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Datable Technology Corporation

TSXV Exchange | Aug 6, 2020, 11:19 AM EDT | Real-time price

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Datable Signs Three License and Rewards Agreements

Canada NewsWire

VANCOUVER, B.C., July 30, 2020 /CNW/ - Datable Technology Corporation (TSXV: DAC) (OTCQB: TTMZF) (the "Company" or "Datable"), announces it has signed three new agreements (the "Agreements") to provide licenses for PLATFORM³ and digital rewards to leading consumer goods companies. Datable Technology Corporation provides an integrated suite of digital marketing applications sold as Software-as-a-Service ("SaaS"), its core product being PLATFORM³. The three agreements will pay Datable approximately $184,000, plus transaction fees after meeting certain thresholds.

Under the Agreements, Datable will provide software modules of PLATFORM³ and digital rewards to enable programs where consumers will be rewarded for purchasing a qualifying dollar amount of consumers products at retailers in the U.S, and Canada:

  • A leading developer and distributor of vaping products has renewed its annual subscription to PLATFORM³, for an additional two years starting in July 2020, to continue its loyalty and rewards program in the U.S.;
  • Consumers in Canada will be rewarded with a movie download provided by a national cinema chain for purchasing the products of a one of the world's largest manufacturers and distributors of chocolate products in a program running from August 2020 until November 2020;
  • A U.S. based national producer and distributor of packaged meat products will launch a two month marketing program in September 2020, under which consumers in the U.S. who purchase a qualifying amount of the company's products will be entered into a sweepstakes to win valuable prizes.    

"PLATFORM³ is being used by some of our customers under long-term licenses where they build loyalty with consumers while collecting data that enhances product development and marketing.  Other customers use our solution to launch multiple short-term marketing programs to drive incremental sales and launch new products," said Rob Craig, CEO of Datable.  "These new agreements are with repeat customers who have had success using PLATFORM³ to achieve their goals."

Datable previously provided guidance that revenue will grow by over 100% in 2020 with expenses increasing by about 10%, compared to 2019 (see press release dated February 5, 2020). Datable expects gross margin to be about 55% in 2020. Datable's progress in year-to-date 2020 has increased the Company's confidence in this guidance.

Year-to-date in 2020, Datable has signed 23 new agreements, which together with existing license agreements signed in prior periods represent contracted revenues of over $3.6 million of which approximately 60% expected to be recognized in 2020. This includes the largest agreement in Datable's history under which a leading provider of household products has contracted for approximately $1,000,000 in license fees and rewards in 2020 with a projected increase to over $4 million in 2021. (See press release dated April 28, 2020)

Datable has several annual agreements where PLATFORM³ hosts an ongoing digital loyalty and rewards program. Datable is generally paid an annual license fee, service fees and transaction fees based on the number of times consumers validate purchases using PLATFORM³. The over $3.6 million in contracted revenues noted above only accounts for license and service fees and does not include any transaction fees. 

About Datable Technology Corporation

Datable has developed a proprietary, mobile-based consumer marketing platform – PLATFORM3 – that is sold to global Consumer Packaged Goods ("CPG") companies and consumer brands. PLATFORM3 is delivered as a subscription service (Software as a Service model) and used by CPG companies to engage consumers, reward purchases and collect valuable consumer data. PLATFORM3 incorporates Artificial Intelligence and Machine Learning 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.

Cision View original content: http://www.newswire.ca/en/releases/archive/July2020/30/c5115.html

Datable Technology Corporation, Robert Craig, Chief Executive Officer, (604) 639-5441, rcraig@3tl.comCopyright CNW Group 2020

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