Venzee Technologies Provides Corporate Update
Venzee Technologies Provides Corporate Update |
| [30-November-2020] |
CHICAGO, Nov. 30, 2020 /PRNewswire/ - Venzee Technologies Inc. (TSX-V: VENZ) ("Venzee" or the "Company") is pleased to provide a corporate update to its shareholders.
Fiscal 2020 has been a transformative year for Venzee. The Company pivoted from a high-cost SMB (small and medium business) sales model and shed associated overhead, resources, and costs. The Company embraced - and successfully validated - a partner-driven sales model that has attracted more than a dozen large Fortune 500-ranked product manufacturers and well-known brands. Venzee primarily derives revenue through the sale of its Mesh Connector™ product to brands and manufacturers. Following a SaaS (Software as a Service) revenue model, the Company charges brands, on a monthly recurring basis, for each Mesh Connector™ they use. Venzee's Mesh Connector™ product provides any brand a single digital connection between their in-place Content Management Systems (including ERP, PIM, MDM, and DAM products) and their expansive global retail destinations (such as Amazon, Walmart, Mercado Libre, Home Depot, and many others). Mesh Connectors™ allow brands and manufacturers to upload and distribute critical data and product information in "real-time" to any retailer - displacing legacy manual processes that can take weeks or even months to complete. Chad Kaczmarek, Senior Director of Integrations at Venzee said, "To sell a product, brands have a choice - they can set up thousands of individual retail connections manually - using teams of people - or they can use Venzee, configure a single connection and endlessly expand their retail sales channels using our proprietary Mesh Connector™ technology. If retail scale, sales growth, and speed are important to a brand, Venzee is the obvious choice." In fiscal 2020 Venzee invested time and resources to build out retail connection "inventory" of more than 330 integrations - well above Company objectives for 2020. Across 14 active Fortune 500 client engagements, the Company currently has more than 412 Mesh Connector™ opportunities. In Q4 2020, the Company commenced activating these Mesh Connector™ requests which will result in revenue growth in the quarter and positions the Company to become cash flow positive in 2021. Venzee has established sales targets for fiscal 2021 and 2022 relative to the number of active, revenue-producing Mesh Connectors™. Across sales partners and brands active on its platform, the Company has a Mesh Connector™ TAM (total addressable market) of more than 13,500. Within that attractive TAM, the Company has a significant, active, and accelerating sales pipeline of Mesh Connector™ opportunities for the foreseeable future. John Abrams, Venzee CEO said, "2020 was a pivot year for our company and we are grateful for our supportive shareholders. With strong engagement from a growing set of sales partners and large, global brands, our intelligent retail platform and ability to connect to any retailer positions us to deliver strong results and tremendous growth in line with our ambitious plans for fiscal 2021." About Venzee Technologies, Inc. Venzee (TSX-V VENZ) is a technology platform used by Global Brands to speed products to market and create competitive supply chain advantage. Venzee displaces costly, labor-intensive last-mile retail processes with a low-cost intelligent platform solution. We believe intelligent supply chain functionality is inevitable and will significantly benefit growers, makers, brands, sellers, regulators, and consumers. At Venzee, we're building the foundation for a future where seamless, accurate, automated data flow simplifies processes, removes friction, and creates value for all those that rely on the myriad of data and information surrounding any product, anywhere. Venzee's mission is to unlock shareholder value by creating intelligent technology that removes friction from the global supply chain. Our products disrupt and displace inefficient manual processes in favor of integrated, machine-driven solutions. Rethinking Supply Chain Podcast Now available on Apple, Spotify, and other Podcast services, Venzee CEO, John Abrams, shares his expertise from years of work in the global supply chain - alongside other industry experts. On the show, we dive into all aspects of the supply chain. We discuss the history of the supply chain, how it is changing, and what makes for a resilient supply network in today's rapidly changing world. To learn more about Venzee, visit venzee.com On Behalf of the Board, John Sexton Abrams Forward-Looking Information This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the terms of the Offering, the completion of the Offering and the expected use of the net proceeds received by the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company's management's discussion and analysis for the year ended December 31, 2018, and the quarter ended August 29, 2019, which are available under the Company's SEDAR profile at www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws. Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Venzee Technologies Inc. | ||
Company Codes: TorontoVE:VENZ |
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