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Venzee strongly positioned to achieve annual sales and revenue objectives with 675 Mesh Connectors™ sold and over 5,000 active sales opportunities in the pipeline
CHICAGO, May 31, 2021 /CNW/ - Venzee Technologies Inc. (TSXV: VENZ) (OTCQB: VENZF) ("Venzee" or the "Company"), a "smart tech" Software as a Service (SaaS) platform used by Consumer Brands to move critical, consumer-facing product information to any global retailer, announced today financial results for the first quarter ended March 31, 2021. The unaudited condensed interim consolidated financial statements and related Management's Discussion and Analysis ("MD&A") can be viewed at https://investors.venzee.com/SEDAR-filings.
The Company will conduct a conference call discussing first quarter results on Tuesday, June 1, 2021 at 8:30 A.M. EST (5:30AM PST). Details for this call can be found below.
"I'm very excited about the progress we made at Venzee this quarter. We are growing rapidly and on track against the aggressive goals we laid out in 2019 as we pivoted away from a negative margin consulting business to a high profit software as a service operation and are now generating over 90% of revenue from our Mesh Connector technology," said Venzee CEO, John Abrams. "We reached 675 total Mesh Connector sales in Q1, a tenfold increase from the 65 total at the end of 2020, and plan to carry this momentum through the rest of the year. Our traction in capturing and retaining large global brands through an attractive pricing model designed to accelerate adoption of our platforms is key to our success."
Venzee currently has over 400 retail connections available on its platform, which enable simple scalability for consumer brands and manufacturers to connect to leading global retailers like Walmart, Home Depot and Amazon. In 2020, Venzee had approximately 100 pipeline opportunities at the end of the first quarter. Today, Venzee has over 5,000 sales opportunities in the pipeline with an objective to double that number by year end.
By the end of the first quarter of 2021, the Company reached 675 total Mesh Connectors™ sold, compared to 65 Mesh Connectors™ sold by the end of 2020. Venzee has over $8,000 in Mesh Connector™ revenue and intends to reach over $195,000 in recurring revenue by the end of 2021.
The Company reports first quarter results for the three month period ended March 31, 2021, including revenues of $8,750 (vs Q1 2020 - $25,787), a net loss of $657,072 (vs Q1 2020 - $447,808), and loss per share of $0.00 (vs Q1 2020 - $0.00).
Additional expenditures in sales and marketing were the primary contributing factors to the net loss increase during the three months ended March 31, 2021 compared to the prior year as the Company focused on expanding its partnerships and Mesh Connector™ base. General and administrative costs also contributed, with the addition of personnel, increased investor relations activities and stock-based compensation costs.
Radically simpler than alternatives, Venzee's Mesh Connectors™ are unique in the market, system agnostic and infinitely scalable. Venzee's intelligent platform offers partners and brands a reliable, machine-to-machine interface that accelerates the distribution of product information to any retail destination.
With nearly 400 major retail Mesh Connectors™ available to clients, Venzee has become an important tool in the simplification and automation of syndication processes for brands globally.
Conference Call Details
John Sexton Abrams, Chief Executive Officer, and Darren Battersby, Chief Financial Officer of Venzee Technologies, will discuss the results in a conference call and live audio webcast on Tuesday, June 1, 2021 at 8:30 A.M. EST (5:30AM PST) which will be followed by a Q&A segment.
Date: June 1st, 2021
Time: 8:30AM EST (5:30AM PST)
Register to view the live audio webcast at tinyurl.com/venz-0526.
North American Toll Free: 1-833-513-0552
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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 advantages. 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.