Strong Revenue Growth Anticipated In 2021 as Platform Adoption Accelerates
CHICAGO, Feb. 24, 2021 /PRNewswire/ - Venzee Technologies Inc. (TSXV: VENZ) ("Venzee" or the "Company") an intelligent SaaS platform used for distribution of product information to any retailer globally, announces growing Mesh Connector™ sales and additional channel requests from a New York Stock Exchange-listed Fortune 1000 global hardware company with annual revenue in excess of $3 billion per year.
The client company is a complex enterprise with 22 subsidiaries. The client — a well-known brand in the home improvement and industrial market sector — began the onboarding process with the platform in early 2020 by testing two of more than 385 available Venzee Mesh Connectors™ for retail content distribution. Today, the client has activated 12 automated Mesh Connectors™ including specialty retailers Ace Hardware and the True Value Company, industrial distributor HD Supply, and home improvement retailer The Home Depot.
In addition, the client has expanded its retail distribution options with a Mesh Connector™ designed to automate product information syndication to thousands of legacy retailers around the globe using the standards-based GS1 GDSN data pool.
The client has also requested an additional 10 Mesh Connectors™ as part of their Q1 work orders.
According to John Abrams, CEO of Venzee Technologies, "Our platform's ability to satisfy the complex product content distribution requirements for this global manufacturer underscores the value our automated process unlocks for large, global brands."
Venzee's Mesh Connectors™, Abrams said, "Enable brands to unlock more retail sales channels in less time, with less cost, less labor, and fewer errors. Our technology is clearly being recognized across the industry and we are confident we will see significant revenue growth in 2021 as we execute on our operational goals."
Moving forward, the Company anticipates — through new clients and deeper penetration across existing engagements — it will be announcing, on a regular basis, additional sales of Mesh Connectors™ within brands and manufacturers who have deeply integrated Venzee's platform capabilities across their retail sales channel operations.
Radically simpler than alternatives, Venzee's Mesh Connectors™ are system agnostic and infinitely scalable.
By streamlining and automating the syndication and distribution of product information across any retailer selling channel, Venzee's Mesh Connectors™ provide brands with a competitive edge that accelerates time to market and maximizes cost-effectiveness.
Mesh Connectors™ make the tedious process of setting up thousands of individual retail channels for a single product a thing of the past for any brand, anywhere.
Separately, following approval from its Board of Directors, the Company announces it has granted 1,000,000 incentive stock options to Marc Bertrand for the right to purchase up to an aggregate of 1,000,000 common shares of the Company (the "Options"). The Options are exercisable at a price of $0.13 per share for a term of five (5) years. The terms of the Options granted are in accordance with the Company's Rolling Share Option Plan and vest over a period of two (2) years. The option grants are subject TSX Venture Exchange approval.
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.
To learn more about the Venzee platform, visit venzee.com
On Behalf of the Board,
John Sexton Abrams
President and CEO
Venzee Technologies, Inc.
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.