VANCOUVER, April 3, 2019 /CNW/ - Venzee Technologies Inc. (TSX-V:VENZ) is pleased to announce that it has completed integration of its Venzee Mesh API content distribution platform with one of its five previously announced Product Information Management (PIM) channel partners and has commenced onboarding manufacturers and distributors of the channel partner.
This well-established PIM company provides digital supply chain solutions to mid-size and enterprise brands and manufacturers globally and has adopted Venzee Mesh to automate the distribution of complete, accurate product content to several retailers, which include Costco, Walmart, Shopify, The Home Depot, eBay, among others. Venzee receives a recurring monthly revenue fee, per customer, per retailer, that the PIM channel partner onboards.
Peter MacKay, president and CEO of Venzee said, "This is a significant milestone for Venzee as it brings our partnership strategy into fruition and allows us to begin onboarding manufacturers and distributors through our channel partners and execute on our revenue model." MacKay continued, "Venzee's API enhances our partner's technology with automated content distribution and functionality that positions their clients to beat out competitors in the digital retail space. We look forward to expanding our base to connect more of the world's most recognized manufacturers and brands with some of the largest retailers and marketplaces on behalf of our partners and building value for our brand and shareholders."
Venzee's automated product content distribution platform optimizes digital supply chains by eliminating the inefficient manual processes that result in unreliable product information, poor customer satisfaction, inaccurate brand representation, and billions of dollars in returns for retailers each year. According to CrowdAnalytix, inaccurate product data costs over $100B per year in online retail due to inaccurate product descriptions, mismatched color/size and product appearing different from the image on the online store.
Through five signed channel partnership agreements, Venzee has access to more than 100,000 brands and manufacturers and is strongly positioned to deliver the most advanced content distribution system in the market that works seamlessly for the entire digital supply chain.
VP of Channel Partnerships John Abrams adds, "These channel partnership agreements not only completely validate our technology, but they also open a pipeline of potential end users that includes some of the largest brands in the world. Our partner relationships ease Venzee's barrier to entry to becoming an integral part of their supply chains as the leading solution for automated and accurate product content distribution. We are thrilled with our progress and continue work to finalize integrations with our other partners while advancing discussions with prospective channel partners."
Management anticipates that integration with additional channel partners will be announced shortly.
Venzee is product content distribution solution that eliminates inefficiencies in the digital supply chain by delivering consumer-ready product information to retailers via a peer-to-peer network. Powered by our core technology, Mesh, Venzee automates content exchange workflows that increase margins and accelerate revenue. Through a suite of products, we provide customized solutions for enterprises of all sizes, meeting each client's desired level of sophistication and automation.
To learn more about Venzee, visit https://venzee.com/
On Behalf of the Board.
Peter Mackay, President and CEO
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 execution of the Company's growth strategy, the expected results from the entering into of partnership agreements, the expected results from Venzee's Channel Partner Program, the use of, and expected results from, Venzee's technology by end users and Venzee's expected revenue generation. 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, 2017 and its latest annual information form filed August 29, 2018, 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 Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Venzee Technologies Inc.
For further information: Investor Relations, Caleb Jeffries, Kin Communications, Tel: 604-684-6730, [email protected]