VANCOUVER, BC, Aug. 9, 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 one-year contract
renewal (the "Agreement") on August 5,
2022, covering the period ending on July 8, 2023.
The customer is a leading manufacturer and distributor of
consumer-centric and compliance driven solutions and products that
has been using PLATFORM3 since 2019 to
host its loyalty and consumer data program. The Agreement
pays Datable approximately $170,000
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.
"We have worked with this customer since 2019 and been building
a valuable database of consumers who engage with their brands via
PLATFORM3 driving incremental sales and
brand awareness," said Robert Craig, Datable's CEO.
"Consumer goods companies that license
PLATFORM3 under our annual and multi-year
SaaS agreements have very high renewal rates because we deliver
quantifiable ROI by helping leading brands monetize first-party
opt-in consumer data."
Datable now has over $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 $3.7 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.
Private Placement
Further to the Company's news release of June 20, 2022, the Company has extended the
outside date for the completion of the closing of its private
placement of units to September 4,
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.