VANCOUVER, B.C. (April 28, 2020) – Datable Technology Corporation (TSXV: DAC) (OTCQB: TTMZF) (the “Company” or “Datable”), announces it signed an agreement (the “Agreement”) with a leading advertising agency to provide a license for PLATFORM³ and digital rewards to a leading global provider of household and industrial products (the “Customer”). 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 is set to be launched on June 1, 2020 and will end on December 31, 2021.
• In 2020, Datable will be paid US$776,677.50 (approximately CAD$1,087,000).
• In 2021, the budget for the program is projected to be US$3,000,000 (approximately CAD$4.2 million).
“Signing the largest agreement in Datable’s history during these challenging times is a great validation of the ROI we are providing to leading consumer brands. PLATFORM³ enables companies selling household products, food, beverages and other essential goods to connect directly with consumers and reward them for in-store and online purchasing, while collecting valuable consumer data. One of the main drivers for our growth has been the modules we added in 2019 that help consumer brands manage and use the purchasing and demographic data collected during marketing programs,” said Rob Craig, CEO of Datable. “Like many of our customers, this Customer sells most of its family care products through grocery and convenience stores, which are expected to remain open during the COVID-19 crisis.”
Datable has over $3.1 million of baseline contracted revenues for PLATFORM³ as of April 28, 2020, with gross margin estimated to be 55% Baseline contracted licenses do not include transaction fees, which generate additional revenues in many of Datable’s agreements. Approximately 70% of the baseline contracted licenses are expected to be recognized as revenue in 2020 with the balance recognized in future periods.
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 compared to 68% in 2019 due to a change in the product mix. Datable’s progress in the first four months of 2020 has increased the Company’s confidence in this guidance.
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.