VANCOUVER, BC, March 3,
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, announces that it
has elected not to proceed with the acquisition of Adjoy, Inc. (DBA
Dabbl, "Dabbl"). On November 11,
2021, Datable announced that it had signed a non-binding
letter of intent (the "LOI") on September 8,
2021 to acquire (the "Acquisition") 100 percent ownership of
Dabbl, subject to completion of due diligence, a financing of at
least $2.5 million and other terms
and conditions customary with an acquisition.
While due diligence and discussions with Datable's customers
support the value proposition for integration of Dabbl's product
with PLATFORM3, Datable
elected not to proceed with the acquisition:
- Datable believes that the combined company would need
significantly more than $2.5 million
in funding to achieve meaningful milestones. Based on current
market conditions, Datable believes that a larger new financing
would be overly dilutive to current shareholders.
- Datable expects strong revenue growth in 2022, with close to
$3 million in revenue under contract
for 2022 and future periods. Datable expects gross margin to
improve to about 50 percent in 2022, compared with approximately 40
percent in 2021, due to improved operational efficiency and product
mix. Datable recently announced an estimated revenue growth of 77
percent to approximately $3.5 million
for the year ended Dec. 31, 2021,
compared with the same period in 2020, with gross margin expected
to be approximately 40 percent (see press release dated
Feb. 16, 2022).
- While Datable expects strong organic growth in 2022, it plans
to grow by acquisition as well, subject to market conditions. The
market for digital marketing and consumer data solutions is large
and growing with increasing consolidation opportunities due to the
recent changes in regulations and policies governing the use of
consumer data.
"While we have elected to not proceed with the acquisition of
Dabbl, we see the potential for us to continue working with Dabbl
and other sources of first-party consumer data to provide solutions
to our customers," said Rob Craig,
CEO of Datable. "Recent changes in consumer privacy laws and new
regulations regarding consumer tracking and cookies have created a
huge market opportunity for first-party consumer data solutions.
PLATFORM3 enables our customers to
collect, analyse and monetize first-party opt-in consumer data
while rewarding consumers for purchasing and engaging with their
brands. We continue to improve our solution and seek partners
to address this opportunity and accommodate requests from our
largest customers."
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.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as the term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy of accuracy of
this news release.
Certain information in this news release constitutes
forward-looking statements and forward-looking information
(collectively, "forward-looking information") within the meaning of
applicable securities legislation. In some cases, but not
necessarily in all cases, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "targets", "expects" or "does not expect", "is expected",
"an opportunity exists", "is positioned", "estimates", "intends",
"assumes", "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", "will" or "will
be taken", "occur" or "be achieved". In addition, any statements
that refer to expectations, projections or other characterizations
of future events or circumstances contain forward-looking
information. Statements containing forward-looking information are
not historical facts but instead represent management's
expectations, estimates and projections regarding future
events.
Forward-looking statements or information involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Datable, Dabbl or
their respective subsidiaries to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements or information contained in this
news release. These forward-looking statements include, but are not
limited to, statements relating to expectations with respect to:
the timing and outcome of the Acquisition; the anticipated terms of
the Definitive Agreement; the anticipated benefits of the
Acquisition to the parties and their respective security holders;
the impact of the Acquisition and anticipated growth of the
combined entity.
Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information,
including assumptions as to the time required to negotiate and
finalize the Definitive Agreement; the ability of the parties to
receive, in a timely manner and on satisfactory terms, the
necessary approvals; the ability of the parties to satisfy, in a
timely manner, the conditions to closing; other expectations and
assumptions concerning the Acquisition; and such risks contained in
Datable's documents filed from time to time on SEDAR at
www.sedar.com. Readers are cautioned that the foregoing list of
factors is not exhaustive.
In respect of the forward-looking statements and information
concerning the anticipated benefits and completion of the
Acquisition and the anticipated timing for completion of the
Acquisition, Datable and Dabbl have provided such statements and
information in reliance on certain assumptions that they believe
are reasonable at this time. Although Datable and Dabble believe
that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable,
undue reliance should not be placed on such information and no
assurance can be given that such events will occur in the disclosed
time frames or at all. The forward-looking information included in
this news release is made as of the date of this news release and
Datable and Dabbl do not undertake an obligation to publicly update
such forward- looking information to reflect new information,
subsequent events or otherwise unless required by applicable
securities laws.
There can be no assurance that the Acquisition will occur, or
that it will occur on the terms and conditions contemplated in this
news release. The Acquisition could be modified, restructured or
terminated. Actual results could differ materially from those
currently anticipated due to a number of factors and risks.
SOURCE Datable Technology Corp.