Vancouver, BC – August 29, 2018 - Venzee Technologies Inc. (TSX-V:VENZ) (“Venzee” or the “Company”) is pleased to announce its financial results for the three and six months ended June 30, 2018. Revenues for the quarter were $47,480 (2017 - $40,894), an 80% increase over the first quarter of this year.
During the quarter, the Company advanced its business strategy on several fronts, specifically:
• Reinforced its API (application programming interface) technology, Mesh, for content distribution, in anticipation of impending client partnerships. The Mesh API enables data to flow seamlessly across disparate systems for any database, in any industry, across any system limitation, enabling digitized data aggregation and distribution and automatic transformation of data to meet endpoint requirements.
• Filed a patent to protect its Mesh API, an industry first, designed to be future proof by including support for Blockchain technology, which is seeing increasing adoption by industry leaders
• Advanced discussion with more than 30 potential enterprise channel partners, of which 2 have signed strategic agreements. Many of these potential partners have a strong market share in their respective verticals in North America. Venzee's channel partners are primarily technology-focused companies and global system integrators, such as Product Information Management (PIM), Content Management System (CMS), Digital Asset Management (DAM), Enterprise Resource Management (ERM), and Master Data Management (MDM) and many more, which benefit by providing Venzee's solutions to their current and future customers.
• Venzee entered into a definitive partnership agreement with Lansa (www.lansa.com) to bring together Lansa’s PIM solutions with Venzee’s data distribution capabilities. The combined efforts will provide a comprehensive content solution for companies looking to organize and optimize product information and efficiently and effectively distribute that product information to their retailers and distributors outside of the Global Data Synchronization Network.
• Appointed Issa Nakhleh as Chief Financial Officer. Previously, Mr. Nakhleh worked as the CFO with companies such as UrtheCast and TIR Systems, both TSX listed public technology companies, overseeing substantial revenue growth at both of those companies.
In addition, Kate Hiscox, Venzee’s President will be transitioning to the role of Advisor. Peter MacKay will assume the title of President and CEO. Kate will continue to support the leadership team and specifically Mr. MacKay in his expanded role "Venzee is a great company with sought after technology that is apparent in the amazing progress being made in enterprise partnerships" said Kate Hiscox. “I am looking forward to focusing on my new role, advising the leadership team, that are well qualified to manage the day to day operations of Venzee.”
“I am delighted with the progress we have made with some of industries largest and most trusted technology partners in these past 6 months, including our partnership with Lansa. These are critical to the strategic growth of Venzee”, stated Peter MacKay, President and CEO.
“There has been a delay in getting the pull through from these strategic partnerships, impacting on our revenue growth, however we expect to see the start of this pull through from the key partnerships signed within the couple of quarters. We are committed to our mission to create seamless data automation throughout the entire supply chain working closely with these partners. Retail and supply chain need a solution to product content syndication and Venzee is being recognized as the answer at companies of all sizes."