VANCOUVER, B.C. (September 9, 2022) – Datable Technology Corp. (TSXV: DAC) (OTCQB: TTMZF) (the “Company” or “Datable”), the developer of a proprietary, SaaS-based Consumer Lifecycle and Data Management Platform called PLATFORM3, is pleased to provide an update regarding the renewal signed earlier this year of an annual license agreement (the “Agreement”) with a leading digital media and entertainment company (the “Customer”). See the press release dated February 17, 2022.
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. This Agreement renews the license, which was set to expire in June 2022 for an additional year to June 2023.
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 2021, the Company invoiced the Customer for approximately $500,000 in SaaS license and transaction fees, an increase of 20% compared to 2020. In 2022, Datable expects to invoice the customer for more than $500,000, with over $300,000 in contracted revenues as of August 31, 2022. Gross margin for the Customer is expected to be greater than the 42 percent gross margin Datable reported for the six months ended June 30, 2022, due to the product mix.
As of August 31, 2022, Datable’s largest five customers, which accounted for over total revenues of $2,700,000 (an average of $550,000 each) in 2021, have all renewed their agreements with Datable and are expected to generate revenues in 2022 and 2023.
“This Customer has been using PLATFORM3 since 2016 to connect directly with consumers and reward them for purchasing the products of numerous leading consumer brands using online movie tickets as rewards while collecting valuable consumer data,” said Robert Craig, Datable’s CEO. “With theatres opening to full capacity, we are well positioned to help the Customer with its digital and bricks & mortar business lines. We are very encouraged by the renewals with our major customers in 2022, some of which have been customers since doing trial programs in 2018. We expect to sign a number of new customers in 2022 based on our track record and the growing number of successful case studies showing compelling ROI.”
Datable now has over $4.7 million in revenue under contract for 2022 and future periods, of which over $3.8 million is expected to be recognized as revenue in 2022. This includes over $4.3 million in contracted revenues and close to $400,000 in expected program fees from the Customer. Datable expects gross margin to be between 40% and 50% in 2022, depending on product mix.
For further information, please contact:
Datable Technology Corporation
Chief Executive Officer
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.