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CHICAGO, Aug. 29, 2022 /CNW/ - Venzee Technologies Inc. (TSXV: VENZ) (OTCQB: VENZF) ("Venzee'' or the "Company"), the artificial intelligence platform for product data transfer, announced today financial results for the three and six months ended June 30, 2022.
Reflected in the results are expenditure reductions related to changes in the Company's approach to sales and marketing. According to Venzee COO Peter Montross, "Maturation of go-to-market plans with key partners have allowed us to build more reliable sales and revenue plans with substantially less internal sales and marketing personnel."
Driven by capital market challenges, during the quarter, the Company also implemented a number of cost-cutting measures. These measures were implemented beginning in March 2022 and were fully effective in May. The reduction of cash burn is shown in the statement of cash flows when comparing "Cash used in operating activities" in Q1F2022 to Q2F2022.
Q1F2022 had a cash usage over $900,000 and Q2F2022 was below $400,000. The Company expects further reduction in cash usage in Q3F2022.
Revenue for the quarter reflected continued use of the Company's Mesh Connector™ product by two key partners progressing through operational testing with major retailers.
According to Venzee CEO John Abrams, "While user acceptance testing has taken longer than expected, our AI-driven content syndication advantage has proven highly functional and is the real-world validation we needed to accelerate revenue growth. With deeply invested partners and associated strong go-to-market plans, we expect consistent revenue growth in the coming quarters."
The Company reports – as combined revenue – both one-time implementation charges and recurring monthly fees for its Mesh Connector™ product. Reflected in the results are minor revenue reductions associated with the end of one-time implementation charges. The financial results for the second quarter ended June 30, 2022 are as follows:
In addition, the Company continued to receive funding support through its previously announced convertible debenture. Regarding the debenture funding, Mr. Abrams commented, "While global capital markets have seen unprecedented challenges this year, Venzee continued to attract investment to sustain operations and execute on the revenue growth opportunities in front of us."
The unaudited condensed interim financial statements and related Management's Discussion and Analysis (MD&A) can be viewed on SEDAR at www.sedar.com.
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
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.