NextPlat Announces 144% Increase in First Quarter 2022 Revenue as E-Commerce Demand Surges; Cash Balances Increase to Approximately $22M or $2.36 Per Share - Seite 2

David Phipps, President of NextPlat and CEO of Global Operations, added, "We are pleased by the continued strong top-line performance across our e-commerce platforms in the first quarter considering significant ongoing supply chain issues, especially in international markets where demand for connectivity products and services rapidly grew in response to disruptions in Eastern Europe. In addition to our impressive top-line growth, throughout the quarter, our e-commerce business achieved multiple record-breaking monthly performance milestones, further demonstrating the inherent value in our global platforms thanks to their broad reach and diversification."

Operational and organizational highlights of the quarter ended March 31, 2022, and recent developments included:

• The Company raised approximately $7.2 million through a private placement of common stock in January 2022. Approximately 73% of funds raised were secured from existing shareholders including members of NextPlat's senior management and Board of Directors including the Company's CEO, Mr. Charles Fernandez who personally invested approximately 30% of the $7.2 million raised.
• In January, the Company officially changed its name to NextPlat Corp, reflecting its new business strategy and vision embracing the future of e-commerce and commitment to serve as a growth platform for companies of all kinds. NextPlat intends to develop a next generation platform for digital assets built for web3 called NextPlat Digital. The goal of NextPlat Digital will be to facilitate the creation/minting, purchase, and sale of a broad range of non-fungible token ("NFT") products, including, but not limited to, art, music, collectables, digital real estate, video games and game items. The Company anticipates that NextPlat Digital will be launched by the fourth quarter of 2022.
• NextPlat named Rodney Barreto, an accomplished and recognized executive and business leader with over 35 years of experience in corporate and public affairs, real estate investment, development, and hospitality throughout South Florida to its Board of Directors. Mr. Barreto was a significant new investor in the Company's recent $7.2 million private placement.
• The Company expanded its catalog of satellite communications products through various global reseller, distribution and marketing agreements with leading satellite network operators and hardware manufacturers.
• The Company completed its storefront and initial product listings on Alibaba.com, part of the Alibaba Group (NYSE:BABA; HKEX: 9988), under its Gold Supplier agreement announced last year. This storefront enables the Company to access Alibaba's 26 million global active business partners serving customers in more than 190 countries in 19 languages who request more than 20,000 RFQ's ("Request for Quote") on a daily basis.
• In April, the Company began utilization of its newly implemented global Enterprise Resource Planning system ("ERP") designed to unify its business operations, including centralized inventory management of its e-commerce storefronts and marketplaces. The new ERP system will support the rapid rollout of additional marketplaces and product listings, enabling the Company to support a growing selection of satcom hardware as well as all other types of physical and digital goods and services.

Mr. Fernandez concluded, "NextPlat continues to demonstrate its ability to capitalize on the e-commerce opportunities for satellite communications products and services. Supported by a clean balance sheet with no debt and over $21 million in cash, we are now well on our way to building upon this solid foundation as we look to broaden our platform to include all forms of physical and digital assets and launch NextPlat Digital later this year."