VANCOUVER,
BC, Feb. 17, 2022 /CNW/ -
Datable Technology Corp. (TSXV: DAC) (OTCQB: TTMZF) (the "Company"
or "Datable"), the developer of a proprietary, SaaS-based Consumer
Lifecycle and Data Management Platform called
PLATFORM3, is pleased to announce that it
has renewed its annual license agreement (the "Agreement") with a
leading digital media and entertainment company (the
"Customer").
The Customer is the digital division of a leading
global media and technology company, which owns and operates
business units that provide cable, entertainment (major motion
pictures, TV broadcasting, and theme parks) and streaming
services. Datable has agreements with the Customer and one of
its affiliates that are expected to result in about $1 million in revenues in 2021 with gross margin
of over 40%. This Agreement renews the license, which was set
to expire in June 2022, for an
additional year to June 2023. The Customer's affiliate is
also expected to renew its license.
The one-year renewal includes a
software-as-a-service (SaaS) license for approximately $140,000 plus transaction fees based on the
number of programs and consumer engagements hosted by
PLATFORM3. In 2021, the Company
invoiced the Customer for approximately $500,000 in SaaS license and transaction fees, an
increase of 23% compared to 2020. In 2022, Datable expects to
generate increased revenues from the Customer.
"This Customer has been using
PLATFORM3 since 2016 to connect directly
with consumers and reward them for online purchasing of movie
tickets while collecting valuable consumer data," said Robert Craig, Datable's CEO. "In 2020 and
2021, we helped the Customer facilitate a transition to providing
rewards to consumers for streaming movies after theatres shut down
due to COVID. Now with theatres opening to full capacity, we
are well positioned to help the Customer with its digital and
bricks & mortar busines lines. We also provide
PLATFORM3 to affiliates of the Customer
that produce and distribute major motion pictures and that
distribute blue-rays and streaming after the movies have completed
their theatrical releases. This long-term and growing
customer is another validation of the return on investment we are
driving for major global brands as they seek direct connections
with consumers and access to first-party opt-in consumer data to
generate incremental revenues and loyalty."
Datable now has close to $3 million in revenue under contract for 2022 and
future periods, of which over $2.6
million is expected to be recognized as revenue in
2022. This includes over $2.6
million in contracted revenues and close to $400,000 in expected program fees from the
Customer. Datable expects gross margin to be about 50% in
2022, an increase compared to approximately 40% in 2021, due to
improved operational efficiency.
With contracts signed as of February 15, 2002 that are expected to generate
close to 75% of 2021 revenue, Datable expects strong revenue growth
in 2022. Datable recently announced estimated revenue
growth of about 77% to approximately $3.5
million for year ended December 31,
2021, compared to the same period in 2020, with gross margin
expected to be approximately 40% (see press release dated
February 16, 2022).
About Datable Technology
Corporation
Datable has developed
PLATFORM3 a proprietary Consumer Lifecycle
and Data Management Platform that is sold to global consumer
brands. PLATFORM3 is
delivered as a subscription service (Software as a Service model)
and used by some of the worlds' most valuable consumer brands to
access new consumer communities and engage them while collecting,
analyzing, and managing their first-party data.
PLATFORM3 incorporates
proprietary technology 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.