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Venzee Technologies Files First Quarter 2022 Financial Results

CHICAGO, May 30, 2022 /CNW/ - Venzee Technologies Inc. (TSXV: VENZ) (OTCQB: VENZF) ("Venzee'' or the "Company"), the artificial intelligence platform for product data, announced today financial results for the three months ended March 31, 2022.

The unaudited condensed interim financial statements and related Management's Discussion and Analysis ("MD&A") can be viewed on SEDAR at www.sedar.com.

The Company will conduct a conference call discussing 2022 first-quarter results on Tuesday, May 31, 2022, at 10:00 A.M. CST (8:00 A.M. PST). Details for this call can be found below.

John Abrams, CEO of Venzee Technologies, said, "Although revenue remained insignificant, during the quarter testing and integration work for large volume contract clients continued. We expect our contract clients will convert to revenue generation in line with our full-year activation plans."

Relative to financial results, for the three months ended March 31, 2022:

  • Revenues were $10,375, up 19% from $8,750 in Q1 F2021.
  • Net losses of  $1,008,696 compared to net losses of $657,072 in Q1 F2021 ($0.00 and $0.00 loss per share respectively).
Details for Quarterly Conference Call on May 31, 2022

Date: May 31, 2022
Time: 10:00 AM CST (8:00 AM PST)

Conference ID: 33759728
Dial-in Number: (+1) 888 396 8049
Register to view the live audio webcast at: https://app.webinar.net/D5qRlqzAk0a

About Venzee Technologies, Inc.

Venzee (TSXV: VENZ) (OTCQB: VENZF) is the leading artificial intelligence platform for product data used by global brands to speed time to market and create competitive supply chain advantages. Venzee's intelligent platform automates inefficient last-mile retail processes with a frictionless, machine-driven solution for sending and receiving product data.

Venzee believes intelligent supply chain functionality is inevitable and will significantly benefit growers, makers, brands, sellers, regulators, and consumers. Venzee is 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 unlocks shareholder value by carrying out its mission to create intelligent technology that removes friction from the global supply chain. Its Mesh Connector™ product disrupts and displaces inefficient manual processes in favor of integrated, machine-driven solutions.

To learn more about the Venzee platform, visit venzee.com

LinkedIn: linkedin.com/company/venzee-inc/
Podcast: https://www.rethinkingsupplychain.com/

Forward-Looking Information

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 Note 9 of the audited December 31, 2021 and 2020 financial statements and in the December 31, 2021 MD&A, which can be found 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.

For further information: Peter Montross, Chief Operating Officer, Venzee Technologies, Inc.; Annie Dysart, Director of Marketing, Venzee Technologies, Inc., ir@venzee.com, 888-359-8110