Jeffs’ Brands Subsidiary, Fort Products, Embraces the Future of E-Commerce

Rhea-AI Summary

Jeffs' Brands (Nasdaq: JFBR) has announced that its subsidiary, Fort Products, will integrate cryptocurrency payment options into its online platform. Through an agreement with a software development company, Fort plans to implement Bitcoin and other cryptocurrency payment capabilities during the first quarter of 2025. The integration aims to enhance customer convenience and expand Fort's global reach. A third-party payment processor will handle cryptocurrency transactions, converting them to fiat currency before transferring to Fort. This initiative aligns with Fort's strategy to modernize its e-commerce operations and cater to cryptocurrency-friendly customers.

Positive

• Expansion of payment options potentially increasing customer base
• Strategic move into cryptocurrency market without direct crypto exposure
• Enhancement of global market accessibility

Negative

• None.

Looks to Integrate Cryptocurrency, such as Bitcoin, as Payment Option

Tel Aviv, Israel, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Jeffs' Brands Ltd (“Jeffs’ Brands” or the “Company”) (Nasdaq: JFBR, JFBRW), a data-driven e-commerce company operating on the Amazon Marketplace, announced today that its wholly owned subsidiary, Fort Products Ltd. (“Fort”), which also operates its own online platform, is embracing the future of e-Commerce. Fort has entered into an agreement with a leading software development company to integrate cryptocurrency payment options, including Bitcoin, into its online platform.

Fort Leads Innovation with Bitcoin Payments

As part of its commitment to providing a seamless and forward-thinking shopping experience, Fort expects to provide customers with the ability to pay for its industry-leading pest control solutions using Bitcoin and other major cryptocurrencies on its online platform during the first quarter of 2025. This move reflects Fort's strategy to stay at the forefront of e-commerce trends, catering to a growing segment of customers who prefer decentralized secured payment methods.

Strategic Partnership for Advanced Payment Solutions

Fort’s agreement with the software development company will introduce a robust and secure cryptocurrency payment gateway to its online store. The integration will allow customers worldwide to transact effortlessly, broadening Fort’s accessibility and appeal to tech-savvy and cryptocurrency-friendly audiences.

Jeffs' Brands Chief Executive Officer, Viki Hakmon said: "Integrating cryptocurrency payments represents an exciting milestone for Fort and Jeffs' Brands. We are committed to meeting the evolving needs of our customers and staying ahead of industry trends. By enabling Bitcoin and other crypto payment options, Fort enhances convenience for its customers and evolves in the modern e-commerce landscape."

Enhancing Global Reach

With cryptocurrency payments, Fort aims to expand its reach across international markets, where digital currencies are increasingly popular. The feature is expected to attract new customer segments and provide an alternative online payment solution that we believe aligns with global financial innovation.

Fort will not actually be receiving any cryptocurrencies. A third-party payment processor will receive the cryptocurrency payment from the customer and will transfer an equivalent amount to Fort in fiat currency.

About Jeffs’ Brands Ltd

Jeffs' Brands aims to transform the world of e-commerce by creating and acquiring products and turning them into market leaders, tapping into vast, unrealized growth potential. Through the Company’s management team’s insight into the Fulfillment by Amazon (FBA) business model, it aims to use both human capability and advanced technology to take products to the next level. For more information on Jeffs’ Brands Ltd visit https://jeffsbrands.com.

Forward-Looking Statements Disclaimer

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when discussing the integration of cryptocurrency payment options into Fort’s online platform; expansion of Fort’s reach across international markets and its ability to attract new customer segments; and the Company’s commitment to meeting the evolving needs of its customers and staying ahead of industry trends.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they 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. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to adapt to significant future alterations in Amazon’s policies; our ability to sell our existing products and grow our brands and product offerings, including by acquiring new brands; our ability to meet our expectations regarding the revenue growth and the demand for e-commerce; the overall global economic environment; the impact of competition and new e-commerce technologies; general market, political and economic conditions in the countries in which we operate; projected capital expenditures and liquidity; the impact of possible changes in Amazon’s policies and terms of use; the impact of the conditions in Israel, including the recent attacks by Hamas, Iran, and other terrorist organizations; and the other risks and uncertainties described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (“SEC”), on April 1, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations Contact:

Michal Efraty
Adi and Michal PR- IR
Investor Relations, Israel
michal@efraty.com

FAQ

When will Jeffs' Brands (JFBR) subsidiary Fort Products start accepting Bitcoin payments?

Fort Products plans to implement Bitcoin and other cryptocurrency payment options during the first quarter of 2025.

Will Jeffs' Brands (JFBR) hold cryptocurrency from customer payments?

No, Fort Products will not receive cryptocurrencies directly. A third-party payment processor will convert cryptocurrency payments into fiat currency before transferring to Fort.

What is the purpose of Jeffs' Brands (JFBR) implementing crypto payments?

The implementation aims to enhance customer convenience, expand global reach, and cater to tech-savvy customers who prefer decentralized payment methods.