Infobird Issues Preliminary Revenue Guidance for Full Year 2022 and Provides Update on Strategic Priorities

Full year preliminary revenue guidance of approximately U.S. $16 million

BEIJING, March 8, 2022 /PRNewswire/ -- Infobird Co., Ltd (Nasdaq: IFBD) ("Infobird" or the "Company"), a leading provider of AI-powered customer engagement solutions in China, today announced its preliminary revenue guidance for the year ended December 31, 2022 and provided an update on its strategic priorities, which will be further discussed on a company hosted investor call scheduled for Tuesday, March 15, 2022 at 9:00 am EST.

Highlights

• Full year 2022 preliminary revenue is expected to be approximately U.S. $16 million
• Initiated the transition to provide standard SaaS services to a broader base of small and mid-size customers in addition to larger customers
• Reorganizing corporate, sales and marketing to better serve growing, diverse customer base
• Recent new customer wins in NEV, retail and healthcare verticals affirm strategic sales diversification strategy
• Entered into an equity transfer agreement to acquire a 51% equity interest in Shanghai Qishuo Network Technology Co., Ltd. ("Qishuo"), a provider of consumer product and retail store digitalization solutions in the retail footwear industry and leading clothing brands.
• Infobird expects to file its 20-F for the year ended December 31, 2021 prior to April 30, 2022

Customer Focus and Strategic Priorities

Founded in 2001, Infobird began as one of the first cloud call center service providers in China.   In the past 20 years, the Company has served leading Chinese companies in the Financial Services, Retail and Healthcare verticals. 

Today, Infobird's customer engagement SaaS solutions cover the full client journey from customer acquisition, intelligent omnichannel contact center, client lifetime value management, and sales force empowerment.

Since 2021, and supported by their April, 2021 $25.25 million IPO on the NASDAQ, the Company has initiated the transition to provide standard SaaS services to a broader base of small and mid-size businesses ("SMB's)  as well as developing new strategic large enterprise customers in new and existing industry verticals. As part of this transition, the Company is reorganizing the corporate, sales and marketing structure to better meet the needs of a larger and more diverse customer base.

The Company has built an experienced telemarketing and channel sales teams in various cities in China to quickly scale up its customer base as well as contract sizes. The Company's easy-to-deploy standard SaaS solutions can efficiently meet the needs of the SMBs due to ease of implementation and lower cost.

The Company's large strategic customer sales efforts are focused on the finance, retail, healthcare and NEV industries. The Company continues to expand the industry sales teams and has successfully engaged with several leading and fast-growing clients including:

• SaSa, a leading chain store company based in Hong Kong that sells various brands for cosmetics, skincare, and fragrance. Infobird provides SaSa with cloud-based call center services so that salespersons from different stores can easily contact their end customers; and
• Zulijian, a leading manufacturer and retailer of footwear in China with 245 patents and over 2000 specialty stores across provinces in China. Infobird provides Zulijian with a flexible cloud-based inbound customer service center to enable efficient and timely management of incoming purchase orders.
• One globally well-known brand in the retail and consumer product industry. The Company provides it with intelligent quality inspection services to improve the quality of its customer service.
• HYCAN, a fast-growing and high-end new energy vehicle company co-invested by Pearl River Investment, GAC Group, and NIO, utilizes Infobird's digital marketing and customer lifecycle management software to obtain new potential buyers and retain existing customers.

Infobird expects these new customer acquisitions will benefit the Company over the short and long run and significantly increase the Company's brand awareness in multiple fast-growing industry verticals.

The company's recent acquisition of a majority interest in Qishuo marks another milestone for the Company to further the business-value driven solution in the consumer product and retail industry. Qishuo is a fast-growing SaaS provider of big data analysis aimed at improving physical store operation management. Qishuo currently specializes in clothing and footwear retail stores and has engaged with several leading clothing brands in China. The acquisition is expected to further broaden Infobird's capability for both online and offline customer engagement solutions, as well as improve offline store operations for the consumer product and retail industry.  Infobird believes this solution has significant growth potential going forward.

CEO Comment

Yimin Wu, chief executive officer and chairman of Infobird commented: "We have found enormous opportunities in the customer engagement market in China and the interest in our SaaS service is accelerating across many verticals.  In conjunction with our valued customers, we believe we have developed a clear strategic vision and solution that empowers them to transform their customer engagement strategy. Our goal is to provide real business value-driven solutions deploying industry-specific upgradeable modules to our clients. 2021 was an important year to build our foundation both in terms of potential client base and the organization for accelerated growth. With these valuable foundations, we are excited with 2022 and the years ahead."

Infobird expects to file their 20-F prior to April 30^th, 2022.

Details of Infobird's Investor Conference

Infobird's investor conference will be held Tuesday, March 15 at 9:00 am EST.  The conference will be webcast live and shareholders can register in advance at https://www.webcaster4.com/Webcast/Page/2850/44804. 

Shareholders are asked to submit questions in advance of the scheduled call by emailing Investor Relations for Infobird: [email protected]

About Infobird Software Co. Ltd.

Infobird, headquartered in Beijing, China, is a software-as-a-service provider of innovative AI-powered or enabled customer engagement solutions.

For more information about the company, visit www.Infobird.com.

Forward-Looking Statements

This press release contains, and our officers and representatives may from time to time make, certain "forward-looking statements," within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "will," future," "potential," "going forward," "expects," "believes," and "intends," and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding:

• Expected operating results;
• Infobird developments, such as the acquisition of Qishou and Infobird's proposed initial public offering; and
• Strategy for customer acquisition, customer satisfaction, customer retention, growth, operational capability, organizational shape, product development, market position, financial results, and service provision.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, forward-looking statements are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

No assurance can be given that the proposed initial public offering discussed above will be completed on the terms described. Completion of the proposed initial public offering and the terms thereof are subject to numerous factors, many of which are beyond the control of Infobird, including, without limitation, the failure of customary closing conditions and the risk factors and other matters set forth in the prospectus included in the registration statement in the Company's SEC filings. Infobird undertakes no obligation to publicly update or revise any forward-looking written or oral statements, whether as a result of new information, future developments, or otherwise, except as may be required by law.

SOURCE Infobird Co., Ltd