IRVINE, CA May 3, 2018 ShiftPixy, Inc. (NASDAQ: PIXY), a disruptive workforce engagement platform provider, applauds the recent California Supreme Court ruling in Dynamex v. Superior Court of Los Angeles, which could pressure gig platforms to begin classifying their workers as employees rather than independent contractors.Businesses that reclassify workers as employees may face multiple new burdens, such as complying with minimum wage and overtime laws and needing to pay workers compensation, unemployment insurance and payroll taxes, which can significantly increase the typical businesss labor costs.
By harnessing ShiftPixys tech-driven platform and innovative compliant employment solution, these companies can avoid these workforce-related issues and added expenses, allowing them to focus on growing and developing their respective businesses. Leveraging the Gig Economy concept while also embracing employer status, ShiftPixy aims to let employers tap into this emergent employment model while still ensuring workers receive the benefits and protections they deserve.
When we first launched ShiftPixy, various Gig Economy providers in the ridesharing and third-party delivery spaces were in the midst of misclassification lawsuits and allegations, said Scott Absher, CEO of ShiftPixy. ShiftPixys original DNA is in employer compliance, so our whole approach was designed to assure compliance one shift at a time. In light of this ruling, companies relying on an independent contractor workforce model must reassess the need to invest in new staff, insurance coverages, and operating systems, potentially taking over a year to incorporate compliantly. ShiftPixys turnkey approach would have an immediate compliant impact while still providing them a flexible workforce. ShiftPixy would be a perfect immediate cure for any gig platform facing this California Supreme Court ruling.
ShiftPixy matches employers seeking part-time employees with qualified workers within its growing ecosystem. Unlike others in the Gig Economy, ShiftPixy embraces employer status of the workforce, offering benefits and protections, all while handling administrative and compliance burdens for the operators. ShiftPixys digital solution includes a private blockchain ledger to record and track critical human capital validation data, a sophisticated micro-metering approach for financial and insurance transactions, and IBMs Watson artificial intelligence engine to achieve a uniquely personal experience for workers and employers alike.
Note of Clarification
To be clear, ShiftPixy has never, does not now and will never use its blockchain technology in any form of cryptocurrency or cryptocurrency related application.
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ShiftPixy (NASDAQ: PIXY) is a disruptive human capital management platform, revolutionizing employment in the Gig Economy by delivering a next-gen mobile engagement technology to help businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in managements nearly 25 years of workers compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.
ShiftPixy Cautionary Statement
The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of ShiftPixy, Inc., could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute the Companys vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets. The Company undertakes no obligation to update forward-looking statements if circumstances or managements estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of ShiftPixy, Inc., is included in the filings on Forms 1-A and 10-K and in other filings we make with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings subsection of the Investor Information section of our website at https://ir.shiftpixydotcom.wpcomstaging.com/financial-information/sec-filings.
Consistent with the SECs April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, ShiftPixy is alerting investors and other members of the general public that ShiftPixy will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in our Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.
Source: ShiftPixy, Inc.