VANCOUVER, B.C. (February 25, 2020) – Datable Technology Corporation (TSXV: DAC) (OTCQB: TTMZF) (the “Company” or “Datable”), a software company that provides a marketing automation platform called PLATFORM³ to global consumer brands, announces that it has signed a two-year license extension (the “Agreement”) with one of the world’s largest media and entertainment conglomerates (the “Customer”).
The Agreement represents approximately $720,000 in baseline license fees, about $500,000 of which is expected to be recognized as revenue in 2020, with the balance to be recognized by Datable in 2021 and 2022. The baseline license renewal represents a 600% increase over the previous agreement announced on March 8th, 2017, including a 400% increase for 2020. Under the Agreement, Datable may also generate additional revenue based on agreed upon and achievable consumer activity milestones.
“Over the last two years the Customer has driven incremental revenues and measurable ROI using PLATFORM³ to connect directly with consumers and reward them for interacting with and purchasing content, while collecting valuable consumer data,” said Rob Craig, CEO of Datable. “The renewal and significantly larger commitment to PLATFORM³ recognizes the long-term value of our software platform to their brand strategies. Recently launched Dynamic Messaging and Retargeting modules are helping our Customer to even better monetize consumers based on purchase behaviour, content viewed and demographic data.”
This agreement increases Datable’s 2020 baseline contracted licenses for PLATFORM³ to approximately $1.8 million from $1.1 million announced in the February 5th, 2020 press release. The current baseline contracted licenses is already more than total revenue expected to be recognized during FY2019. Management anticipates making further license renewal and new customer announcements shortly.
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.