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Society Pass (SoPa) Files 1st Form 10-Q; Building Sales Momentum After Recent Launch of LeFlair Lifestyle E-Commerce Platform and IPO Capital Raise

SmallCaps Daily December 13, 2021

174 2 minutes read

Singapore – (NewMediaWire) – December 13, 2021 – Society
Pass Incorporated (Nasdaq: SOPA) (“SoPa” or the “Company”), a leading,
Southeast Asian data-driven loyalty platform, today announced the filing of its
first quarterly Form 10-Q with the Securities and Exchange Commission since
completing its initial public offering on November 9, 2021. The filing is for
the three month period ended September 30, 2021, during which Society Pass
launched Leflair, its lifestyle e-commerce platform that markets
and sells products in three verticals including Fashion & Accessories,
Beauty & Personal Care, and Home & Lifestyle.

Dennis Nguyen, CEO of Society Pass,
commented, “As you can see from the revenues from our Leflair business unit in
just the final three weeks of September, the recent launch of LeFlair into the
Vietnam marketplace in early September has gone extremely well and sales
momentum is building every day. Supported by the completion of our IPO that
raised gross proceeds of $28.125 million in early November, we believe that
Society Pass is well positioned to execute its strategic plans. These include
increasing the marketing spend for our platforms, rolling out our Society
Points loyalty program, investing in additional infrastructure such as data
centers, call centers, and warehouses, and funding acquisitions of e-commerce
companies in Southeast Asia (SEA) and South Asia.”

For Society Pass’ complete
financial results for the period ended September 30, 2021, see the Company’s
quarterly Form 10-Q filed with the Securities and Exchange Commission on
December 9, 2021.

About Society Pass

SoPa’s customer loyalty and
analytics platform has onboarded hundreds of thousands of registered consumers.
SoPa provides merchants with SoPa.asia – an online commerce platform for users,
alongside with #HOTTAB Biz – a convenient order management app for business
partners on SoPa.asia, and #HOTTAB POS – a specialized POS technology solution,
a comprehensive system for payment, loyal customer management, user’s profile analytics,
and convenient financial support packages for small and medium-sized
enterprises. All tools offered above will allow businesses to attract and
retain customers through personalized interaction based on analytics with a
high profit margin. SoPa also operates www.leflair.com, Vietnam’s leading
lifestyle e-commerce platform.

For more information, please check
out: http://thesocietypass.com/

Forward Looking Statements

The information contained herein
may contain “forward‐looking statements.” Forward‐looking statements reflect
the current view about future events. When used in this press release, the
words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,”
“plan,” or the negative of these terms and similar expressions, as they relate to
us or our management, identify forward‐looking statements. Such statements
include, but are not limited to, statements contained in this press release
relating to the view of management of the Company concerning its business
strategy, future operating results and liquidity and capital resources outlook.
Forward‐looking statements are based on the Company’s current expectations and
assumptions regarding its business, 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. The Company’s actual results may differ materially from those
contemplated by the forward‐looking statements. They are neither statements of
historical fact nor guarantees of assurance of future performance. We caution
you therefore against relying on any of these forward‐looking statements.
Factors or events that could cause the Company’s actual results to differ may
emerge from time to time, and it is not possible for the Company to predict all
of them. The Company cannot guarantee future results, levels of activity,
performance or achievements. Except as required by applicable law, including
the securities laws of the United States, the Company does not intend to update
any of the forward‐looking statements to conform these statements to actual
results.