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CHICAGO, Feb. 17, 2021 /CNW/ - Venzee Technologies Inc. (TSX-V: VENZ) ("Venzee" or the "Company") is pleased to announce it has appointed Mr. Marc Bertrand to the board of directors, effective immediately.
Mr. Bertrand was the founder, President and CEO of Mega Brands, which was acquired by Mattel Brands in 2014 for more than US $450M. MEGA Brands had net sales for fiscal year 2013 of US $405 million, and as a standalone company, ranked among the top 15 toy companies globally by sales according to statistics published by the market research company NPD in 2013.
"I am pleased to be joining John Abrams and his team on the Board of Directors as they scale the Venzee solution worldwide," stated Mr. Bertrand. "At Mega Brands, we worked with retailers in 100 countries and listed thousands of SKUs with them. When I learned how Venzee's artificial intelligence technology seamlessly connects manufacturers with omnichannel retailers, I quickly understood the cost reduction and speed to market benefits for brands like ours. Venzee has proven its business model with some of the largest brands in the world, validating their digital solution for the global supply chain."
Venzee's Mesh Connector™ technology solves a colossal retail supply chain problem. Its one-time product setup allows brands to instantly unlock more sales channels in less time, with less cost, less labor, and fewer errors.
Radically simpler than alternatives, Venzee's Mesh Connectors™ are system agnostic and infinitely scalable. By streamlining and automating the syndication of brand product information across retailer selling channels, Mesh Connectors™ provide brands with a competitive edge that accelerates time to market and maximizes cost-effectiveness. Venzee's Mesh Connector™ can make the tedious process of setting up thousands of individual retail channels for a single product a thing of the past.
"Mr. Bertrand, now a major shareholder, is an excellent addition to the team and brings an enormous wealth of experience in global retail trade and capital markets," said Mr. John Abrams, President and CEO of Venzee. "We strive to disrupt the archaic linear supply chain that has limited any brands' ability to scale their global distribution channels. By using the Venzee platform to displace inefficient manual processes, brand leaders like Marc are better equipped to scale sales globally. We are confident Marc's experience and network will bring significant value as we execute on our business objectives."
Additionally, the Company reports that at its recent annual general and special meeting of common shareholders, the Company's disinterested shareholders (those who are not insiders of the Company) approved the adoption of the "Omnibus Plan." The purpose of this omnibus long term incentive plan is to attract, retain and motivate key individuals. The aggregate number of shares allowed to be granted under the Omnibus Plan shall not exceed 16,800,000, which together, with any other security based compensation arrangement, shall not exceed 10% of the total of shares issued and outstanding, from time to time.
Please refer to the management information circular of the Company dated October 27, 2020, and filed on SEDAR at www.sedar.com under the Company's profile for a copy and summary of the Omnibus Plan.
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 Venzee, 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.