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Eastside Distilling, Inc. Provides Update on its Merger with Beeline Financial Holdings, Inc.

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Beeline is well-positioned with its AI platform in an improving mortgage market

Beeline is addressing the Mortgage Needs of 100M Millennials and Gen Z

PORTLAND, Ore. and PROVIDENCE, R.I., Nov. 6, 2024 /PRNewswire/ — Eastside Distilling, Inc. (“Eastside“) (Nasdaq: EAST) today announced that the recent merger between Eastside Distilling and Beeline is proving to be beneficial for both companies. For Eastside, its shareholders are now also invested in an emerging AI-driven mortgage platform designed for rapid growth in an industry expected to expand in 2025. Beeline shareholders gain access to a public market for their investment. 

Beeline is a direct-to-consumer mortgage origination and technology company providing mortgages to homeowners and investors seeking an easier path through a digital platform. It processes applications and answers questions for mortgage borrowers 24/7 for both conventional and non-qualified mortgages.  Most of the top 50 lenders will deny a borrower if they cannot qualify for a conventional mortgage. Beeline, however, offers non-qualified mortgages. The underwriting for these loans is often more suited to consumers who earn income in the gig economy or who are self-employed.   Beeline’s platform was built for digital-first consumers – making it the perfect fit for Millennials and Gen Z.  According to Maxwell, nearly 60% of all mortgages generated in 2023 were from Millennials and Gen Z. Combined this class makes up about 100M consumers.  

According to Nick Liuzza, CEO of Beeline, “There is no doubt our team saw the opportunity to address the mortgage needs of a large emerging audience who grew up with mobile devices and the ability to obtain real-time certainty and transact any time of the day.  Our platform, brand, and processes were designed for these generations and many of the platforms out there are not consistently meeting the needs of Millennials and Gen Z.  We are excited to serve these important consumers in a more material way in 2025.”

Beeline was the first mortgage lender to introduce its AI Chabot named “Bob” in June of 2023. “Bob” is currently performing six times better in converting a lead from an initial chat conversation to a completed loan application than its human counterparts. The cost to operate Bob is 90% less than the associated payroll to perform these functions. Bob has his own brain – he speaks in alignment with Beeline’s brand while logically sequencing sophisticated conversations. Unlike other AI chat bots, he is not tied to a set of responses – making him truly unique in his approach. 

The Mortgage industry has experienced tough times since early 2021 when rates rose quickly and those conditions persisted through the first half of 2024.  Many large lenders saw their revenues drop 70-90% from 2021 to 2023. Through all of this, Beeline was building its AI platforms and incurring financial losses intentionally.  Beeline knew that when the market normalized it would be ready to capitalize with a modern solution for Millennials and Gen Z. This decision laid the foundation for an opportunity for Beeline and Eastside Distilling shareholders.

The Mortgage Bankers Association released projections that the mortgage market should grow to $2.6 trillion in 2025, which is a 28% increase over 2024.  Beeline is still small, especially when compared to legacy, well-established lenders but its technology and platform are compelling and the timing of this merger aligns very well with current market demand and dynamics.  

About Eastside Distilling, Inc.
Eastside Distilling, Inc. (Nasdaq: EAST) is a producer of award-winning craft spirits, including whiskey, vodka, and rum. Founded in Portland, Oregon, Eastside is committed to quality, innovation, and sustainability, delivering exceptional products that reflect the spirit of the Pacific Northwest.

About Beeline Financial Holdings, Inc.
Beeline Financial Holdings, Inc. is a technology-driven mortgage lender offering a fully digital, AI-enhanced, platform that simplifies and accelerates the home financing process for homeowners and property investors. Based in Providence, RI, Beeline is dedicated to transforming the mortgage industry through innovative technology and customer-centric solutions.

Important Cautions Regarding Forward-Looking Statements

Certain matters discussed in this press release may be forward-looking statements that reflect our expectations or anticipations rather than historical fact. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions, general competitive factors, the Company’s ongoing financing requirements and ability to achieve financing, acceptance of the Company’s products in the market, the Company’s success in obtaining new customers, the Company’s ability to execute its business model and strategic plans, and other risks and related information described from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). A detailed discussion of the most significant risks can be found in the “Risk Factors” section of the Company’s Annual Report on Form 10-K. The Company assumes no obligation to update the cautionary information in this press release.

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SOURCE Eastside Distilling, Inc.

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Green Cubes Technology Unveils Revolutionary Swappable Power Platform for Mobile Workstations

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Innovative Swappable Power Platform is designed for mobile medical and industrial workstations

KOKOMO, Ind., Nov. 6, 2024 /PRNewswire-PRWeb/ — Green Cubes Technology, a leader in providing cutting-edge power solutions, today announced the launch of its innovative Swappable Power Platform designed for mobile medical and industrial workstations. This breakthrough AC platform aims to streamline the power system design process for manufacturers, providing a cost-effective and time-saving solution for powering mobile workstations.

The Green Cubes swappable battery platform is configurable and can be easily integrated into a comprehensive platform to provide the power required,” said Joe Richards, Senior Vice President of Product Development at Green Cubes, “making the conversion to power as simple as design in and go.”

The Swappable Power Platform is a complete pre-engineered energy storage solution that includes three essential components:

1. Battery Assembly:

Utilizes LiFePO4 technologyOffers 290Whr at 19.2 volts nominalDelivers a continuous power output of up to 300WCompliant with IEC 62133 standards

2. Cart Power Module:

Supports one or two batteries with 300 Watt continuous power outputAvailable models with 120VAC @ 60 Hz and 230VAC @ 50 Hz outputFeatures universal input from 100VAC to 230VAC @ 50Hz to 60 HzIncludes 2 minutes of integrated battery backup for hot swap operationCharges both internal integrated and external swap batteriesMeets IEC 60601 standardsOptional remote LCD display available

3. Charger:

Capable of charging two or four batteries simultaneouslyUniversal input from 100VAC to 230VAC @ 50Hz to 60 HzCompliant with IEC 60601 standardsOptional remote LCD display available

“Designed with the OEM in mind, the Green Cubes swappable battery platform is configurable and can be easily integrated into a comprehensive platform to provide the power required,” said Joe Richards, Senior Vice President of Product Development at Green Cubes. “This makes the conversion to power as simple as design in and go.”

Exceeding the highest performance for equipment manufacturers, the Green Cubes swappable battery platform offers a highly accurate state-of-charge display with a five-stage LED indicator. Its advanced technology, featuring cell balancing, ensures maximum cycle life and runtime.

About Green Cubes Technology
Green Cubes Technology develops and manufactures safe and reliable electrification solutions that enable its OEM and enterprise customers to transition from Lead Acid and Internal Combustion Engine (ICE) power to Lithium-ion battery power. Green Cubes utilizes proven hardware and software platforms to build the most reliable Lithium power solutions in its industries. With over 300 employees across six countries, Green Cubes has been producing innovative, high-performance and high-quality power solutions since 1986. For more information about Green Cubes Technology and its innovative power solutions, please visit http://www.greencubes.com.

Media Contact

Hayley Luz, Green Cubes Technology, 425-918-2742, hluz@greencubes.com, www.greencubes.com

View original content to download multimedia:https://www.prweb.com/releases/green-cubes-technology-unveils-revolutionary-swappable-power-platform-for-mobile-workstations-302298109.html

SOURCE Green Cubes Technology

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Big wins await retailers that focus on the first and final hours of seasonal sales

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Criteo research finds that online sales in the opening and closing hours of Singles Day capture over 300% increase in transaction volume across Southeast Asia

SINGAPORE, Nov. 7, 2024 /PRNewswire/ — Criteo (NASDAQ: CRTO), the commerce media company, today unveiled key insights from the 2023 Singles’ Day sales across Southeast Asia (SEA) and Greater China.

Singles’ Day (11/11) presents an enormous opportunity for retailers in these regions to connect with consumers at crucial decision-making moments, build brand loyalty and stand out from the competition. In 2023, online retail transactions in SEA surged 140% compared to the first week of October, and the average basket size increased by 16% compared to the same baseline. In Greater China, online retail transactions grew 237% while the average basket size saw a 6% uptick.

“As the year-end sales season draws near, it’s timely to glean past insights to better seize the opportunities that lie ahead,” said Taranjeet Singh, Managing Director, Venture Markets, APAC at Criteo. “One thing is clear: such e-commerce events hold tremendous potential and impact for brands and retailers to capitalise on the moment. In providing these datasets, we hope to empower our brand and retail partners to maximise sales opportunities and enhance customer experiences as Singles’ Day draws around once more.”

Key findings: 

1.    Singles’ Day is the largest seasonal sales opportunity for retailers

Across the board, all sales metrics perform higher on Singles’ Day – be it online retail transactions, unit sales, and average basket sizes. This marks consumers’ willingness to spend during this period, which is widely known for its festive deals, loyalty promotions, and immersive e-commerce experiences.

In Southeast Asia:

Online retail transactions surged by 140% compared to the first week of October 2023.In comparison, sales on Black Friday 2023 increased 101% from the first four weeks of October 2023.Unit sales, which denotes the number of individual items sold, skyrocketed by 178%, compared to 139% in 2022.During Cyber 6 (Black Friday to Cyber Wednesday 2023), sales increased 4% compared to the same period in 2022.The average basket size, which indicates the quantity of products purchased per transaction, also saw a notable uptick of 16%, compared to the first week of October 2023.The top-performing product categories, based on indexed transactions from the first week of October 2023, comprise Baby & Toddler (+407%), Health & Beauty (+352%) and Furniture (+277%). 

In Greater China:

Online retail transactions surged by 237% compared to the first week of October.In comparison, sales on Black Friday 2023 rose 58% from the first four weeks of October 2023.Unit sales saw a 257% increase, compared to 248% in 2022.Sales during Cyber 6 (Black Friday to Cyber Wednesday 2023) increase 2% compared to the same period in 2022.The average basket size saw an uptick of 6%, compared to the first week of October.The top-performing product categories, based on indexed transactions from the first week of October 2023, comprise: Health & Beauty (417%), Home & Garden (326%), Luggage & Bags (311%) and Toys & Games (311%).Online transactions saw a 9% Year-on-Year growth on Singles’ Day.Interestingly, average order values showed an increase of 14%, with the average unit price going up by 7%.

2.     Shoppers are prepared to spend the most during the first and last hours of Singles’ Day

Shopper activity tends to spike in the first (12AM – 1AM) and last hours (11PM – 12AM) of the day. Early bird shoppers are a segment of shoppers who tend to prepare their shopping baskets ahead of time in anticipation of discounts and offers. These early bird shoppers represent a crucial segment for brands to capitalise on by offering flash discounts or loyalty promotions. Meanwhile, last-minute shoppers tend to seize deals available at the day’s final hours – marking a final opportunity to convert buyers who hold out until the very end for a good deal. Savvy retailers that take note of this pattern will leverage their retail media platforms to drive and serve ads in the lead-up to and prior to the closing of these sales events.

The first hour of Singles’ Day (12AM – 1AM) sees the greatest spike in SEA online transactions (+325%) and unit sales (+370%), compared to baseline sales at the start of October.This trend is reversed in Greater China, with online transactions (+345%) and unit sales (363%) spiking in the final hour of Singles’ Day (11PM – 12AM).

3.      ‘Tis the season to convert new buyers: conversion rates are exceptionally high during Singles’ Day

In the past few years, Singles’ Day has consistently recorded substantial spikes in new purchases by new buyers. While the number of new buyers fell in 2023, there is still a clear opportunity to convert new customers and establish lasting customer relationships during this period. Retailers who can build on this momentum of first-time buyers during Singles’ Day will also see the chance to ensure continued patronage as the holiday season progresses.

Singles’ Day 2023 saw a whopping 63% increase in new shoppers in SEA compared to the month of October.

Taking action:

Sales events such as Singles’ Day are becoming more important for consumers today and represent a growing opportunity for retailers and brands. To realise the true potential of such events, retailers and brands should follow these key learnings for sales season:

1.     Starting Early Matters: with sales events recording much higher-than-average transaction figures, ensuring the relevant media collateral and sales logistics are ready in advance will be helpful to signpost and facilitate consumer purchases. Shoppers tend to plan their purchases in advance, and 47% of consumers globally[1] tend to start their search at retailers rather than search engines, when they know the general type of item they want to buy. As retail media continues to grow with new formats such as offsite and in-store, using retail media allows brands and retailers to engage shoppers further up the funnel, to aid product discovery and boost brand awareness.  Kicking off new campaigns early also ensures campaigns are optimised as shoppers start researching. Brands can also gain a sales boost by expanding their retailer sets to small or medium-size retailers.

2.     Go Full-Funnel: Retail media can help drive positive outcomes during sales events and build lasting customer relationships. Layering sponsored products and offsite campaigns push the needle in capturing new and returning customers during such events and keeping the brand or retail platform top of mind. Keeping in mind that shoppers tend to view several brands before deciding, these tactics also build brand appeal and create a strong impression with shoppers in each stage of their shopping journey.

3.     Be Diligent with Speed: There is increased shopper activity in the first and final hours of these sales events. Savvy retailers and brands drive additional sales by leveraging the data to plan budget accordingly and positioning key advertisements in front of these shoppers in those critical moments.

Methodology

Criteo captures organic data from 20 countries, 600 product categories and over 19,000 advertiser clients. Indexed sales are monitored on retailers who partner with Criteo Marketing Solutions and Criteo Retail Media. Criteo data includes only product categories represented by at least 5 retailers at the most granular level. Organic data means that all events from our clients, including those not attributed to Criteo, are leveraged. This allows us to produce insights regarding the market rather than Criteo campaigns.

About Criteo 

Criteo (NASDAQ: CRTO) is the global commerce media company that enables marketers and media owners to drive better commerce outcomes. Its industry leading Commerce Media Platform connects thousands of marketers and media owners to deliver richer consumer experiences from product discovery to purchase. By powering trusted and impactful advertising, Criteo supports an open internet that encourages discovery, innovation, and choice. For more information, please visit www.criteo.com.

[1] Criteo shopper survey, Q3 2024, Global (N=7120)

Criteo 2023 Holiday Shopping Season Country-Specific Findings 

In Singapore:

Singles’ Day remains the largest seasonal sales opportunity for retailers in Singapore, with online sales skyrocketing +159% on 11/11 compared to the first four weeks of October.In comparison, sales on Black Friday 2023 surged 104%, compared to the first four weeks of October 2023.

In Indonesia

Singles’ Day remains the largest seasonal sales opportunity for retailers in Indonesia, with online sales skyrocketing +194% on 11/11 compared to the first four weeks of October.In comparison, sales on Black Friday 2023 surged 56%, compared to the first four weeks of October 2023.

 

View original content:https://www.prnewswire.com/apac/news-releases/big-wins-await-retailers-that-focus-on-the-first-and-final-hours-of-seasonal-sales-302298185.html

SOURCE Criteo

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CapBridge is an Authorised Distribution Partner of UBS’s First Tokenised Money Market Fund, uMINT

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SINGAPORE, Nov. 7, 2024 /PRNewswire/ — On November 1st, UBS Asset Management announced the launch of its first tokenised investment, UBS USD Money Market Investment Fund Token (uMINT).  CapBridge, a digital investment platform and a member of FOMO Group, has been selected as an authorised distribution partner of uMINT, offering this innovative investment product to its corporate and institutional clients.

Built on the Ethereum blockchain, the launch of uMINT forms part of the broader expansion of UBS’s tokenisation services through UBS Tokenize. Tokenholders can now access UBS Asset Management’s institutional grade cash management solutions underpinned by high quality money market instruments based on a conservative, risk-managed framework. UBS’s tokenisation services seek to address growing investor demand for tokenised financial assets across asset classes.

Johnson Chen, Founder and CEO of CapBridge, said, “At CapBridge, we are always committed to bridging the gap between digital and traditional assets. The launch of UBS’s first tokenised money market fund highlights the synergy between traditional banking and digital asset innovation. CapBridge is delighted to be an authorised distribution partner of uMINT, contributing to the greater mission of making digital finance products more accessible to a wider range of investors and moving towards the seamless integration of traditional and digital finance.”

Earlier in May this year, CapBridge was also selected to be the international partner for Hong Kong’s virtual asset ETFs, namely spot virtual asset ETF products issued by Bosera Asset Management, China Asset Management, and Harvest Global Investment listed on the Hong Kong Stock Exchange.

Looking ahead, CapBridge remains dedicated to serving as a one-stop platform for investors looking to invest in both traditional and digital asset funds.  

About CapBridge
CapBridge, a member of FOMO Group, is a leading digital investment platform headquartered in Singapore. As a Capital Markets Services licensee, CapBridge is regulated by the Monetary Authority of Singapore (MAS) to deal in capital markets products, including securities and collective investment schemes, and to provide custodial services. It is also an exempt financial adviser licensed to issue or promulgate analyses and reports on investment products.

CapBridge enables HNWIs and institutional clients to invest in traditional and digital assets via its one-stop digital investment platform, providing highly curated, top-quality, and institutional-grade opportunities to meet clients’ diverse asset allocation needs. Through CapBridge’s associated company, FOMO Pay Pte Ltd, a regulated MAS Payment Services Act (PSA) Digital Payment Token (DPT) entity, qualified clients can also invest into CapBridge curated products using DPTs, providing a seamless bridge between Traditional Finance (TradFi) and Web3 Finance.

For more information, please visit www.capbridge.sg. For media inquiries, please contact media@capbridge.sg

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SOURCE Capbridge

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