VANCOUVER, Aug. 2, 2017 /CNW/ - 3tl Technologies Corp. (TSXV: TTM)(OTCQB: TTMZF) (the "Company" or "3tl") announced that sales orders for PLATFORM³, its Software as a Service (SaaS) consumer marketing platform, have grown by more than 100% for the seven month period ending July 31, 2017, compared to the same period in 2016.
- Approximately $ 1.2 million in agreements signed as of July 31, 2017, compared with approximately $0.57 million during the same period in 2016
- 75% of the Company's 2016 customers have renewed or signed new agreements for 2017
- The 2017 agreements are with leading consumer packaged goods companies (about 83% U.S. and 17% Canada)
In 2016, 3tl had revenues of $665,728 comprised of 38 mostly short-term license agreements to enable digital shopper marketing promotions for leading U.S. based consumer packaged goods ("CPG") companies. The success of these promotions in 2016 has resulted in strong sales growth in 2017 due to repeat business and a trend to longer-term licence agreements. The Company estimates that over 80% (about $1 million) of the $1.2 million in agreements signed as of July 31 will be recognized revenues this year. Accordingly, in the first seven months of 2017, 3tl has signed agreements that are estimated to result in revenues over 50% greater than the full year of 2016.
In 2016, PLATFORM³ was used to host promotions where consumers were rewarded via their mobile devices for buying products in retail stores and online, watching videos, completing surveys and sharing brand friendly content on their social networks. CPG companies are using PLATFORM³ to influence buying decisions and to collect consumer data that can be used for targeting consumers based on past purchases, brand interactions and demographics.
The focus in 2017 is on converting to longer-term license agreements that deliver more value to CPG companies and growing revenues for 3tl. As the consumer databases hosted by PLATFORM³ grow in size and richness of data, CPG companies can leverage our proprietary artificial intelligence modules to retarget consumers with offers aimed at increasing purchase size and frequency. While 3tl is still building its customer base with short-term license agreements, a growing number of our customers have made longer-term commitments with the goal of building consumer databases that can be monetized to maximize lifetime value.
3tl has achieved the foregoing with limited sales and marketing resources. Now that we have proven our product with leading CPG companies, we plan to raise capital to expand our sales team with a focus on the U.S. and Canada. The Company intends to take advantage of our ability to deliver a compelling value proposition to establish a CPG company customer base that can generate high-margin recurring revenues based on a SaaS model.
The Company is proceeding with a non-brokered private placement of up to 6,000,000 units of the Company (the "Units") at $0.30 per Unit for gross proceeds of approximately $1.8 million (the "Offering").
Each Unit will consist of one common share in the capital of the Company (a "Share") and one Share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to purchase one additional post-consolidated common share in the capital of the Company (a "Warrant Share") at a price of $0.60 per Warrant Share for a period of five years from the closing of the Offering. All shares issued pursuant to the private placement will be subject to a hold period of four months plus one day from the date of issuance.
About 3tl Technologies Corp.
PLATFORM³ is a Software as a Service (SaaS) consumer marketing platform. It enables Consumer Packaged Goods (CPG) companies and consumer brands to engage shoppers through their mobile device and influence their purchasing decisions. PLATFORM³ encompasses proprietary consumer engagement strategies and technology modules including optical character recognition (purchase receipt scanning), digital promotions, purchase data mining, loyalty and rewards. CPG companies and major retail brands use PLATFORM³ to influence and incentivize shoppers to interact with their brand and make purchases in-store and online.
For more information, visit 3tltechcorp.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: 3tl Technologies Corp., Robert Craig, Chief Executive Officer, (604) 639-5441, [email protected]