VANCOUVER, B.C. (August 4, 2022) – Datable Technology Corporation (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 announce that it signed an agreement for a two-year contract renewal (the “Agreement”) on August 2, 2022, covering the period ending on August 31, 2024.
The customer is the home entertainment division of a leading global media and technology company that operates business units that provide cable, entertainment (major motion pictures, television, and theme parks) and streaming services. The customer has been using PLATFORM3 since 2017 to host its loyalty and consumer data program. Datable also provides PLATFORM3 to the digital division of the global media and technology company which renewed its annual contract earlier this year (see press release dated February 17, 2022).
The Agreement pays Datable approximately $260,000 in license revenues, with additional revenues expected from transaction fees, rewards and upsells. Gross margin on the revenues is expected to be greater than Datable’s gross margin of 43% in the first quarter of 2022 due to the product mix.
“This customer uses our platform to reward consumers for loyalty and to collect, analyse and monetize consumer data. In fact, they have worked with us to upgrade our platform and add functional modules over the years” said Robert Craig, Datable’s CEO. “We are encouraged by their commitment for another two years based on the results we have helped deliver since they started with a small program in 2017. We look forward to working with them to continue delivering a compelling return on their budget and to expand the scale and scope of our mandate.”
Datable now has close to $4 million in revenue under contracts for 2022 and future periods, of which approximately $3.5 million is expected to be recognized as revenue in 2022. This includes over $3.5 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 the product mix.
For further information, please contact:
Datable Technology Corp.
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.