VANCOUVER, British Columbia (March 1, 2021) – Datable Technology Corporation (TSXV: DAC) (OTC Pink: TTMZF) (the “Company” or “Datable” or “DTC”), a software company that provides a marketing automation platform called PLATFORM³ to global consumer brands, announces that it has renewed its license agreement with a leading digital media and entertainment company (the “Customer”). The Customer is the digital division of a leading global media and technology company, which owns and operates business units that provide cable, entertainment (major motion pictures, TV broadcasting, and theme parks) and streaming services. In 2020 Datable signed agreements with the Customer and its affiliates that are expected to result in about $1.2 million in revenues in 2020 and subsequent periods.
The one-year renewal includes a software-as-a-service (SaaS) license for approximately $140,000 plus transaction fees based on the number of programs and consumer engagements hosted by PLATFORM³. In 2020, the Company invoiced the Customer for approximately $400,000 in SaaS license and transaction fees and expects an increase in 2021.
“This Customer has been using PLATFORM³ since 2018 to connect directly with consumers and reward them for online purchasing of movie tickets while collecting valuable consumer data,” said Robert Craig, Datable’s CEO. “In 2020 we helped the Customer facilitate a transition to providing rewards to consumers for streaming movies after theatres shut down due to COVID. We also provide PLATFORM³ to affiliates of the Customer that produce and distribute major motion pictures and that distribute blue-rays and streaming after the movies have completed their theatrical releases. This long-term and growing customer is another validation of the return on investment we are driving for major global brands as they seek direct connections with consumers to generate incremental revenues and loyalty.”
Datable now has close to $3.5 million in contracted revenue for 2021 and future periods, of which over $3 million is expected to be recognized as revenue in 2021. Datable expects gross margin to be about 55% in 2021. Contracted revenues do not include projected transaction fees. The Customer was invoiced for over $250,000 in transaction fees in 2020, and was the Company’s largest source of transaction fees in 2020.
For further information, please contact:
Datable Technology Corp.
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 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.