DATABLE TECHNOLOGY CORPORATION ANNOUNCES TWO-YEAR CONTRACT WITH GLOBAL AGRICULTURE & FOOD COMPANY
VANCOUVER, BC, Nov. 18, 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 two-year agreement (the “Agreement”) with a global agriculture and food company (the “Customer”) on November 11, 2022.
Under the Agreement Datable will be paid approximately $400,000 over a two-year period ending on May 31, 2025 and will use PLATFORM3, to configure a template-based portal (the “Portal”) for the Customer’s animal nutrition loyalty program. The Portal will host various modules associated with the software-as-a-service license, including Contests and Promotions, Purchase Receipt Validation, Loyalty, Rewards & Gamification, Targeted Couponing, Social Content Sharing, Shopper Messaging, Data Capture & Analytics, CRM Database, Custom Quizzes, and Polls & Surveys. Consumers of the Company’s animal nutrition products will be rewarded for purchasing from retailers across the U.S. and will have the ability to earn additional loyalty points by taking part in various actions such as surveys, quizzes, reading blog articles, sharing content, watching videos, taking brand related polls and referring friends. Consumers can use the points they earn to redeem rewards including coupons, branded apparel and gear, sweepstakes entries, as well as the option to donate to the Customer’s giving program.
The Customer is one of the largest private companies in the U.S. with global agricultural and food production and distribution. Accordingly, Datable is working with the Customer to add value-add services to the existing agreement and for opportunities to provide PLATFORM3 to additional business units and expects the scope and scale of its mandate with the Customer to expand in 2023 and future periods.
“Our team had to show clear and compelling differentiation and quantifiable ROI to secure this mandate with a global leader in agriculture and food products who was looking for the best-in-class solution for their loyalty and consumer data program,” said Rob Craig, CEO of Datable. “Our track record of delivering for a growing list of Fortune 500 customers and our ability to collect opt-in consumer data, analyse the data and message consumers with meaningful offers via an omnichannel communications platform won the business. While all of our major customers renewed their licenses with us in 2022, it is very encouraging to see renewed interest in long-term mandates after two challenging years.”
As of the date of this news release, Datable has signed 40 new agreements (same period in 2021 – 33 new agreements), which together with license agreements signed in prior periods amount to approximately $5.6 million in revenue under contract for 2022 and future periods, of which 60% is expected to be recognized as revenue in 2022. This includes approximately $5.2 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 product mix and an increase and expected improvements in operational efficiency.
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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