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Venzee Technologies Inc. has started trading publicly on the TSX Venture Exchange under the symbol VENZ.
Venzee's cloud-based platform uses artificial intelligence to automatically turn product information from suppliers and manufacturers into the requirements of retailers, removing an unnecessary and labour-intensive step in their work flow.
Companies in various countries, including global retailers, household brands and up-and-coming retailers selling through Shopify and Amazon, have signed up to Venzee to automate their processes.
"Venzee is systematically revolutionizing the way e-commerce does business, saving retailers and vendors time and money," said Kate Hiscox, founder and president at Venzee. "From automatic product feeds to content generation, we're constantly innovating technology that gets products on-line and into the marketplace fast."
In the past six months, Venzee has raised more than $10-million to expand product development, sales and marketing efforts. "Two thousand eighteen is all about growth, and we've made some key changes, including to our senior sales team. This allows us to put the right talent and expertise into sales leadership," said Ms. Hiscox.
Venzee has appointed Vancouver-based Kin Communications Inc. as its investor relations firm. "At Kin, we understand that each public company has its unique strengths, challenges and business objectives. We're passionate about the Venzee story, and the technology they have developed and can be leveraged for retail supply chain management," said Arlen Hansen, president and chief executive officer at Kin Communications.
Kin will be paid $10,000 per month for an initial term of 12 months and $10,000 per month on a month-to-month basis thereafter, and will be granted 400,000 stock options of the company, exercisable at $1.32 per share pursuant to the company's stock option plan. The options will vest over a period of two years, with an initial vesting of 25 per cent in six months and additional 25 per cent vesting every six months thereafter, subject to an acceleration after 12 months if the agreement is terminated by the company. The options will be exercisable for a period of five years. The agreement and the grant of options are subject to the approval of the TSX-V. The company has been advised that Kin and its principals own 875,000 common shares and 25,000 share purchase warrants of Venzee.
The company also announces the grant of 600,000 incentive stock options to certain of its directors and officers under the company's stock option plan. The options are exercisable for a period of five years at a price of $1.32 per share.