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Mesh Connector™ deployment now underway will simplify content syndication for enterprise clients with thousands of home furnishing products sold through major North American retailers
CHICAGO, March 11, 2021 /CNW/ - Venzee Technologies Inc. (TSX-V:VENZ) ("Venzee" or the "Company") an AI-driven platform used for distribution of consumer-facing product information to retailers, announces today additional block sales of its Mesh Connector™ product and additional channel requests from two well-recognized home furnishing manufacturers with extensive North American retail networks.
Both clients began testing Venzee Mesh Connectors™ in early 2020 and expanded beyond test to a limited set of paid connections by late last year. With operational testing complete, both clients began to expand use of the Venzee platform early in 2021 and have purchased a combined 21 Mesh Connectors™ to date.
With nearly 400 unique retail channels available to clients through Venzee's proprietary Mesh Connectors™, both clients are now planning to satisfy content distribution to their "Top 50" retail destinations by mid-year.
Venzee Executive Vice President Peter Montross said, "Both brand clients expressed a strong desire to find a modern alternative to traditional product content syndication processes. They were dissatisfied with non-Venzee alternatives that can be slow, costly, and prone to error. The positive feedback from these clients indicates the Venzee platform is viewed as a far better approach and allows these clients to quickly get accurate product information syndicated to all of their key retailers."
According to John Abrams, CEO of Venzee Technologies, "The beauty of our SaaS business model is that it generates long-term recurring monthly revenue. So, the lifetime value of a customer is an important metric for us. As we evaluate our progress internally, we know customers such as those announced today will build their processes around our platform and will ensure our lifetime value metric becomes a very substantial number and the cornerstone for the sustainable value we are building for our shareholders."
Mr. Abrams added, "We entered 2021 with an aggressive performance plan focused on Mesh Connector™ sales growth. With clients now purchasing connectors in blocks of 10, 15, 20, or more, we believe we are in a good position to achieve our quarterly and full year goals."
Venzee has consistently met the Key Performance Indicators (KPIs) that continue to push the Company toward its target of 250 Mesh Connectors™ sold by the end of Q1 2021.
Through new clients and deeper penetration across existing engagements, the Company anticipates 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.
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,
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.