VANCOUVER, BC, Aug. 18, 2020 /CNW/ - Datable Technology Corporation (TSXV: DAC) (OTCQB: TTMZF) (the "Company" or "Datable"), announces it has signed three new agreements (the "Agreements") to provide licenses for PLATFORM³ and digital rewards to leading consumer goods companies. Datable Technology Corporation provides an integrated suite of digital marketing applications sold as Software-as-a-Service ("SaaS"), its core product being PLATFORM³. The three agreements will pay Datable approximately $123,000, plus transaction fees after meeting certain thresholds.
Under the Agreements, Datable will provide software modules of PLATFORM³ and digital rewards to enable programs where consumers will be rewarded for purchasing a qualifying dollar amount of consumers products at retailers in the U.S. and Canada:
- A leading multinational brewing company will launch a promotion where consumers who purchase a qualifying amount of its beer products will be entered into a sweepstakes to win vests with the logos of a professional sports league and team. The promotion will be launched in October 2020 in Quebec and Ontario, ending in December 2020;
- Consumers in Canada will be rewarded with a virtual or physical Mastercard gift card for purchasing a qualifying amount of the dental care products of a global consumer packaged goods company (the "CPG Company) at participating retailers. The promotion will commence in September 2020 and run until November 2020;
- The CPG Company will also launch a promotion where consumers who buy a qualifying amount of a baby care product will be rewarded with a virtual or physical Visa card. The promotion will run across the U.S. at participating retailers from October 2020 to December 2020.
"These new agreements are with repeat customers who have had success using PLATFORM³ to drive incremental sales and reward consumers, while collecting valuable data," said Rob Craig, CEO of Datable. "Our customers are leading consumer brands that are looking for ways to generate better returns on their marketing budget, our track record of delivering results is being rewarded by repeat business."
Datable previously provided guidance that revenue will grow by over 100% in 2020 with expenses increasing by about 10%, compared to 2019 (see press release dated February 5, 2020). Datable expects gross margin to be about 55% in 2020. Datable's progress in year-to-date 2020 has increased the Company's confidence in this guidance.
Year-to-date in 2020, Datable has signed 26 new agreements, which together with existing license agreements signed in prior periods represent contracted revenues of over $3,700,000 of which approximately 60% is expected to be recognized in 2020. This includes the largest agreement in Datable's history under which a leading provider of household products has contracted for approximately $1,000,000 in license fees and rewards in 2020 with a projected increase to over $4,000,000 in 2021(see press release dated April 28, 2020).
Datable has several agreements with annual fees where PLATFORM³ hosts an ongoing digital loyalty and rewards program. Datable is generally paid an annual license fee, service fees and transaction fees based on the number of times consumers validate purchases using PLATFORM³. The over $3.7 million in contracted revenues noted above only accounts for license and service fees and does not include any transaction fees.
About Datable Technology Corporation
Datable has developed a proprietary, mobile-based consumer marketing platform – PLATFORM3 – that is sold to global Consumer Packaged Goods ("CPG") companies and consumer brands. PLATFORM3 is delivered as a subscription service (Software as a Service model) and used by CPG companies to engage consumers, reward purchases and collect valuable consumer data. PLATFORM3 incorporates Artificial Intelligence and Machine Learning to monetize the consumer data, including demographics and purchasing behaviour, by sending consumers targeted offers by email and text messages. For more information, visit datablecorp.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 Datable Technology Corp.
For further information: Datable Technology Corporation, Robert Craig, Chief Executive Officer, (604) 639-5441, [email protected]