VANCOUVER, BC, Dec. 1, 2022
/CNW/ - Datable Technology Corporation (TSXV: DAC) (OTC-PINK:
TTMZF) (the "Company" or "Datable" or "DTC"), the developer of a
proprietary, SaaS-based Consumer Lifecycle and Data Management
Platform called PLATFORM3, is pleased to
announce it signed a one-year agreement (the "Agreement") with a
leading worldwide provider of innovative turf, landscape, rental
and construction equipment, and irrigation and outdoor lighting
solutions, helping customers care for golf courses, sports fields,
public green spaces, commercial and residential properties, and
agricultural fields. (the "Customer") on November 29, 2022.
The Customer has licensed PLATFORM3
since 2017, starting with a trial program and expanding the scale
and scope of the Datable's contract to host its contractor and
consumer loyalty and consumer data program. Over the last two
years, Datable has generated an average of about $350,000 per annum in revenues from the Customer
including license fees and related products and services.
Under the Agreement, Datable will be paid a license fee of
approximately $97,000 over a one-year
period ending on November 30, 2023
and will also earn additional fees for related products and
services, expected to be consistent with prior years.
The Customer uses PLATFORM3 to reward
its contractors and customers for purchasing products and for
supporting their brand while collecting valuable consumer data that
is analyzed and monetized using Datable's platform.
"This renewal is a testament to the value we are providing to
major enterprises. This long-term customer renewed for six
months earlier this year and now feels confident to renew for a
full year. With this agreement we have renewed all of our
large customers in 2022," said Rob
Craig, CEO of Datable. "In addition to renewing
licenses with long-term customers, we are seeing increasing
interest from new customers that have survived the last few
challenging years are looking for marketing solutions with proven
ROI. We announced a two-year license with one of largest
global agriculture companies in November and as we build our
customer base for renewed growth in 2023."
As of the date of this news release, Datable has signed 41 new
agreements, which together with license agreements signed in prior
periods amount to approximately $5.9
million in revenue under contract for 2022 and future
periods, of which 55% is expected to be recognized as revenue in
2022. This includes over $5.5 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 product mix and an increase and expected
improvements in operational efficiency.
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.