Venzee strongly positioned to achieve
annual sales and revenue objectives with 792 Mesh Connectors™ sold
and over 7,000 active sales opportunities in the
pipeline
CHICAGO, Aug. 30,
2021 /CNW/ - Venzee Technologies
Inc. (TSX: VENZ), (OTCQB: VENZF) ("Venzee" or
the "Company"), the artificial intelligence platform for
product data, announced today financial results for the second
quarter ended June 30, 2021. The
unaudited condensed interim consolidated financial statements and
related Management's Discussion and Analysis ("MD&A") can be
viewed at
https://investors.venzee.com/SEDAR-filings.
The Company will conduct a conference call discussing first
quarter results on Tuesday, August 31,
2021 at 8:30 A.M. EST
(5:30AM PST). Details for this call
can be found below.
"We made strong progress this quarter, reaching 792 total Mesh
Connectors™ sold in Q2, an increase of 117 from the 675 Mesh
Connectors™ sold as of the end of Q1 2021. We also saw a 55%
increase in revenue from the previous quarter as previously sold
Mesh Connectors™ were activated and promotional periods for Mesh
Connectors™ sold in the first half of the year came to an end,"
said John Sexton Abrams, CEO of
Venzee Technologies.
Mr. Abrams continued, "Venzee expanded its sales staff in Q2 to
keep up with the significant number of inbound sales opportunities
we've been seeing. New talent has strengthened our team and will
continue to bolster our ability to increase revenue and gain
traction over the coming quarters as we strive to hit our targets
by the end of the year."
Sales pipeline growth remains strong for Venzee, with more than
7,000 active sales opportunities — representing a 40% increase from
the end of Q1 2021. This quarter, the Company increased direct
sales leads after seeing consistent month on month revenue growth.
This growth was derived by one sales person selling to partners who
generated 7,000 opportunities and nearly half of Venzee's full year
target of 2,000 sold Mesh Connectors™.
As more brands use Mesh Connectors™ in their retail networks,
the Company has observed a growing number of retailers promoting
Venzee to other brands in their supplier network. This development
is reflective of what economists call the Network Effect, where an
increasing number of users correlates with the increasing value of
a platform, therefore drawing in more users and further increasing
a platform's value over time.
Venzee continued to increase its retail channels available to
clients, which enable simple scalability for consumer brands and
manufacturers to connect to leading global retailers like Walmart,
Home Depot and Amazon. The Company expanded its inventory from 405
retail channels in Q1 to 412 available retail channels in Q2.
Churn, or the number of clients that have discontinued use of
the platform, remains at zero.
Second Quarter 2021 Financial Highlights
For the three months ending June 30,
2021:
- Revenues from SaaS-based Mesh Connector™ sales were
$13,595, a 55% increase over Q1 2021
respectively.
- A net loss of $932,917 and
$1,589,989 (Q2 2020 - $397,252 and $845,060).
- A loss per share of $0.00 and
$0.01 (Q2 2020 - $0.00 and $0.01).
The prior year's results had $803
and $26,590 USD in revenue for three
and six months ended June 30, 2020.
Revenue from last year was not generated from Venzee's current SaaS
model, rather, it was holdovers from a previous sales model before
the Company pivoted in 2019.
Second Quarter 2021 Business Highlights
- Entered into a new partnership with a major United States-based specialty retailer serving
the furniture and homeware market. The partnership will help Venzee
further scale its brand and retail client base, immediately
expanding the company's services to greater than 200 of the
retailer's key brand suppliers.
- Upgraded the Company's Mesh Connector™ technology to version
2.11 which enabled the creation of "Sub-Accounts," or segregated
accounts nested under a larger "Tenant" account. Tenants can create
and oversee Sub-Accounts to manage specific product data,
processes, and other useful information. Venzee's platform upgrades
position the Company to continue to accelerate customer
acquisition.
- Appointed Dr. John Sviokla, a
leading voice on the power of utilizing artificial intelligence
(AI) to transform business processes, to the board of directors.
Mr. Sviokla has served clients in a variety of industries around
the globe and holds BA, MBA, and DBA degrees from Harvard University.
- Commenced trading on the OTC Markets under the symbol
"VENZF"
- Won a larger enterprise client, a leading manufacturer and
distributor of thermoelectric and refrigeration products that has
an extensive global presence, selling to major retailers across
North America and over 30
countries worldwide.
Subsequent to Second Quarter 2021
- Entered into a new partnership with a leading global product
information management (PIM) / digital asset management (DAM)
provider to over 700 influential brands. In addition to unlocking
additional value for clients, the partnership provides Venzee's
sales team with opportunities to leverage the partner's installed
customer base and grow Mesh Connector™ sales.
- Appointed a Senior Director of Sales, added additional sales
staff to strengthen the Company's efforts to convert consumer
brands and retailers into customers and accelerate the sales cycle
from inbound sales leads.
Radically simpler than alternatives, Venzee's Mesh Connectors™
are unique in the market, system agnostic and infinitely scalable.
Venzee's intelligent platform offers partners and brands a
reliable, machine-to-machine interface that accelerates the
distribution of product information to any retail or e-commerce
destination.
With more than 400 major retail Mesh Connectors™ instantly
available to brands, Venzee has become an important tool in the
simplification and automation of syndication processes for brands
globally.
Conference Call Details
Date: August 31, 2021
Time: 8:30 A.M. EST (5:30 A.M. PST)
Register to view the live audio webcast at:
https://onlinexperiences.com/Launch/QReg/ShowUUID=CF2B0B0C-C59F-4CED-9FC2-B60209EF214E
Conference ID: 3297645
Dial-in Number: 833-513-0552
Audience Webcast URL:
https://onlinexperiences.com/Launch/QReg/ShowUUID=CF2B0B0C-C59F-4CED-9FC2-B60209EF214E
Contact Venzee directly or through our investor relations team
at Kin Communications in Vancouver
or Stonegate Capital Partners in Dallas. View Stonegate's recent research
report on Venzee here.
About Venzee Technologies, Inc.
Venzee (TSXV: VENZ) (OTCQB: VENZF) is the leading artificial
intelligence platform for product data used by global brands to
speed time to market and create competitive supply chain
advantages. Venzee's intelligent platform automates inefficient
last-mile retail processes with a frictionless, machine-driven
solution for sending and receiving product data.
Venzee believes intelligent supply chain functionality is
inevitable and will significantly benefit growers, makers, brands,
sellers, regulators, and consumers. Venzee is building the
foundation for a future where seamless, accurate, automated data
flow simplifies processes, removes friction, and creates value for
all those that rely on the myriad of data and information
surrounding any product, anywhere.
Venzee unlocks shareholder value by carrying out its mission to
create intelligent technology that removes friction from the global
supply chain. Its Mesh Connector™ product disrupts and displaces
inefficient manual processes in favor of integrated, machine-driven
solutions.
To learn more about the Venzee platform, visit
venzee.com
Twitter: @usevenzee
LinkedIn:
https://www.linkedin.com/company/venzee-inc/
Podcast:
https://www.venzee.com/resources/podcast
On Behalf of the Board,
Peter Montross
Chief Operating Officer
Forward-Looking Information
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 terms of the Offering, the
completion of the Offering and the expected use of the net proceeds
received by the Company. 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, 2018, and the quarter
ended August 29, 2019, 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-V nor its Regulation Services Provider (as that term
is defined in policies of the TSX-V) accepts responsibility for the
adequacy or accuracy of this release.
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SOURCE Venzee Technologies Inc.