VANCOUVER, May 24, 2018 /CNW/ - Datable Technology Corp. (TSXV: DAC) (OTCQB: TTMZF) (the "Company" or "DTC"), formerly 3tl Technologies Corp., a technology company whose core product PLATFORM³ is an integrated suite of digital marketing applications sold as Software-as-a-Service (SaaS), announces its financial results for the quarter ended March 31, 2018 ("Q1 2018").
For Q1 2018, the Company achieved the following milestones:
- DTC signed 15 new license agreements to provide PLATFORM³ to leading Consumer Packaged Goods (CPG) brands.
- Revenue for Q1 2018 increased by 92% to $388,259 compared to revenue for the quarter ended March 31, 2017 ("Q1 2017").
- The average dollar value of license agreements has increased by approximately 60% to $69,000 compared to 2017, including short-term targeted shopper marketing promotions and annual/multi-year SaaS licenses.
- Many of these agreements represent a growing trend of repeat business from leading U.S based consumer brands.
The Company is also pleased to provide the following 2018 updates:
- In 2018 year to date, DTC has signed 20 agreements which account for approximately $1.5 million in total contract value, of which 75% is expected to be recognized as revenue in 2018.
- DTC has several annual agreements where PLATFORM³ hosts an ongoing digital loyalty and rewards program. DTC is generally paid an annual license fee plus transactions fees based on the number of times consumers validate purchases using PLATFORM³. The $1.5 million in contracted revenues noted above only accounts for license and service fees, and does not include any transaction fees.
- The Company's name was changed to "Datable Technology Corporation" from 3tl Technologies Corp. effective May 18, 2018 (see press release dated May 18, 2018).
"We've gotten off to a running start in this first quarter of 2018, that is a testament to the value proposition delivered by our platform and our excellent customer service," said Robert Craig, DTC's CEO. "We continue to be encouraged by license renewals and extensions from repeat customers, success with new customers, longer-term agreements, and PLATFORM³'s ability to drive ROI for our customers with its various modules such as: Contests & Promotions, Purchase Receipt Validation, Loyalty, Rewards & Gamification, Data Capture & Analytics, and Retargeting & Automated Messaging."
Results of Operations:
Revenue for Q1 2018 increased by 92% to $388,259, compared to revenue for Q1 2017. Gross profit for Q1 2018 increased by 88% to $280,119, compared to Q1 2017.
Gross margin as a percentage of revenue for Q1 2018 was 72%, compared to 73% in Q1 2017. Gross margin as a percentage of revenue depends on the product mix for the reporting period. Revenues are comprised of a combination of higher margin sales of PLATFORM³, the Company's proprietary SaaS product, combined with some lower margin third party services.
General and administrative expenses for Q1 2018 decreased by 10% to $259,088, compared to Q1 2017, mainly due to decreased investor relations expenses. General and administrative expenses include salaries and benefits, accounting, legal, investor relations, travel, rent, office, other administrative costs
Research and development expenses for Q1 2018 increased by 111% to $139,377 compared to Q1 2017. Research and development expenses may increase in the future as the Company seeks to evolve and improve PLATFORM³, as well as to invest in creating new technology and products that will enhance the Company's value proposition to customers and provide additional revenues.
Net and comprehensive loss for Q1 2018 was $712,380 compared to $421,032 for Q1 2017. This increase was mainly due to the increase of share-based compensation expenses, net of increase of revenue and corresponding gross profit.
About Datable Technology Corp.
DTC 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 behavior, by sending consumers targeted offers by email and text messages. 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: Datable Technology Corp.: Robert Craig, Chief Executive Officer, (604) 639-5441, [email protected]