SHIFT PIXY, Inc.
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KEY DEAL POINTS
ShiftPixy, Inc. (“ShiftPixy” or “the Company”) is a leading provider of employment law compliance solutions for employers of shift/gig workers and the shift/gig workers themselves in the nextGEN Gig Economy -- an environment in which shift or other part-time / temporary positions are common, and businesses contract with independent workers for less than full-time engagements such as shift work.
The trend toward a Gig Economy has begun, and we are endeavoring to participate through an employment related service offering. A study by Intuit predicted that by 2020, 40 percent of American workers would be less than full time independent contractors.
A significant problem for employers in the Gig Economy involves compliance with regulations imposed by federal, state and local governments, including requirements associated with worker's compensation insurance, and other traditional employment compliance issues, including matters such as the employer mandate provisions of the ACA.
For Gig/Shift Workers, the significant problem is difficulty in finding other jobs/gigs to replace hours lost when their employers reduce their hours and make them less than full-time employees or otherwise to fill workweek employment voids.
We believe ShiftPixy has the ideal solution for both groups and each of their problems via a service offering that entails two principal elements:
ShiftPixy Employer Solution: ShiftPixy absorbs the employer's Shifters as ShiftPixy Employees and makes those employees available to the former employer to work the same jobs, as employees of ShiftPixy, shouldering a substantial portion of the employment-related compliance responsibilities.
ShiftPixy Shifter Solution: Shifters placed with one of ShiftPixy's clients can now access other shift work with other ShiftPixy clients, ultimately through the new ShiftPixy mobile app, a prototype of which was released in September 2016.
ShiftPixy and its subsidiary collectively serve, as of February 28, 2017, an aggregate of approximately 100 clients and with an aggregate of approximately 2,581 active, paid worksite employees, as well as providing only payroll administration services to an additional 24 clients with 818 employees.
We believe there is a large potential market for ShiftPixy's services. Current statistics show that there are over 13 million employees working in the restaurant and hospitality industries., ShiftPixy plans to expand its service offering into other industries as well, particularly where part-time work is a significant component of the applicable labor force, including the retail and health care sectors.
ShiftPixy's initial market focus includes the following metropolitan areas: Los Angeles/Southern California, San Francisco, and Phoenix, with plans to market in New York, Orlando, Dallas, Chicago, Las Vegas, and Atlanta. These markets collectively account for approximately 53% of our target market in the restaurant/hospitality sectors.
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Shift Pixy Opens Up On NASDAQ
ShiftPixy® is a disruptive human capital management (HCM) services provider that has revolutionized the Gig Economy concept by delivering a next-gen platform for workforce management that helps shift-based employers navigate regulatory mandates, minimize administrative burdens, and connects them with a ready-for-hire workforce.