Alpha Modus Corp. ("Alpha Modus"), a technology company with a core
focus on artificial intelligence in retail, and CashXAI Inc.
("CashX"), a leader in financial innovation offering a dynamic
platform for individuals lacking traditional banking access,
announced today a definitive agreement to enter a strategic
partnership to grow the market share of CashX kiosks and wallet app
infused with AI technology targeting retail consumer marketing.
The partnership terms outline Alpha Modus and
CashX will engage in joint marketing efforts to launch the kiosk
solution in agreed target markets to create any necessary
agreements and licenses to enable retailers and consumers to
utilize the solution. The economic terms agreed upon by each
company will determine shared revenues derived from the sale and
use of the CashX kiosks and wallet app.
Recently, CashX announced a deal with OPMX,
distributors of high-quality pharmaceutical products and brands to
the Hispanic market, to deploy CashX’s kiosks into approximately
500 supermarkets in California, Colorado and Texas. Further
expansion to all states and additional key countries in Latin
America, as well as Mexico is expected to begin in early 2025. The
total network is expected to cover 5 countries and over 15,000
retail locations. The next phase of the rollout will launch CashX’s
next generation of kiosks with Alpha Modus’ patent portfolio of AI
integrated retail marketing strategies for consumers at point of
sale, which is empowering the future interplay of business,
consumers and retail advertising.
In addition to physical kiosk access, CashX
offers its CashX Mobile Wallet Application, which enables consumers
digital access to all their financial needs without an evaluation
of financial history. This mobile solution consists of services
including check cashing, money transfer, mobile recharge, bill
payment, gift cards, e-tickets and other high demand financial
transactions.
About Alpha Modus Alpha Modus
is engaged in creating, developing and licensing data-driven
technologies to enhance consumers' in-store digital experience at
the point of decision. The company was founded in 2014 and is
headquartered in Cornelius, North Carolina. Alpha Modus is party to
a business combination agreement with Insight Acquisition Corp.
whereby Alpha Modus plans to become a publicly trading company (the
“Business Combination”). For additional information, please visit
alphamodus.com.
About CashXAI
Inc.
CashXAI Inc., a leader in financial innovation,
offers a dynamic platform for individuals lacking traditional
banking access. The CashXAI mobile app simplifies converting cash
into digital currency, supporting transactions from check cashing
to money transfer without requiring a bank account. With an
extensive retail network, CashXAI provides unparalleled financial
freedom and management capabilities, empowering users to
effortlessly control their finances from anywhere. CashXAI stands
at the forefront of bridging financial gaps for underbanked
communities. Further illustrating CashX’s innovative business
structure, its previously announced intellectual property license
agreement with Alpha Modus permits CashX with the exclusive right
to use all of Alpha Modus’ patented intellectual property in
connection with CashX’s promotional, advertising, and operational
functions, including co-development arrangements with Alpha Modus,
within the Exclusive Industry. The “Exclusive Industry” means the
industry relating to self-service kiosks located in retail food,
drug and convenience stores for the purpose of serving Unbanked and
Underbanked consumers, by offering banking, phone and insurance
solutions to the consumer. An “Unbanked” consumer means a person
that does not have a checking or savings account with an
FDIC-insured institution, and an “Underbanked” consumer means a
person that has or had a checking or savings account with an
FDIC-insured institution, but regularly uses non-traditional banks
such as Venmo or the Cash App, or lenders such as a check cashing
company or payday lender.
For more information, please visit the CashX
website at https://cashx.ai/.
About Insight Acquisition Corp.Insight
Acquisition Corp. (NASDAQ: INAQ) is a special purpose acquisition
company formed solely to effect a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar
business combination with one or more businesses. Insight
Acquisition Corp. is sponsored by Insight Acquisition Sponsor LLC.
For additional information, please visit insightacqcorp.com.
No Offer or SolicitationThis
press release shall not constitute a solicitation of a proxy,
consent, or authorization with respect to any securities or in
respect of the proposed Business Combination. This press release
shall also not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended, or an exemption therefrom.
Forward-Looking StatementsThis
press release includes "forward-looking statements" within the
meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Insight's and
Alpha Modus' actual results may differ from their expectations,
estimates, and projections and, consequently, you should not rely
on these forward-looking statements as predictions of future
events. Words such as "expect," "estimate," "project," "budget,"
"forecast," "anticipate," "intend," "plan," "may," "will," "could,"
"should," "believes," "predicts," "potential," "continue," and
similar expressions (or the negative versions of such words or
expressions) are intended to identify such forward-looking
statements, but are not the exclusive means of identifying these
statements. These forward-looking statements include, without
limitation, Insight's and Alpha Modus' expectations with respect to
future performance and anticipated financial impacts of the
proposed Business Combination, the satisfaction of the closing
conditions to the proposed Business Combination, and the timing of
the completion of the proposed Business Combination. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from those discussed in the forward-looking statements.
Most of these factors are outside Insight's and Alpha Modus'
control and are difficult to predict. Factors that may cause such
differences include, but are not limited to: (1) the occurrence of
any event, change, or other circumstances that could give rise to
the termination of the business combination agreement between
Insight and Alpha Modus (the "BCA"); (2) the outcome of any legal
proceedings that may be instituted against Insight and Alpha Modus
following the announcement of the BCA and the transactions
contemplated therein; (3) the inability to complete the proposed
Business Combination, including due to failure to obtain regulatory
approvals; (4) the occurrence of any event, change, or other
circumstance that could give rise to the termination of the BCA or
could otherwise cause the transaction to fail to close; (5) the
impact of COVID-19 pandemic on Alpha Modus' business and/or the
ability of the parties to complete the proposed Business
Combination; (6) the inability to obtain the listing of the
combined company's common stock on the Nasdaq Stock Market
following the proposed Business Combination; (7) the risk that the
proposed Business Combination disrupts current plans and operations
as a result of the announcement and consummation of the proposed
Business Combination; (8) the ability to recognize the anticipated
benefits of the proposed Business Combination, which may be
affected by, among other things, competition, the ability of Alpha
Modus to grow and manage growth profitably, and retain its key
employees; (9) costs related to the proposed Business Combination;
(10) changes in applicable laws or regulations; (11) the
possibility that Insight and Alpha Modus may be adversely affected
by other economic, business, and/or competitive factors; (12) risks
relating to the uncertainty of the projected financial information
with respect to Alpha Modus; (13) risks related to the organic and
inorganic growth of Alpha Modus' business and the timing of
expected business milestones; and (14) other risks and
uncertainties indicated from time to time in the Registration
Statement relating to the proposed Business Combination, including
those enumerated under "Risk Factors" therein, and in Insight's
other filings with the SEC. Insight cautions that the foregoing
list of factors is not exclusive. Insight and Alpha Modus caution
readers not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. Insight and Alpha
Modus do not undertake or accept any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements to reflect any change in their expectations or any
change in events, conditions, or circumstances on which any such
statement is based.
Contacts:Insight
Acquisition Corp.Chelsea
Saffrancsaffran@Insightacqcorp.com
Alpha Modus Shannon DevineMZ Group+1(203)
741-8841shannon.devine@mzgroup.us
Insight Acquisition (NASDAQ:INAQ)
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