VANCOUVER, B.C. (December 1, 2022) – Datable Technology Corporation (TSXV: DAC) (OTC Pink: TTMZF) (the “Company” or “Datable” or “DTC”), the developer of a proprietary, SaaS-based Consumer Lifecycle and Data Management Platform called PLATFORM3, is pleased to announce it signed a one-year agreement (the “Agreement”) with a leading worldwide provider of innovative turf, landscape, rental and construction equipment, and irrigation and outdoor lighting solutions, helping customers care for golf courses, sports fields, public green spaces, commercial and residential properties, and agricultural fields. (the “Customer”) on November 29, 2022.
The Customer has licensed PLATFORM3 since 2017, starting with a trial program and expanding the scale and scope of the Datable’s contract to host its contractor and consumer loyalty and consumer data program. Over the last two years, Datable has generated an average of about $350,000 per annum in revenues from the Customer including license fees and related products and services.
Under the Agreement, Datable will be paid a license fee of approximately $97,000 over a one-year period ending on November 30, 2023 and will also earn additional fees for related products and services, expected to be consistent with prior years. The Customer uses PLATFORM3 to reward its contractors and customers for purchasing products and for supporting their brand while collecting valuable consumer data that is analyzed and monetized using Datable’s platform.
“This renewal is a testament to the value we are providing to major enterprises. This long-term customer renewed for six months earlier this year and now feels confident to renew for a full year. With this agreement we have renewed all of our large customers in 2022,” said Rob Craig, CEO of Datable. “In addition to renewing licenses with long-term customers, we are seeing increasing interest from new customers that have survived the last few challenging years are looking for marketing solutions with proven ROI. We announced a two-year license with one of largest global agriculture companies in November and as we build our customer base for renewed growth in 2023.”
As of the date of this news release, Datable has signed 41 new agreements, which together with license agreements signed in prior periods amount to approximately $5.9 million in revenue under contract for 2022 and future periods, of which 55% is expected to be recognized as revenue in 2022. This includes over $5.5 million in contracted revenues and close to $400,000 in expected program fees from customers. Datable expects gross margin to be between 40% and 50% in 2022, depending on product mix and an increase and expected improvements in operational efficiency.
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Datable Technology Corp.
About Datable Technology Corporation
Datable has developed PLATFORM3 a proprietary Consumer Lifecycle and Data Management Platform that is sold to global consumer brands. PLATFORM3 is delivered as a subscription service (Software as a Service model) and used by some of the worlds’ most valuable consumer brands to access new consumer communities and engage them while collecting, analyzing, and managing their first-party 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.