VANCOUVER, Sept. 5, 2019 /CNW/ - Datable Technology Corp. (TSXV: DAC) (OTCQB: TTMZF) (the "Company" or "DTC"), a technology company whose core product, PLATFORM3, is an integrated suite of digital marketing applications sold as Software-as-a-Service (SaaS), announces that it has signed a licence with an existing customer to upgrade the platform and services.
The customer is one of the largest providers of online movie tickets and content, owned by one of the world's leading media and entertainment companies. The upgraded license covers a period starting in September 2019 and extending into 2021 and also covers transaction fees based on the number of programs hosted by Datable's platform and the number of transactions processed.
The upgrade will add $71,500 in licensing revenues plus transactions revenues, bringing Datable's total contracted revenues to over $2 million plus transaction revenues, with 73% expected to be recognized in 2019. With this agreement, Datable is expected to recognize revenues in 2019 that exceed recognized revenues in 2018.
"This upgraded agreement is with one of our largest customers who we have been serving since 2016. The long-term relationship and upgrade show that our Software-as-a-Service marketing platform continues to provide value to leading consumer brands," said Rob Craig, CEO of Datable. "We look forward to providing an update on the launch of our new products as we continue discussions under the LOIs and agreements announced over the last two quarters."
The Company also announces that Adam Kniec, who was recently appointed to the board, has been granted options to acquire 100,000 shares at a price of $0.08 with a term of five years and 100,000 restricted share units, both vesting immediately.
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 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 Corp., Robert Craig, Chief Executive Officer, (604) 639-5441, [email protected]