VANCOUVER, BC, Aug. 9, 2022 /CNW/ - 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 one-year contract renewal (the "Agreement") on August 5, 2022, covering the period ending on July 8, 2023.
The customer is a leading manufacturer and distributor of consumer-centric and compliance driven solutions and products that has been using PLATFORM3 since 2019 to host its loyalty and consumer data program. The Agreement pays Datable approximately $170,000 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.
"We have worked with this customer since 2019 and been building a valuable database of consumers who engage with their brands via PLATFORM3 driving incremental sales and brand awareness," said Robert Craig, Datable's CEO. "Consumer goods companies that license PLATFORM3 under our annual and multi-year SaaS agreements have very high renewal rates because we deliver quantifiable ROI by helping leading brands monetize first-party opt-in consumer data."
Datable now has over $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 $3.7 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.
Further to the Company's news release of June 20, 2022, the Company has extended the outside date for the completion of the closing of its private placement of units to September 4, 2022.
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.
SOURCE Datable Technology Corp.
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