VANCOUVER, B.C. (September 2, 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 (the “Agreement”) on August 31, 2022, with a global consumer goods company for a two-year renewal.
The customer first licensed PLATFORM3 in 2021 under a one-year agreement to host its loyalty and consumer data programs for its U.S. incontinence brand. The two-year agreement covers the period ending July 9, 2024 and pays Datable close to $300,000 in SaaS license fees and rewards, with upside based on incremental transactions and programs. The gross margin on the revenues is expected to be more than Datable’s gross margin of 43% in the first quarter of 2022 due to the product mix.
“This renewal and extension of our agreement is a further validation of the ROI our platform is providing to global consumer goods companies,” said Robert Craig, Datable’s CEO. “This two-year renewal into 2024 provides us an opportunity to build on the consumer data driven programs we delivered in the initial one-year license. There is a significant upside in this relationship since we are currently contracted with only one of their 32 global brands.”
Datable now has over $4.7 million in revenue under contracts 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 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 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.