VANCOUVER, March 31, 2015 /CNW/ - 3TL Technologies Corp. (TSXV:TTM) ("3TL" or the "Company"), is pleased to announce its financial results for the fiscal year ended December 31, 2014.
When the Company was founded in 2008 it started business by providing custom digital marketing solutions to major brands and shopping mall operators including Abercrombie & Fitch, Anthony Robbins, Best Buy, Hollister, Ivanhoe Cambridge, MGM Resorts International, Monster Beverage Corporation, Oakley, Pennsylvania Real Estate Investment Trust, Ralph Lauren, Red Bull, St. Louis Rams and Universal Music. In 2012, 3TL commenced development of Platform³ with the goal of providing a scalable, software as a service ("SaaS"), digital marketing platform that offers a compelling value proposition to major consumer brands and retailers. In 2013, the Company committed to focusing all its resources on building and launching Platform³ and ceased selling custom development services not related to implementation of the platform.
Platform³ is a consumer-to-consumer content marketing, data mining, loyalty and rewards platform used by consumer brands and retailers to engage consumers and facilitate the distribution of relevant brand content through consumer-to-consumer sharing via social media such as Facebook, Twitter and Instagram. Platform³ collects and analyzes data, including demographics and level of social media brand engagement, to determine which consumers are most valuable to a brand. Consumer brands and retailers can use that data to offer rewards through Platform³ to motivate and incentivize consumers to accelerate their sharing and purchasing. Platform³ is easy to use and implement, allowing major brands and retailers access to the major social media channels and to manage consumer data on a common user interface and consumer database.
The Company achieved key milestones during the year ended December 31, 2014:
- Launched Platform³, the Company's SaaS consumer-to-consumer content marketing and data-mining platform.
- Secured contracts to provide Platform³ to key brands including Proximo Spirits' Maestro Dobel Tequila, Pennsylvania Real Estate Investment Trust, Ivanhoe Cambridge's Guildford Town Centre, Morguard REIT's New Sudbury Centre, Ernie Ball Inc., Juanita's Foods, Zapne LLC and US Performing Arts Camps.
- Launched Snap³, the Company's optical character recognition technology and activated the product for Guildford Town Centre ("GTC") during its 2014 winter holiday promotion. Snap³ was used by GTC to enable customers to scan receipts at the point-of-sale for rewards, significantly increasing users for GTC's Rewards program.
- Completed a qualifying transaction to list on the TSX Venture Exchange ("TSXV") on October 30, 2014, raising equity of over $2.9 million.
Subsequent to the year ended December 31, 2014 the Company has continued to make progress:
- Signed more than $374,000 in contracts for Platform³ and Snap³ during the first quarter of 2015, which exceeded revenues for the entire year ending December 31, 2014.
- Secured Wet Seal, Inc., a major national USA fast-fashion retailer, in January 2015 as a customer. The Company will launch its Style Board and Outfit sharing technologies on Platform³ for Wet Seal. The Style Board and Outfit sharing technologies enable consumers to create their own virtual outfits using the retailer's merchandise and to share this content with their friends and followers through Facebook, Twitter and Instagram. Wet Seal is using Platform³ as part of its strategy to increase the frequency and length of visits to its website with the goal of driving incremental e-commerce transactions (See press release dated February 20, 2015).
- Established sales teams in Canada and the USA who are building a sales pipeline of major consumer brands, retailers and shopping mall operators.
- Signed a letter of intent to acquire RewardStream Inc. ("RS"), a provider of referral marketing and loyalty solutions (see press release dated January 29, 2015). The letter of intent has now expired with no definitive agreement between 3TL and RS. 3TL remains interested in developing business opportunities with RewardStream Inc. based on its complementary technology and customer base.
In the year ended December 31, 2014, 3TL generated $310,250 in revenues after launching Platform³ in early 2014 with limited sales and marketing resources, compared with $630,808 in sales in the previous year. The decrease in revenues was largely due to the transition from providing custom development services to launching Platform³. Revenues are anticipated to increase in 2015 due to the successful implementation of Platform³ in a number of reference accounts and the allocation of increased resources to sales and marketing.
The Company had a loss of $5,189,700 in 2014 compared with a loss of $613,385 in the previous year, included in the loss were $3,340,504 in items not effecting cash of which $2,577,077 were non-recurring and related to the conversion of convertible debt and valuation of the shares issued to obtain listing on the TSXV. The Company had $1,923,151 in cash as at December 31, 2014.
"In 2014, we achieved our goals of launching Platform³ with some key customers and going public to raise capital to expand sales and fund ongoing improvements to our technology and products," said Rob Craig, CEO of 3TL Technologies Corp. "Platform³ is delivering great value to our initial customers, accelerating and enhancing the brand friendly content that consumers share with their friends and followers on social media, leading to increased traffic and revenues for our customers' e-commerce websites and retail locations. In 2015, we are working hard to expand our customer base of major consumer brands and retail operators by validating Platform³ through pilots and annual subscriptions."
About 3TL Technologies Corp.
The Company's core product Platform³, launched in early 2014, is a consumer-to-consumer content marketing, data mining, loyalty and rewards platform used by brands to engage consumers on the web or mobile phone through digital and social channels. Platform³ enables brands to facilitate the distribution of relevant brand content through friend-to-friend sharing via social media. Platform³ collects and analyzes data to determine which consumers are most valuable to a brand based on their level of social media brand engagement. The platform also incentivizes and rewards consumers for sharing brand content on their personal social channels. Customers access Platform³ through a cloud-based subscription service. 3 Tier Logic has provided marketing technology solutions to Abercrombie & Fitch, Anthony Robbins, Best Buy, Hollister, Ivanhoe Cambridge, MGM Resorts International, Maestro Dobel Tequila, Monster Beverage Corporation, Oakley, Pennsylvania Real Estate Investment Trust, Ralph Lauren, Red Bull, St. Louis Rams, Universal Music, US Performing Arts Camps, and dozens of other companies. For more information, visit www.3tierlogic.com.
For additional information about the company please visit www.sedar.com. The TSX Venture Exchange Inc. has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds and the results of financing efforts, - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE 3TL Technologies Corp
For further information: 3 Tier Logic, Robert Craig, Chief Executive Officer, (604) 639-5441, [email protected]; or Ali Mahdavi, Managing Director, Spinnaker Capital Markets Inc., (416) 402-7300, [email protected]