Simply Inc.

01/25/2021 | Press release | Distributed by Public on 01/25/2021 06:03

Simply, Inc. Announces the Opening of its New Simply Mac Store in Lubbock, Texas

MIAMI, January 25, 2021 - Simply, Inc. (OTCQB: SIMP) (the 'Company') announced the relocation and grand opening of its new Simply Mac retail store in Lubbock, Texas. This 2,466 square foot official Apple Premier Partner Store is located in Suite 200 of the Fearless Plaza Shopping Center at 2407 9th Street, Lubbock, TX, and will offer the entire suite of Apple products, as well as third party accessories and Simply Mac's signature service and warranty repairs on all product categories by our trained team of Apple-certified technicians. Simply Mac also offers customer financing and extended warranty coverage on all Apple products.

Commenting on the new Simply Mac store opening, Reinier Voigt, Chief Executive Officer of Simply, Inc., stated: 'As part of our effort to re-evaluate all our store locations when coming to the end of a lease term, we decided to stay in Lubbock, but to relocate to a new location. We have been in Lubbock since December 2015, and are pleased to continue to be a part of the Lubbock community, the birthplace of Rock-N-Roll legend Buddy Holly and the 11th largest city in Texas with a population of 259,000 people and a median household income of $50,453. Our new location is about 6 miles northeast of our old store, but it is essentially across the street from the campus of Texas Tech University that boasts total enrollment of more than 40,000 students. With the nearest Apple Store 4½ hours away in Ft. Worth, our team of sales professionals and Apple-certified technicians look forward to serving the product and service needs of this large educational customer base. In addition to the proximity to campus, our total occupancy cost in the new space is 69% lower than the cost at our previous location, which will improve this store's profitability.'

Commenting further, Mr. Voigt stated: 'As previously announced, in the first half of our fiscal year ending in January 2022, we plan to accelerate store openings to continue expansion of the Simply Mac footprint in North America. However, we are not striving for growth just for the sake of growth. We are only interested in 'profitable' growth, and are very analytical in our evaluation of each and every new store site. Our site selection model includes criteria for local population, median household income, preferable presence of a major university, distance from the nearest Apple store and minimum projected annual operating income. In addition, all new locations must be approved in advance by Apple. We remain committed to our mission to provide our customers with transformational experiences that drive long-term customer loyalty, and to improving our profitability to increase shareholder value.'

About Simply, Inc.

Simply, Inc. is a Miami-based company that is the parent of Simply Mac, a chain of 44 retail stores operating in 18 states and an authorized reseller under the Apple Premier Partner program of Apple products and other high-profile consumer electronic brands. Additional information can be found on its website at www.simplyinc.com and www.simplymac.com.

Forward-looking and cautionary statements

Forward-looking statements in this press release and all other statements that are not historical facts are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements, including those related to store expansion plans, the offering of the entire suite of Apple products, third party accessories and service and warranty repairs on all product categories in the Lubbock Simply Mac store, our ability to open new store locations consistent with our site selection model, our ability to attract and retain new customers, our ability to meet projected operating income, our expectations for future lease rates, our ability to capitalize on operational efficiencies, our supply chain and our customer traffic, involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements, including actions by third parties, including Apple. A list and description of various risk factors related to Simply, Inc. can be found and reviewed in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, which can be accessed under the Company's profile at www.sec.gov. These forward-looking statements speak only as of the date of this release and we undertake no obligation to publicly update any forward-looking statements to reflect new information, events or circumstances after the date of this release, except as required by law.

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Contact:Vernon A. LoForti, CFO
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