Vancouver, BC – Venzee Technologies Inc. (TSX-V: VENZ) (the “Corporation” or “Venzee”), ) is pleased to announce its financial results for the three and six months ended June 30, 2018. Revenues for the quarter were $47,480 (2017 – $40,894), an 80% increase over the first quarter of this year.
During the quarter, the Company advanced its business strategy on several fronts, specifically:
• Reinforced its API (application programming interface) technology, Mesh, for content distribution, in anticipation of impending client partnerships. The Mesh API enables data to flow seamlessly across disparate systems for any database, in any industry, across any system limitation, enabling digitized data aggregation and distribution and automatic transformation of data to meet endpoint requirements.
• Filed a patent to protect its Mesh API, an industry first, designed to be future proof by including support for Blockchain technology, which is seeing increasing adoption by industry leaders.
• Advanced discussion with more than 30 potential enterprise channel partners, of which 2 have signed strategic agreements. Many of these potential partners have a strong market share in their respective verticals in North America. Venzee’s channel partners are primarily technology-focused companies and global system integrators, such as Product Information Management (PIM), Content Management System (CMS), Digital Asset Management (DAM), Enterprise Resource Management (ERM), and Master Data Management (MDM) and many more, which benefit by providing Venzee’s solutions to their current and future customers.
• Venzee entered into a definitive partnership agreement with Lansa (www.lansa.com) to bring together Lansa’s PIM solutions with Venzee’s data distribution capabilities. The combined efforts will provide a comprehensive content solution for companies looking to organize and optimize product information and efficiently and effectively distribute that product information to their retailers and distributors outside of the Global Data Synchronization Network.
• Appointed Issa Nakhleh as Chief Financial Officer. Previously, Mr. Nakhleh worked as the CFO with companies such as UrtheCast and TIR Systems, both TSX listed public technology companies, overseeing substantial revenue growth at both of those companies.
In addition, Kate Hiscox, Venzee’s President will be transitioning to the role of Advisor. Peter MacKay will assume the title of President and CEO. Kate will continue to support the leadership team and specifically Mr. MacKay in his expanded role.
“Venzee is a great company with sought after technology that is apparent in the amazing progress being made in enterprise partnerships” said Kate Hiscox. “I am looking forward to focusing on my new role, advising the leadership team, that are well qualified to manage the day to day operations of Venzee.”
“I am delighted with the progress we have made with some of industries largest and most trusted technology partners in these past 6 months, including our partnership with Lansa. These are critical to the strategic growth of Venzee”, stated Peter MacKay, President and CEO. “There has been a delay in getting the pull through from these strategic partnerships, impacting on our revenue growth, however we expect to see the start of this pull through from the key partnerships signed within the couple of quarters. We are committed to our mission to create seamless data automation throughout the entire supply chain working closely with these partners. Retail and supply chain need a solution to product content syndication and Venzee is being recognized as the answer at companies of all sizes.”
Venzee is a data transformation platform that can seamlessly integrate the world’s largest retailers with their suppliers, bringing products to market faster than ever before. Our API replaces manual data entry, resulting in a digital supply chain that increases margins and accelerates revenue. Venzee is leveraging its technology to partner with established supply chain leaders to deliver a real time solution to a global audience. Venzee operates as a Software as a Services (SaaS), allowing flexibility for enterprise customers of all sizes wishing to improve their digital supply chain solutions.
To learn more about Venzee, visit https://venzee.com/
Investor Relations, 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 execution of the Company’s growth strategy, the entering into of agreements with channel partners, the features and use of Mesh, and the future performance of 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, 2017, which is 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 Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.