Vancouver, British Columbia (November 11, 2020) – Datable Technology Corporation (TSXV: DAC) (OTCQB: TTMZF) (the “Company” or “Datable”) announces it has signed a new agreement (the “Agreement”) to provide a license for PLATFORM³ and digital rewards for a leading consumer goods company. Datable provides an integrated suite of digital marketing applications sold as Software-as-a-Service (“SaaS”), its core product being PLATFORM³.
The Agreement will pay Datable approximately $182,000 plus transaction fees after meeting certain thresholds. The Agreement is for a leading provider of adhesive technologies, beauty care, laundry and home care products that has previously used PLATFORM³ to connect directly with consumers and reward them for purchasing products, while collecting valuable consumer data.
Under the Agreement the leading consumers goods company will launch a promotion where consumers across the U.S. will be rewarded with digital gift cards for purchasing a qualifying amount of their products at participating locations of a global retail chain. The promotion will commence in December 2020 and run until the end of January 2021.
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.
“2020 has been a breakthrough year for Datable despite the challenges we have all had to deal with in life and business. We appreciate this repeat business from a global consumer goods company,” said Rob Craig, CEO of Datable. “The fact that we have more than doubled contracted revenues during this crisis is a testament to the value we are providing to leading consumer brands. It is more important now than ever to reward consumers for loyalty and collect data that can be used to target meaningful offers. Based on our discussions with current and prospective customers, we are confident that we will build on our success this year with strong growth in 2021 as customers increase the scope and scale of the programs hosted on PLATFORM³.”
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.