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VANCOUVER, BC, June 23, 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 four new agreements (the "Agreements") in June 2022 with existing customers for marketing programs to be completed in 2022 and early 2023.
The customers include:
A leading advertising agency on behalf of one of the world's largest global consumer goods companies, a customer of the Company since 2019, signed on June 21, 2022. This program is notable as it is the first time that a customer will use PLATFORM3 to host a B-to-B program to reward its distribution salesforce for making sales. It is expected that the initial program will be expanded, subject to a successful trial.
The home entertainment division of a leading U.S.-based film production and distribution company, an existing customer of Datable who has been using PLATFORM3 to host its loyalty program since 2018, signed on June 22, 2022.
A leading bedding company, that has been a customer since 2020, signed on June 13, 2022.
A Canadian based marketing and promotions agency on behalf of one of their customers that signed their first agreement with Datable in 2021, signed on June 20, 2022.
The Agreements are contracted to generate approximately $126,000 in license and rewards revenues, with additional revenues expected from transaction fees, rewards and upsells. Three of the marketing programs covered by the Agreements are scheduled to be completed in 2022 and one in early 2023, with gross margin expected to be between 40% and 50%.
"We are excited by the potential to expand the use of PLATFORM3 to B-to-B applications," said Robert Craig, Datable's CEO. "This global consumer goods company has been using our platform to reward consumers for loyalty and to collect, analyse and monetize consumers since 2019. We are encouraged by their commitment to expand the scale and scope of our mandate to include a rewards platform for their distribution salesforce. Our sales pipeline of new and existing customers is growing into the second half of 2022, during which we expect to sign new agreements for revenues in 2022 and 2023."
Datable now has close to $3.6 million in revenue under contracts for 2022 and future periods, of which approximately $3.3 million is expected to be recognized as revenue in 2022. This includes close to $3.2 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.
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