Vancouver, British Columbia (November 16, 2020) – Datable Technology Corporation (TSXV: DAC) (OTCQB: TTMZF) (the “Company” or “Datable”) announces it has launched a consumer rewards program for a leading global provider of household and industrial products (the “Customer”). The agreement (the “Agreement”) was signed with a leading advertising agency to provide a license for PLATFORM³ and digital rewards in April 2020 (see press release dated April 28, 2020). Datable Technology Corporation provides an integrated suite of digital marketing applications sold as Software-as-a-Service (“SaaS”), its core product being PLATFORM³.
Under the Agreement:
• Datable will provide software modules of PLATFORM³ and digital rewards to enable a program where consumers will be rewarded for purchasing a qualifying dollar amount of the Customer’s family care products at participating retailers in the U.S.
• The program was launched on November 4, 2020 and will end when all the rewards are distributed to consumers, which is expected to occur in early 2021. The initial stage of the program was initially set to be launched on June 1, 2020 and end on December 31, 2021, but was delayed due to logistics issues related to the COVID crisis.
• Datable will be paid US$776,677.50 (approximately CAD$1,087,000) in 2020 and 2021.
• In 2021, the budget for the program is projected to be an additional US$3,000,000 (approximately CAD$4.2 million).
“We are very encouraged by the hard work and commitment of the team to get our largest project to date launched in challenging times. The launch team includes key people from the Customer, the advertising agency, and Datable. Like most of our customers, this Customer sells most of its family care products through major grocery chains, convenience stores, and pharmacies, which are expected to remain open during the COVID crisis,” said Rob Craig, CEO of Datable. “Many of our customers have increased the scope and size of our agreements over 2020 and we expect that trend to continue into 2021. Our customers have large and growing budgets for digital marketing and are increasingly looking for solutions like PLATFORM³ that provide measurable ROI via attribution to purchasing. This Agreement is notable since it is our largest to date and because it is the first program we have signed for this Customer.”
Year-to-date in 2020, Datable has signed 32 new agreements, which together with license agreements signed in prior periods amount to contracted revenues of over $4.7 million, representing an increase of over 100% compared to contracted revenues in the same period in 2019. Approximately 45% of the contracted revenues are expected to be recognized in 2020, with the balance to be recognized in subsequent periods.
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 approximately $4.7 million in contracted revenues noted above only accounts for license and service fees and does not include any transaction fees.
For further information, please contact:
Datable Technology Corporation
Chief Executive Officer
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.