VANCOUVER, B.C. (February 19, 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 one-year license extension (the “Agreement”) with a leading global provider of solutions and equipment for turf maintenance, landscape, snow and ice management and irrigation (the “Customer”).
The Agreement represents approximately $200,000 in baseline license fees, which are expected to be recognized as revenue in 2020. The baseline license renewal represents a 47% increase over the previous agreement. 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 implemented a contractor loyalty program using PLATFORM3, to reward their key contractors for purchasing and consuming brand enhancing content,” said Rob Craig, CEO of Datable. “The renewal and increased commitment to PLATFORM³ recognizes the long-term value of our software platform to their relationship with contractors. We are working with this long-term Customer to further expand the scope of the program and value we provide.”
This agreement increases Datable’s 2020 baseline contracted licenses for PLATFORM³ to approximately $1.3 million from $1.1 million announced in the February 5th, 2020 press release. Based on progress year-to-date, Datable expects 2020 revenue to grow by over 100% and expenses to increase by approximately 10% compared to 2019. The Company expects to report revenues of approximately $1.5 million with gross margin of approximately 70% for the year ended December 31, 2019. Management anticipates making further similar SaaS license renewal 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.