VANCOUVER, Dec. 12, 2019 /CNW/ - Venzee Technologies Inc. (TSX-V:VENZ) ("Venzee" or the "Company") has announced the completion of functional integration to more than 225 global retail destinations, growing revenue-generating integrations at a faster rate than planned.
The Company remains on track to achieve its ambitious 2019 goal of connecting to all of the 250 largest retailers around the world, as identified in Deloitte's annual retail ranking (Global Powers of Retailing 2019, Deloitte Touche Tohmatsu Limited).
According to Venzee's CEO John Abrams, continued aggressive expansion of retail integration provides measurable benefit to Brands, Retailers, and Consumers.
"Product returns cost the Retail industry more than $500 billion every year. Most of those costly returns are a direct result of incomplete or inaccurate product information. At Venzee, we solve the return problem by connecting Brand content to Retailers and Consumers - Consumers who expect accurate and ever more expansive product information," said Mr. Abrams.
In November, Venzee added additional Retail integration expertise and consolidated several key functions under industry veteran Chad Kaczmarek. Mr. Kaczmarek has a long history delivering enterprise-class solutions for major manufacturers and retailers. His prior work includes successful revenue growth and platform integration roles with Venzee competitors 1WorldSync (acquired by Battery Ventures) and Edgenet (acquired by Syndigo LLC).
"I'm excited we exceeded our November Retail Integration goal. With more than 225 retailer integrations completed, I am confident we are on track to meet or exceed our goal of 250 retailer integrations by the end of 2019," said Mr. Kaczmarek now Sr. Director of Integrations at Venzee.
Accurate product information is more critical now than ever. According to Mr. Kaczmarek, "$38 billion e-commerce sales transacted in China on Singles Day - November 11. And, with 2019 online holiday sales in North America on pace for another record year, we are reminded of how critical accurate product data is in today's retail environment. It's great to be growing a digital platform that allows brands, manufacturers, and retailers to meet accelerating demand for accurate product data."
We believe intelligent supply chain functionality is inevitable and will significantly benefit growers, makers, brands, sellers, regulators, and consumers.
At Venzee, we're building the foundation for a future where seamless, accurate, automated data flow simplifies process, removes friction, and creates value for all those that rely on the myriad of data and information surrounding any product, anywhere.
Venzee's mission is to unlock shareholder value by creating intelligent technology that removes friction from the global supply chain. Our products disrupt and displace inefficient manual processes in favor of integrated, machine-driven solutions.
On Behalf of the Board, John Abrams, President and CEO Venzee Technologies, Inc.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the expected use of the net proceeds received by the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company's management's discussion and analysis for the year ended December 31, 2018 and the quarter ended August 29, 2019, which are available under the Company's SEDAR profile at www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Venzee Technologies Inc.
For further information: Venzee, Investor Relations, Caleb Jeffries, Kin Communications Inc., 1-866-684-6730, [email protected]