VANCOUVER, BC, Sept. 9,
2022 /CNW/ - 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.
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.