TORONTO, ON / ACCESSWIRE / July 29, 2024 / SPETZ INC. (the "Company" or "Spetz") (CSE:SPTZ)(OTC PINK:DBKSF) today reported its financial results for the three and six months ended June 30, 2024. All figures are in US Dollars.

Highlights:

• For the six months ending June 30, 2024, revenue was US$1,016K, a decrease of 7.47% from US$1,098K in the same period the previous year. This revenue, generated from referral service fees, reflects a strategic shift towards focusing on the Israeli market while scaling back investments in other regions. This strategic realignment has contributed to a reduction in the company's net loss as part of its ongoing efficiency initiatives.

• Total expenses decreased by 50.37% to US$1,424K for the six months ended June 30, 2024, compared to US$2,869K for the six months ended June 30, 2023

• Net Loss for the period decreased by 61.63% to US$752K for the six months ended June 30, 2024, compared to US$1,960K for the six months ended June 30, 2023.

• Adjusted EBITDA loss, as defined in the management discussion and analysis, decreased by 65.2% to US$309K for the six months ended June 30, 2024, compared to US$888K for the six months ended June 30, 2023.

"We are pleased to present our financial results for Q2 2024, which highlight our ongoing commitment to efficiency and improvement," said Yossi Nevo, CEO of Spetz Inc. "Our strategic efficiency plan has led to a substantial reduction in expenses, with an impressive decrease of approximately 65% in adjusted EBITDA loss. This progress reflects our relentless efforts to enhance performance and drive positive outcomes. Our dedicated teams are focused on further cost reduction and revenue growth, with particular emphasis on achieving positive cash flow. We are also seeking additional investments in our Israeli subsidiary and offering opportunities for debt-to-equity conversions to mitigate past losses and support our profitability and success. We extend our gratitude to our investors and all those involved in our operations for their continued support."

For full financial information, notes, and management commentary, please refer to the Company's Management's Discussion and Analysis (MD&A) and the Consolidated Financial Statements as of June 30, 2024, posted on the Company's website and available on SEDAR. All financial information is provided in U.S. dollars unless otherwise indicated. In addition, all financial information provided herein is unaudited unless otherwise stated.

About Spetz Inc.

Spetz Inc. is a multinational technology company that operates Spetz, a global online, AI-powered marketplace platform that dynamically connects consumers to nearby top-rated service providers in around 30 seconds. Spetz is available in the USA, United Kingdom, Australia, and Israel. The Spetz vision is to reinvent how people around the world connect to services in their moment of need. Connecting them immediately with the top-matched service provider for any need, anytime, anywhere.