VANCOUVER, Nov. 19, 2018 /CNW/ - Venzee Technologies Inc. (TSX-V:VENZ) ("Venzee" or the "Company") the most advanced platform for the distribution of consumer-relevant product information, is pleased to announce its financial results for the three and nine months ending September 30, 2018. The Company is pleased to show quarter on quarter revenue growth 56%, rising to $74,202 from $47,480. The financial highlights are as follows:
The Company is also pleased to highlight recent key developments:
Appointed Peter Mackay to the position of President and Director, filling the vacancies created by the departure of Ms. Hiscox and Mr. Sylvestre respectively. Our CFO, Issa Nakhleh, filled the vacancy for the Corporate Secretary position. Both Founders, Ms. Hiscox and Mr. Sylvestre have entered into voluntary lock-up agreements that will extend the current TSXV imposed escrow release of their holdings. Currently, both founders hold approximately 13.5 million shares of Venzee, or 22% of the outstanding total. All of these shares will now be restricted from any trading, unless approved by the Company's Board of Directors, until September 27, 2019. At that date, 55% of their holdings will be free trading and the balance will be released in 15% increments starting January 2020 and each 6 months thereafter;
Executed a second channel partnership agreement with a Product Information Management provider ("PIM") based out of Europe, expanding Venzee's geographic reach to the European Union. The channel partner will refer Venzee technology to its clients looking for content transformation and distribution solution for content distribution to their retail partners. This partnership will leverage the Mesh API platform for high volume product manufacturers, large retailers, and global distributors to integrate their existing content systems with an increasingly challenging retail landscape;
Introduced a pay-per-SKU submission-based revenue model, which provides Small and Medium Sized Businesses ("SMBs") with more flexible pricing options for our entry-level product content distribution products. This pricing model will allow every retailer and supplier, regardless of size, to access sophisticated content distribution workflow tools;
Signed a third Channel Partner, Mobius Knowledge Services, who will integrate Venzee's Mesh API into their Product Information Management platform ("PIMworks") for Venzee to upload accurate, relevant product content to various retailers their clients use for product distribution. Mobius is a trusted data solutions partner to 50+ Forbes 2000 companies, offering data enrichment, data aggregation, online retail services such as product cataloging, minimum advertised price ("MAP") monitoring and products such as ProductiWise and PIMworks. Mobius delivers over 62M records a month for their customers across 12 industries globally. The partnership delivers value-added services to the Mobius platform allowing a revenue share from the Mobius clients that use Venzee's Mesh technology.
Since February, the Company has developed a Channel Partner Program which provides a modern, efficient, and direct path to detailed, relevant, and actionable product information for technology partners. Venzee's Channel Partner Program offers brands, manufacturers, retailers, and distributors an open, API-based, system-agnostic content distribution platform. Venzee offers advanced workflow technology to complement and extend Content Management System (CMS), Enterprise Resource Planning (ERP), and other platforms common in complex organizations.
Venzee's intense focus on using innovative technology to automate process and remove content distribution friction aligns with and supports the implied promise of "end-to-end" content availability made by traditional content management platforms serving the vast majority of enterprise-class manufacturers, retailers, and distributors.
To date, Venzee has three signed Channel Partners from a funnel of 31 opportunities that are all under discussion.
"Brands now know that if they can't efficiently move authentic product information to consumers, consumers will make alternative purchase decisions," stated John Abrams, Vice President for Partner Development. "As a result, brands, manufacturers, and their retail partners are demanding modern, network-connected platforms that enable deep consumer engagement with products - anytime, anywhere, at any level of detail. Venzee, through its Channel Partner Program, uniquely provides the direct system integration, connectivity, workflow, and content distribution brands, manufacturers, and their retail clients demand."
The Channel Partner Program has exceeded expectations and has resulted in a handful of previously announced contractual engagements.
"What is more exciting is that the number of active proof of concept projects underway with prospective partners continues to accelerate and expand well beyond North America," stated Peter Mackay, President and CEO. "Whilst we knew this was an industry need, we did not fully appreciate how acute the pain in large, global, established brands."