Datable Extends and Upsizes Digital Marketing Programs
VANCOUVER, BC, Nov. 24, 2020 /CNW/ - Datable Technology Corporation (TSXV: DAC) (OTCQB: TTMZF) (the "Company" or "Datable"), announces it has extended and upsized digital marketing programs for two customers that have been using PLATFORM³ since 2018.
Including these new agreements, year-to-date in 2020 Datable has signed 34 new agreements, which together with license agreements signed in prior periods amount to contracted revenues of approximately $5 million, representing an increase of over 100% compared to contracted revenues in the same period in 2019. Approximately 39% of the contracted revenues are expected to be recognized in 2020, with the balance to be recognized in subsequent periods.
Under the agreements Datable will be paid a total of approximately $287,000:
Under the Agreement, Datable may also generate additional revenue based on agreed upon and consumer activity milestones.
"The extension and upsizing of these agreements are a validation of the track record we have established with these customers starting in 2018, and of the improvements we have made to the functionality of PLATFORM³. The tools we have added that enable leading brands to use consumer purchasing data to automatically send targeted offers have enhanced customer ROI," said Rob Craig, CEO of Datable. "We are very encouraged that one of our largest customers has added theatrical releases to its license so they can reward consumers for getting back into movie theatres in 2021 when COVID restrictions are expected to relax."
Datable has several annual agreements where PLATFORM³ hosts an ongoing digital loyalty and rewards program. Datable is generally paid an annual license fee, service fees and transaction fees based on the number of times consumers validate purchases using PLATFORM³. The approximately $5 million in contracted revenues noted above only accounts for license and service fees and does not include any transaction fees.
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.
SOURCE Datable Technology Corp.
Company Codes: OTC-QB:TTMZF, TorontoVE:DAC
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