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With a Strong Cash Position, No Debit, Growing Mesh Connector™ Sales, Venzee is Well-Positioned to Deliver on 2021 Objectives
CHICAGO, April 1, 2021 /CNW/ - Venzee Technologies Inc. (TSX-V: VENZ) ("Venzee" or the "Company") a smart tech platform that automates the distribution of consumer-facing product information to retailers, is pleased to announce the Company has received over $1.6M from the exercise of warrants in Q1 2021.
According to Venzee Technologies COO, Peter Montross, "In addition to the $2.1M in financing closed last December, this additional $1.6M puts Venzee in a very strong cash position to deliver on its 2021 objectives. We continue to meet our internal sales projections while growing our sales pipeline at an accelerated pace."
Mr. Montross continued, "As we continue to win business from Fortune 100 companies, our brand is becoming more widely recognized and respected in the digital supply chain, leading to further sales opportunities and growth. We believe 2021 is going to be a very rewarding year and wish to thank our supportive shareholders who have believed in our vision of becoming the dominant solution for product syndication around the world."
Additionally, and following approval from its Board of Directors, the Company has announced it has granted incentive stock options to directors, officers, employees and consultants for the right to purchase up to an aggregate of 2,600,000 common shares of the Company (the "Options").
The Options are exercisable at $0.20 per share for a term of five years. The terms of the Options granted are in accordance with the Company's Rolling Share Option Plan approved by shareholders at the Annual General Meeting in December 2020. The Options will vest over a two year period and are subject to Exchange approval.
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's Mesh Connector™ technology 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.
Kin Communications, 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.