ShiftPixy Introduces ShiftPixy Labs
Exciting new suite of services extends ShiftPixy’s support of QSR end-to-end needs
IRVINE, 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.”
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
Released July 29, 2020