mysizeid.com. We routinely post information that may be important to investors in the Investor Relations section of our website. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Please click here for a demonstration of how BoxSize provides a full sizing solution for the logistic industry.
Please click here to download BoxSize for iOS.
Please click here to download BoxSize for Android.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. Forward looking statements in the press release include, but not limited to, statements regarding the Company's plans to establish a joint venture. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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SOURCE My Size Inc.
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