Market Newsdesk

NEW YORK, Aug. 02, 2023 (GLOBE NEWSWIRE) — Brooge Renewable Energy Ltd, (“BRE” or the “Company”) (NASDAQ: BROG), a Cayman Islands-based and wholly-owned subsidiary of Brooge Energy Limited focused on providing green energy related infrastructure intended to accommodate the necessary energy transfer from fossil fuels into energy produced from renewable resources, announced today the successful completion of the Feasibility Study for its Green Ammonia Project in Abu Dhabi, United Arab Emirates.

On August 11, 2022, the Company announced that it engaged EY to conduct the Feasibility Study for its Green Ammonia Project in Abu Dhabi, UAE. The successful delivery of the final report was ensured under the guidance and leadership of the Company’s interim CEO, who has been playing a key role in the Company’s environmental initiatives over the past decade.

Green ammonia has gained widespread recognition as an efficient and clean carrier of green hydrogen, poised to play a crucial role in meeting global decarbonization targets by 2050. Recognizing its potential, the Company has taken the initiative to develop a green ammonia plant, which will contribute significantly to both UAE’s and the world’s net-zero targets.

The Green Ammonia Project will establish a world-class export-focused green ammonia production facility with capacity of 1950 Tons Per Day (TPD). The project will be executed in two phases, with Phase-I commissioning 300 TPD. The Company is projected to solidify its lead in the green ammonia market by commissioning its approximately 685 Kilo Tons Per Annum (KTPA) green ammonia production, positioning the Company strategically in the competitive global landscape.

With its strong production capacity, the Company is in the process to secure strong off-take ties in the identified markets of Europe and Asia, capitalizing on its early mover advantage. This strategic move will enable the Company to tap into the lucrative export market of 18 million Tons Per Annum (MTPA) of Green Ammonia in these regions.

A key advantage of the BRE Green Ammonia Project is forecast to be its cost competitiveness as compared to exports from other regions such as Australia, North America, and Latin America. This competitive advantage is attributed to two critical factors including the projected lower cost of production due to favorable renewable energy prices and the lower freight cost to key end-markets. As a result, green ammonia export from the Middle East into Europe and Asian markets is projected to set new benchmarks in the industry. The project is expected to be commercially feasible with an attractive internal rate of return (IRR).

“We are extremely pleased to announce the successful completion of the Feasibility Study for our Green Ammonia Project,” said Lina Saheb, Interim CEO of Brooge Energy Limited. “With our early mover advantage and strategic location, we are confident that our export-focused green ammonia production facility will not only meet the rising global demand for green hydrogen carriers, but also contribute significantly to the UAE’s and the world’s net-zero targets. We remain committed to driving sustainable solutions that benefit both our environment and the global economy.”

About Brooge Renewable Energy Limited

Brooge Renewable Energy Ltd, is a Cayman Islands-based and a wholly owned subsidiary of Brooge Energy Limited, focusing on green energy related infrastructures activities that are intended to accommodate the necessary energy transfer from fossil fuels into energy produced from renewable resources.

Forward-Looking Statements

This press release contains statements that are not historical facts, including the Company’s anticipated shift towards green energy and targeted production at BRE’s planned Green Hydrogen and Green Ammonia plant, and constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements reflect management’s current views based on certain assumptions, and they involve risks and uncertainties. Actual results, events or performance may differ materially from the forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including availability of labor and other resources needed to for completion of the new plant, timing of obtaining regulatory approvals needed with respect to the new facility, the Company’s ability to complete construction and initiate operations of the new facility on the anticipated timeline or at all, the Company’s ability to maintain the lease for the new facility, and other risks described in public reports filed by Brooge Energy with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Brooge Energy does not undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact

KCSA Strategic Communications
Valter Pinto, Managing Director
+1 212-896-1254
[email protected]

Original Cookie Cake Franchise
Hits Key Growth Milestone

LOS ANGELES, Aug. 02, 2023 (GLOBE NEWSWIRE) —
Great American Cookies, the Original Cookie Cake franchise, is proud to announce the opening of its 400^th location. Since its inception in 1977, the iconic chain, known for its original chocolate chip cookie recipe, has spread sweetness around the globe. To date, Great American Cookies is located in 31 states and five countries around the world.

In the last two years, the brand has experienced accelerated growth, opening 73 new locations and entering new states such as Alaska, Arizona, Illinois and New Mexico. The steady expansion of the brand can be attributed to the chain’s unwavering commitment to its roots, with classic offerings that generation after generation have come to love. Similarly, Great American Cookies has grown via a successful co-branding model with equally sweet sister brand, Marble Slab Creamery. Launching in 2009, there are now over 179 co-branded locations worldwide. Additionally, with the recent acquisition of the Nestle Toll House Café by Chip franchise business in May 2022, over 50 locations have been converted to Great American Cookies.

“For the last 46 years, we have proven that Great American Cookies is a strong franchise concept that stands the test of time,” said Allison Lauenstein, President of Great American Cookies. “While the space has gained new entrants over the years, our customers continue to celebrate their milestones with our Original Cookie Cakes and create sweet memories with our fresh-baked cookies. Opening our 400^th location is an incredible achievement that we dedicate to our amazing franchisees and raving fans. Thank you for helping us continue to share the fun of Great American Cookies across the globe.”

For more information on Great American Cookies, visit www.greatamericancookies.com.

About FAT


(Fresh. Authentic. Tasty.)


Brands

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast-casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

About Great American Cookies

Founded on a family chocolate chip cookie recipe in 1977, Great American Cookies believes that pure, simple delight is part of living a full life. Serving the Original Cookie Cake, fresh baked cookies in a variety of flavors, brownies, and Double Doozies^™, we promise to treat you to bites of bliss that prove how sweet life can be. With 400 bakeries across the country and internationally in Bahrain, Guam, Saudi Arabia, and treats available to ship right to your door, the sweet spot is always close to home. For more information, visit www.greatamericancookies.com. 

MEDIA CONTACT:
Erin Mandzik, FAT Brands
[email protected]
860-212-6509

ATHENS, Greece, Aug. 02, 2023 (GLOBE NEWSWIRE) — EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that it will release its financial results for the second quarter ended June 30, 2023 on Tuesday, August 8, 2023 before market opens in New York.

On the same day, August 8, 2023 at 10:00 a.m. Eastern Time, the Company’s management will host a conference call and webcast to discuss the results.

Conference
Call
details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “EuroDry” to the operator and/or conference ID 13740509. Click here for additional participant International Toll -Free access numbers.

Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.

Audio
Webcast
–
Slides
Presentation:

There will be a live and then archived webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website http://www.eurodry.gr and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

The slide presentation for the second quarter ended June 30, 2023 will also be available in PDF format 10 minutes prior to the conference call and webcast, accessible on the company’s website (www.eurodry.gr) on the webcast page. Participants to the webcast can download the PDF presentation.

About
EuroDry
Ltd.

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY.

EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters.The Company has a fleet of 10 vessels, including 5 Panamax drybulk carriers, 2 Ultramax drybulk carriers, 2 Kamsarmax drybulk carriers and 1 Supramax drybulk carrier. EuroDry’s 10 drybulk carriers have a total cargo capacity of 728,975 dwt.

Visit our website www.eurodry.gr

Company Contact	Investor Relations / Financial Media
Tasos Aslidis Chief Financial Officer EuroDry Ltd. 11 Canterbury Lane, Watchung,NJ07069 Tel. (908) 301-9091 E-mail: [email protected]	Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY10169 Tel. (212) 661-7566 E-mail: [email protected]

 

	–	Total orders taken were roughly flat despite stronger U.S. dollar, Hong Kong orders increased 5% year-over-year
	–	Cash flows from operations before tax installment payment was positive, an improvement from the first quarter
	–	Declared a quarterly cash dividend of $0.20 per share

HONG KONG, Aug. 02, 2023 (GLOBE NEWSWIRE) —  Natural Health Trends Corp. (NASDAQ: NHTC), a leading direct-selling and e-commerce company that markets premium quality personal care, wellness and “quality of life” products under the NHT Global brand, today announced its financial results for the quarter ended June 30, 2023.

Second Quarter 2023 Financial Highlights

• Revenue of $10.5 million decreased 21% compared to $13.4 million in the second quarter of 2022. The decrease in revenue was primarily due to the changes in deferred revenue in the two respective quarters. Deferred revenue increased $1.2 million in the second quarter of 2023 but decreased $1.4 million in the same quarter last year, accounting for $2.6 million of the $2.8 million revenue variance.
• Operating loss was $743,000 compared to operating income of $215,000 in the second quarter of 2022.
• Net loss was $219,000, or $0.02 per diluted share, compared to net income of $183,000, or $0.02 per diluted share, in the second quarter of 2022.
• The number of Active Members1 was down 4% to 36,730 at June 30, 2023 compared to 38,330 at March 31, 2023, and decreased 15% compared to 43,020 at June 30, 2022.

¹ Natural Health Trends defines Active Members as those that have placed at least one product order with the Company during the preceding twelve-month period.

Year-to-Date 2023 Financial Highlights

• Revenue of $22.4 million decreased 10% compared to $24.9 million in the first six months of 2022. The revenue decrease was primarily due to the changes in deferred revenue in the two respective six-month periods. Deferred revenue increased $1.3 million in 2023 but decreased $1.8 million in the same period a year ago, resulting in a $3.1 million revenue variance.
• Operating loss was $1.1 million compared to $168,000 in the first six months of 2022.
• Net income was $38,000, or breakeven per diluted share, compared to $78,000, or $0.01 per diluted share, in the first six months of 2022.

Management Commentary

“Despite tepid consumer sentiment in post zero-Covid China, we were able to generate orders roughly comparable to a year ago as orders in Hong Kong increased 5% year-over-year. However, as most of the orders were received in mid to late June, they did not all ship during the quarter. This late surge in orders followed our first large-scale event in more than three years in Macau where nearly 900 guests attended and we kicked off an incentive that helped bring in more order volume. We’re pleased to see that our events and programs resonate with our members and they positively respond to our initiatives,” commented Chris Sharng, President of Natural Health Trends Corp.

Mr. Sharng continued, “We continue to make progress on key initiatives to drive engagement and improve customer experience. We remain committed and focused on our business essentials of providing top-quality, in-demand products to consumers and supporting our dedicated members and leaders on their NHT Global journey.”

Balance Sheet and Cash Flow

• Net cash used in operating activities was $3.3 million in the first six months of 2023 compared to $3.5 million in the first six months of 2022. Before tax installment payments, the liability of which arises from the 2017 U.S. Tax Cuts and Jobs Act (the “Act Act”), cash used in operating activities was $307,000 in the first six months 2023, versus $1.9 million in the comparable period a year ago. Of the total Tax Act liability of $20.2 million, $11.1 million has been paid to date.
• Total cash and cash equivalents were $61.6 million at June 30, 2023, down from $66.6 million at March 31, 2023.
• On July 31, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 on each share of common stock outstanding. The dividend will be payable on August 25, 2023 to stockholders of record as of August 15, 2023.

Second Quarter 2023 Financial Results Conference Call

Management will host a conference call to discuss the second quarter 2023 financial results today, Wednesday, August 2, 2023 at 11:30 a.m. Eastern Time. The conference call details are as follows:

Date:	Wednesday, August 2, 2023
Time:	11:30 a.m. Eastern Time / 8:30 a.m. Pacific Time
Dial-in:	1-877-407-0789 (Domestic) 1-201-689-8562 (International)
Conference ID:	13739190
Webcast:	https://viavid.webcasts.com/starthere.jsp?ei=1618885&tp_key=88a2fd9f8e

For those unable to participate during the live broadcast, a replay of the call will also be available from 2:30 p.m. Eastern Time on August 2, 2023 through 11:59 p.m. Eastern Time on August 9, 2023 by dialing 1-844-512-2921 (domestic) and 1-412-317-6671 (international) and referencing the replay pin number: 13739190.

About Natural Health Trends Corp.

Natural Health Trends Corp. (NASDAQ: NHTC) is an international direct-selling and e-commerce company operating through its subsidiaries throughout Asia, the Americas, and Europe. The Company markets premium quality personal care products under the NHT Global brand. Additional information can be found on the Company’s website at www.naturalhealthtrendscorp.com.

Forward-Looking Statements

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Forward-looking statements in this press release do not constitute guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that could cause the Company’s actual results to differ materially from those anticipated. Such risks and uncertainties include the risks and uncertainties detailed under the caption “Risk Factors” in Natural Health Trends Corp.’s Annual Report on Form 10-K filed on March 3, 2023 with the Securities and Exchange Commission (SEC), as well as in subsequent reports filed this year with the SEC. The Company assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

NATURAL HEALTH TRENDS CORP.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data) 

		June 30, 2023				December 31, 2022
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	61,567			$	69,667
Inventories			4,715				4,525
Other current assets			3,665				3,359
Total current assets			69,947				77,551
Property and equipment, net			311				394
Operating lease right-of-use assets			3,601				3,992
Restricted cash			38				79
Deferred tax asset			273				195
Other assets			646				606
Total assets		$	74,816			$	82,817
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	725			$	810
Income taxes payable			3,939				2,972
Accrued commissions			2,562				2,943
Other accrued expenses			1,235				1,181
Deferred revenue			6,851				5,597
Amounts held in eWallets			4,335				4,895
Operating lease liabilities			1,054				1,135
Other current liabilities			837				905
Total current liabilities			21,538				20,438
Income taxes payable			5,054				9,098
Deferred tax liability			140				141
Operating lease liabilities			2,659				2,989
Total liabilities			29,391				32,666
Stockholders’ equity:
Preferred stock			—				—
Common stock			13				13
Additional paid-in capital			84,558				86,102
Accumulated deficit			(13,626	)			(9,056	)
Accumulated other comprehensive loss			(1,245	)			(1,004	)
Treasury stock, at cost			(24,275	)			(25,904	)
Total stockholders’ equity			45,425				50,151
Total liabilities and stockholders’ equity		$	74,816			$	82,817

NATURAL HEALTH TRENDS CORP. 

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In thousands, except per share data)

		Three Months Ended June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Net sales		$	10,511			$	13,360			$	22,372			$	24,906
Cost of sales			2,666				3,392				5,697				6,300
Gross profit			7,845				9,968				16,675				18,606
Operating expenses:
Commissions expense			4,508				5,767				9,500				10,507
Selling, general and administrative expenses			4,080				3,986				8,312				8,267
Total operating expenses			8,588				9,753				17,812				18,774
Income (loss) from operations			(743	)			215				(1,137	)			(168	)
Other income, net			442				175				1,123				285
Income (loss) before income taxes			(301	)			390				(14	)			117
Income tax provision (benefit)			(82	)			207				(52	)			39
Net income (loss)		$	(219	)		$	183			$	38			$	78
Net income (loss) per common share:
Basic		$	(0.02	)		$	0.02			$	0.00			$	0.01
Diluted		$	(0.02	)		$	0.02			$	0.00			$	0.01
Weighted average common shares outstanding:
Basic			11,432				11,346				11,428				11,300
Diluted			11,432				11,424				11,439				11,424

NATURAL HEALTH TRENDS CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In thousands)

		Six Months Ended June 30,
		2023				2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	38			$	78
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization			91				106
Share-based compensation			85				—
Noncash lease expense			564				599
Deferred income taxes			(82	)			12
Changes in assets and liabilities:
Inventories			(228	)			7
Other current assets			(362	)			1,002
Other assets			(52	)			1
Accounts payable			(82	)			2
Income taxes payable			(3,076	)			(1,390	)
Accrued commissions			(374	)			(531	)
Other accrued expenses			68				(132	)
Deferred revenue			1,270				(1,788	)
Amounts held in eWallets			(541	)			(862	)
Operating lease liabilities			(595	)			(600	)
Other current liabilities			(64	)			(4	)
Net cash used in operating activities			(3,340	)			(3,500	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment			(14	)			(78	)
Net cash used in investing activities			(14	)			(78	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid			(4,608	)			(4,570	)
Net cash used in financing activities			(4,608	)			(4,570	)
Effect of exchange rates on cash, cash equivalents and restricted cash			(179	)			(506	)
Net decrease in cash, cash equivalents and restricted cash			(8,141	)			(8,654	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period			69,746				84,365
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period		$	61,605			$	75,711
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Right-of-use assets obtained in exchange for operating lease liabilities		$	(125	)		$	77

CONTACT:

Scott Davidson
Senior Vice President and Chief Financial Officer
Natural Health Trends Corp.
Tel (Hong Kong): +852-3107-0800
Tel (U.S.): 310-541-0888
[email protected]

JERUSALEM, Aug. 02, 2023 (GLOBE NEWSWIRE) — Alpha Tau Medical Ltd. (“Alpha Tau”, or the “Company”) (NASDAQ: DRTS, DRTSW), the developer of the innovative alpha-radiation cancer therapy Alpha DaRT™, today announced that Raphi Levy, Chief Financial Officer, will present at the Emerging Growth Conference on August 9^th, 2023.

Please register here to ensure you are able to attend the conference and receive any updates that are released.
https://goto.webcasts.com/starthere.jsp?ei=1603283&tp_key=7656c5070a&sti=drts 

Event:	Emerging Growth Conference
Date:	Wednesday, August 9th, 2023
Time:	11:25-11:55 a.m. ET
Location:	Virtual

If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on EmergingGrowth.com and on the Emerging Growth YouTube Channel, http://www.YouTube.com/EmergingGrowthConference.

About Alpha Tau Medical, Ltd.

Founded in 2016, Alpha Tau is an Israeli medical device company that focuses on research, development, and potential commercialization of the Alpha DaRT for the treatment of solid tumors. The technology was initially developed by Prof. Itzhak Kelson and Prof. Yona Keisari from Tel Aviv University.

Investor Relations Contact:

[email protected]

CHARLOTTE, N.C., Aug. 02, 2023 (GLOBE NEWSWIRE) — AvidXchange, a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced that John Feldman has been elevated to the role of Chief Operating Officer of AvidXchange, Inc. Feldman will continue to oversee the transformation of the company’s service and fulfillment operations around standardization, sourcing and automation. Additionally, Doug Anderson has joined AvidXchange, Inc. as Chief Product Officer to lead the company’s product strategy and innovation.

Feldman joined AvidXchange in 2019 as Senior Vice President of Operations. Prior to joining the company, Feldman spent over three decades in the financial services industry with globally renowned institutions, including Bank of America and Capital One, transforming operational environments, leading effective cross-functional teams and driving innovation.

“John is a testament to the culture of excellence at AvidXchange, and he’s just getting started as we continue to scale and pursue unit cost efficiencies,” said Michael Praeger, Chairman, Chief Executive Officer, and Co-Founder of AvidXchange.

“John is a proven quantity, and I am thrilled to elevate him to the role of Chief Operating Officer given the success he has already delivered to date. His commitment to refining processes and inspiring those around him has not only raised areas of our business but has also driven productivity to new levels,” added Dan Drees, President of AvidXchange.”

“I’m honored to be a part of AvidXchange’s continued growth and evolution,” said Feldman. “Operational excellence is at the core of what we do for middle market businesses. In combination with Doug joining as our new product lead, I’m confident that we’re going to be able to do great things for AvidXchange and our customers.”

With more than 20 years of experience, Anderson brings a wealth of expertise in product strategy, management, design, analytics and operations at scale. His product career spans across multiple domains including consumer, enterprise, multi-sided marketplaces, travel and real estate. In his most recent position as Chief Product Officer at Pacaso, Anderson’s strategic vision and leadership were instrumental in developing an innovative and patented platform for second home ownership. Prior to that, at SAP Concur, he scaled product management, growing the team from seven to 150 global employees while simultaneously achieving 6X revenue growth.

“I am excited to announce the appointment of Doug Anderson as Chief Product Officer,” said Drees. “Doug will leverage his formidable experience to continue to execute on our product development roadmap toward driving innovation for our customers. His passion for building businesses that empower people at scale aligns greatly with our mission and values.”

“AvidXchange has built remarkable technology and has positioned itself as a leader in the mid-market B2B AP automation software and payments space,” said Anderson. “I am excited to join AvidXchange as it continues to evolve its product, while maintaining its edge in the space, to keep up with the demands of today’s back-office teams and the customers it serves.”

Both Feldman and Anderson will report to Dan Drees. Feldman is based in Charlotte, North Carolina where AvidXchange is headquartered. Anderson is based in San Francisco, California.

To learn more, visit: https://www.avidxchange.com

About AvidXchange
^®

AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s Software-as-a-Service (“SaaS”) based, end-to-end software and payment platform digitizes and automates the AP workflows for 8,800 businesses and we have made payments to 965,000 supplier customers of our buyers over the past five years.

Additionally, AvidXchange, Inc. is a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services, as well as all other states that require AvidXchange to have a license.

To learn more about how AvidXchange, and its publicly traded parent AvidXchange Holdings, Inc. (Nasdaq: AVDX), are transforming the way companies pay their bills, visit www.AvidXchange.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements generally relate to future events or our future financial or operating performance and often contain words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “future,” “likely,” “may,” “should,” “will” and similar words and phrases indicating future results. The information presented in this press release related to expectations of future performance, opportunities for future growth, as well as other statements that are not purely statements of historical fact, are forward-looking in nature. These forward-looking statements are made on the basis of management’s current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements. Factors which could cause actual results or effects to differ materially from those reflected in forward-looking statements include, but are not limited to, the risk factors and other cautionary statements described, from time to time, in AvidXchange’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, AvidXchange’s Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website (https://ir.avidxchange.com/) and on the SEC website at www.sec.gov. Any forward-looking statements made by us in this press release are based only on information currently available to us and speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.

Investor Contact:

Subhaash Kumar
[email protected]
813-760-2309

Media Relations Contact:

Olivia Sorrells
[email protected]
386-848-3656