June 11, 2020
Vancouver, BC – Venzee Technologies Inc. (TSX-V: VENZ) (the “Corporation” or “Venzee”) responding to a marked increase in demand for retail channel connections, today announced a set of process and technology changes that facilitate more rapid retail “plug & play” connections and enhanced workflow capabilities to satisfy manufacturer demand.
Built to leverage modern Machine Learning and AI tools, the Venzee platform operates in the critical “last mile” of supply chain – automating the flow of digital product information from brands and manufacturers to their retail partners.
The Company has previously reported a significant number of available retail channel connections. However, with global supply chain challenges accelerating in March, requests from brands for more automation of retail channel connections resulted in a channel backlog.
In response to the backlog, the Company has added additional resources and automation workflows that simplify Venzee’s Internet-standard retail integration model.
According to Chad Kaczmarek, Sr. Director of Integrations at Venzee, “With the changes we have implemented – and announced today – we can more quickly respond to new retail channel requests and can reduce our existing backlog of more than 400 channels.”
Beginning in July, the Company will issue metrics indicating retail channel connections and operational progress against its retail channel backlog. The Company expects to satisfy existing demand and all new retail channel requests in stages over the next six months and will reflect status in future reporting.
Said Mr. Kaczmarek, “While operating with some level of channel backlog is normal, demand for automated retail content distribution surged during the early stages of the COVID-19 pandemic and we were not prepared for that level of demand. The technology improvements we have now implemented better equip Venzee to meet existing and future demand for retail channel integration.”
John Abrams, CEO of Venzee added, “Most of the content distribution solutions in the market today struggle to integrate beyond a handful of retail connections. The Venzee platform was designed to provide integration to many thousands of retailers.”
Rethinking Supply Chain Podcast
Now available on Apple and Spotify, Venzee CEO, John Abrams, shares his expertise from years of work in the global supply chain – alongside other industry experts. On the show, we dive into all aspects of the supply chain. We discuss the history of the supply chain, how it is changing, and what makes for a resilient supply network in today’s rapidly changing world.
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 process, 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 Venzee, visit https://venzee.com/
On Behalf of the Board,
John Sexton Abrams
President and CEO
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.
For further information: Venzee, Investor Relations, Caleb Jeffries, Kin Communications Inc., 1-866-684-6730, VENZ@kincommunications.com