{"id":748375,"date":"2023-04-17T19:13:07","date_gmt":"2023-04-17T23:13:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-holdings-inc-reports-full-year-2022-financial-results-and-provides-business-update\/"},"modified":"2023-04-17T19:13:07","modified_gmt":"2023-04-17T23:13:07","slug":"eightco-holdings-inc-reports-full-year-2022-financial-results-and-provides-business-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-holdings-inc-reports-full-year-2022-financial-results-and-provides-business-update\/","title":{"rendered":"Eightco Holdings Inc. Reports Full Year 2022 Financial Results and Provides Business Update"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">SAFETY HARBOR, Florida, April  17, 2023  (GLOBE NEWSWIRE) &#8212; Eightco Holdings Inc. (NASDAQ: OCTO) today provided a corporate update in conjunction with the filing of its Annual Report, on Form 10-K for the year ended December 31, 2022.<\/p>\n<p align=\"justify\">\n        <strong>Executive Commentary<\/strong>\n      <\/p>\n<p align=\"justify\">\u201c2022 was a transformative year for Eightco Holdings Inc. Our management team made the proactive and strategic decision to account for uncertainty in the market while continuing to focus in areas where we see solid, sustainable growth. By divesting certain of our non-core operations and adding to our inventory solutions business, we believe are well-positioned for future growth and will continue to invest and expand our strategy to assist clients in the e-commerce environment. These changes to our business assist us in responding to a challenging market and allow us to make key investments to serve our existing and potential client base. Furthermore, by expanding our strategy to assist the e-commerce environment, we continue to position ourselves to take advantage of the growing trend towards online purchases. With more and more consumers shopping online, there is a significant opportunity for growth,\u201d said Eightco Holdings Inc. CEO, Brian McFadden.<\/p>\n<p align=\"justify\">\u201cInventory can appear as an asset on a balance sheet, but it can also be a liability if it&#8217;s not managed effectively. Inventory management is crucial for businesses, as it can impact cash flow, profitability, and customer satisfaction. It&#8217;s important for companies to have a clear understanding of their inventory levels and be able to optimize their inventory management processes to ensure that they have the right amount of inventory at the right time. Our goal is to provide industry leading e-commerce inventory solutions globally,\u201d continued Brian McFadden, CEO of Eightco Holdings Inc.<\/p>\n<p>\n        <strong>2022 and Subsequent <\/strong><br \/>\n        <strong>Corporate Highlights<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:9.6pt;text-align:justify\">Completion of the spinoff from Vinco Ventures, Inc.<\/li>\n<li style=\"margin-bottom:9.6pt;text-align:justify\">Began trading on the NASDAQ Capital Market<\/li>\n<li style=\"margin-bottom:9.6pt;text-align:justify\">Completion of the Acquisition of Forever 8<\/li>\n<li style=\"text-align:justify\">Eightco Holdings Projects FY 2023 Revenue of $60 Million\n<\/li>\n<li style=\"text-align:justify\">Eightco Holdings\u2019 subsidiary, Forever 8 Fund, LLC, Generates Over $1 Million of Revenue in a Single Day\n<\/li>\n<li style=\"text-align:justify\">Eightco Holdings\u2019 subsidiary, Forever 8 Fund, LLC, expanded its partnership with Arca One, LLC, a 3PL with operations in Asia and the United States\n<\/li>\n<li style=\"text-align:justify\">Announced Name Change to Eightco Holdings Inc.\n<\/li>\n<li style=\"text-align:justify\">Announced Upcoming Non-Deal Road Show with Prominent Investment Bank\n<\/li>\n<li style=\"text-align:justify\">Eightco Holdings Inc. Beta Launches AI-Generated Content Platform<\/li>\n<\/ul>\n<p align=\"justify\">The full text of the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2022, is available through the SEC\u2019s EDGAR database at sec.gov.<\/p>\n<p>\n        <strong>About\u00a0Eightco<\/strong>\u00a0<strong>Holdings Inc.<\/strong><\/p>\n<p align=\"justify\">Eightco Holdings Inc. (NASDAQ: OCTO) is committed to growth focused around its existing subsidiaries, Forever 8, an inventory management platform for e-commerce sellers, and Ferguson Containers, a provider of complete manufacturing and logistical solutions for product and packaging needs, through strategic management and investment. In addition, the company is actively seeking new opportunities to add to its portfolio of technology solutions focused on the e-commerce ecosystem through strategic acquisitions. Through a combination of innovative strategies and focused execution, Eightco Holdings Inc. aims to create significant value and growth for its portfolio companies and shareholders.<\/p>\n<p>For additional information, please visit\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=hyfkLW_Qzg9oR9HXSOIdBNf2FAUceH0DawtjUM6uG3ZxDQxjBJubvZgyFK7jeWmlsKU8odM1qhUwwUQsHsPlcA==\" rel=\"nofollow noopener\" target=\"_blank\">www.8co.holdings<\/a><\/p>\n<p>\n        <strong>Forward-Looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact could be deemed forward looking. Words such as \u201cplans,\u201d \u201cexpects,\u201d \u201cwill,\u201d \u201canticipates,\u201d \u201ccontinue,\u201d \u201cexpand,\u201d \u201cadvance,\u201d \u201cdevelop\u201d \u201cbelieves,\u201d \u201cguidance,\u201d \u201ctarget,\u201d \u201cmay,\u201d \u201cremain,\u201d \u201cproject,\u201d \u201coutlook,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201ccould,\u201d \u201cshould,\u201d and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management\u2019s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the potential that the expected benefits of Eightco Holdings Inc.\u2019s acquisition of Forever 8 are not achieved; Forever 8\u2019s inability to continue the results from the fourth quarter of 2022; Cryptyde\u2019s inability to raise additional capital of at least $3 million, which is assumed in its FY 2023 revenue projection; the prior achievement of $1 million in revenue by Forever 8 does not mean Forever 8 will achieve similar daily revenue in the future and its daily revenue in the future may decline significantly; revenue is not the same as net income which takes into account certain costs and expenses of Forever 8; achievement of the expected benefits of Eightco Holdings Inc.\u2019s spin-off from Vinco Ventures, Inc.; tax treatment of the spin-off; market and other conditions; the risks that the ongoing COVID-19 pandemic may disrupt Eightco Holdings Inc.\u2019s business more severely than it has to date or more severely than anticipated; unexpected costs, charges or expenses that reduce Eightco Holdings Inc.\u2019s capital resources; Eightco Holdings Inc.\u2019s inability to raise adequate capital to fund its business; Eightco Holdings Inc.\u2019s inability to innovate and attract users for Eightco Holdings Inc.\u2019s products; future legislation and rulemaking negatively impacting digital assets; and shifting public and governmental positions on digital asset mining activity. Given these risks and uncertainty, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Eightco Holdings Inc.\u2019s actual results to differ from those contained in forward-looking statements, see Eightco Holdings Inc.\u2019s filings with the Securities and Exchange Commission (SEC), including the section titled \u201cRisk Factors\u201d in Eightco HoldingsInc.\u2019s filings with the Securities and Exchange Commission, including Eightco Holdings Inc.\u2019s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. All information in this press release is as of the date of the release, and Eightco Holdings Inc. undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.<\/p>\n<p>\n        <u>For further information, please contact:<\/u><br \/>\n        <br \/>Investor\u00a0Relations<br \/>Richard Brown<br \/>617-819-1289<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=BXafmchGVeujvP34aXuAPia1RuFqZWo_uClD9-R-CyircEJa2jDQgFagIJK3-yvEE3N6IGXyTLtNAhSgK8l18aVN110PxgR2x8bPNvYEbKY=\" rel=\"nofollow noopener\" target=\"_blank\">investors@8co.holdings<\/a><\/p>\n<p>\n        \n      <\/p>\n<\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgwOTc4NyM1NTMxNjM5IzUwMDEwNjQ2OA==\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/ZTkwMjVmZmQtN2M0Zi00NzlmLWE3ODQtNmNhMzg1OTA5YjFkLTUwMDEwNjQ2OA==\/tiny\/Eightco-Holdings-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>SAFETY HARBOR, Florida, April 17, 2023 (GLOBE NEWSWIRE) &#8212; Eightco Holdings Inc. (NASDAQ: OCTO) today provided a corporate update in conjunction with the filing of its Annual Report, on Form 10-K for the year ended December 31, 2022. Executive Commentary \u201c2022 was a transformative year for Eightco Holdings Inc. Our management team made the proactive and strategic decision to account for uncertainty in the market while continuing to focus in areas where we see solid, sustainable growth. By divesting certain of our non-core operations and adding to our inventory solutions business, we believe are well-positioned for future growth and will continue to invest and expand our strategy to assist clients in the e-commerce environment. These changes to our business assist &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-holdings-inc-reports-full-year-2022-financial-results-and-provides-business-update\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Eightco Holdings Inc. Reports Full Year 2022 Financial Results and Provides Business Update&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-748375","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Eightco Holdings Inc. Reports Full Year 2022 Financial Results and Provides Business Update - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/eightco-holdings-inc-reports-full-year-2022-financial-results-and-provides-business-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eightco Holdings Inc. Reports Full Year 2022 Financial Results and Provides Business Update - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"SAFETY HARBOR, Florida, April 17, 2023 (GLOBE NEWSWIRE) &#8212; Eightco Holdings Inc. (NASDAQ: OCTO) today provided a corporate update in conjunction with the filing of its Annual Report, on Form 10-K for the year ended December 31, 2022. Executive Commentary \u201c2022 was a transformative year for Eightco Holdings Inc. Our management team made the proactive and strategic decision to account for uncertainty in the market while continuing to focus in areas where we see solid, sustainable growth. By divesting certain of our non-core operations and adding to our inventory solutions business, we believe are well-positioned for future growth and will continue to invest and expand our strategy to assist clients in the e-commerce environment. These changes to our business assist &hellip; Continue reading &quot;Eightco Holdings Inc. 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