ShiftPixy, Inc. Announces Signed LOI to Acquire TurboScale
23 Oktober 2024 - 1:30AM
Business Wire
This press release is issued to update and clarify statements
made in the previous release dated October 17, 2024. ShiftPixy,
Inc. (Nasdaq: PIXY) (“ShiftPixy” or the “Company”), a Florida-based
national staffing enterprise which designs, manages, and sells
access to a disruptive, revolutionary platform that facilitates
employment in the rapidly growing Gig Economy, announced that on
October 16, 2024, it entered into a non-binding Letter of Intent
(“LOI”) to acquire TurboScale, a cutting-edge AI technology
company specializing in scalable GPU cloud infrastructure and AI
model deployment, for a purchase price of $150 million. The
deal, structured as $75 million in stock and $75 million in
debt, underscores ShiftPixy’s commitment to accelerating
innovation through artificial intelligence and enhancing its
platform capabilities with TurboScale’s advanced AI solutions. The
completion of the acquisition is subject to the negotiation of
definitive agreements and other customary closing conditions,
including board and shareholder approval and completion of an
examination period. There is no assurance the acquisition will be
completed on the terms contemplated in the LOI, or at all.
TurboScale provides GPU-accelerated infrastructure, enabling
businesses to deploy and scale AI models effortlessly. Their
platform offers cost-efficient, highly configurable virtual
machines and private cloud solutions, tailored to meet the diverse
needs of enterprises, from small experiments to large-scale AI
deployments. ShiftPixy believes that, if this acquisition is
completed, by integrating TurboScale’s advanced GPU cloud and AI
technology, ShiftPixy could potentially enhance its ability to
optimize staffing efficiency, improve labor forecasting, and offer
advanced AI-driven workforce solutions for clients across multiple
industries.
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 more than 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.
About TurboScale
TurboScale specializes in AI infrastructure solutions, offering
GPU-powered cloud services for AI model training and deployment.
With a focus on scalability, efficiency, and cost-effectiveness,
TurboScale empowers businesses to harness the full potential of AI
technology, from development to deployment.
Forward Looking Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking
statements. These forward-looking statements include, among other
things, statements regarding the potential completion of the
acquisition and the potential benefits of the acquisition, if
completed. 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. The results of the Company are subject to
various risks and uncertainties, and 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; 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, and
its periodic and current reports on Form 10-Q and Form 8-K. 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 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, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20241022345536/en/
INVESTOR CONTACT: InvestorRelations@shiftpixy.com
800.475.3655
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