VANCOUVER, BC , Aug. 4, 2022
/CNW/ - Datable Technology Corporation (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 signed an agreement for a two-year contract
renewal (the "Agreement") on August 2,
2022, covering the period ending on August 31, 2024.
The customer is the home entertainment division of a leading
global media and technology company that operates business units
that provide cable, entertainment (major motion pictures,
television, and theme parks) and streaming services. The customer
has been using PLATFORM3 since 2017 to
host its loyalty and consumer data program. Datable also provides
PLATFORM3 to the digital division of the
global media and technology company which renewed its annual
contract earlier this year (see press release dated February 17, 2022).
The Agreement pays Datable approximately $260,000 in license revenues, with additional
revenues expected from transaction fees, rewards and upsells. Gross
margin on the revenues is expected to be greater than Datable's
gross margin of 43% in the first quarter of 2022 due to the product
mix.
"This customer uses our platform to reward consumers for loyalty
and to collect, analyse and monetize consumer data. In fact, they
have worked with us to upgrade our platform and add functional
modules over the years" said Robert
Craig, Datable's CEO. "We are encouraged by their commitment
for another two years based on the results we have helped deliver
since they started with a small program in 2017. We look forward to
working with them to continue delivering a compelling return on
their budget and to expand the scale and scope of our mandate."
Datable now has close to $4
million in revenue under contracts for 2022 and future
periods, of which approximately $3.5
million is expected to be recognized as revenue in 2022.
This includes over $3.5 million in
contracted revenues and close to $400,000 in expected program fees from customers.
Datable expects gross margin to be between 40% and 50% in 2022,
depending on the product mix.
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.