Venzee Announces Significant Increase in Revenue Generating Work Orders due to COVID-19 Supply Chain Distress
Stressed Supply Chains Inject Venzee AI to Accelerate Content Distribution as Manual Paper-Based Supply Chains Fail to Pace Global Pandemic Challenge
Vancouver, BC – Venzee Technologies Inc. (TSX-V: VENZ) (the “Corporation” or “Venzee”) announces a significant increase in revenue-generating work orders for retail connections from its channel partners. As a result, the Company has a clear path to improved profitability, as work orders convert to revenue-generating integrations with retailers Amazon.com, Inc. (NASDAQ: AMZN), Mercado Libre (NASDAQ: MELI), Lowe’s Companies (NYSE: LOW), Wayfair Inc. (NYSE: W), The Home Depot (NYSE: HD), and others previously announced by the Company.
The Company continues to win new business through its expanding channel partner base including, but not limited to, one of the largest pharmaceutical companies in the world with over $40B USD in revenue; a global power tools company with $12B USD in revenue; a health and wellness company with over $400M USD in revenue, and; one of the largest energy companies in the world with over $250B USD in annual revenue.
These global brands are choosing to streamline and automate product content distribution to their global retailers as Venzee is quickly becoming recognized as a trusted and accurate global distribution platform for brands and manufacturers worldwide.
Peter Montross, EVP Commercial Operations for Venzee, said, “The inconvenient truth of Supply Chain inefficiency has come home to roost amidst this global pandemic. Empty shelves are a result of misaligned manual supply and demand predictions. The COVID-19 pandemic amplifies these supply gaps and positions Venzee as the logical – and only – drop-in AI solution able to quickly close the communication gap at enterprise scale”.
Venzee provides an Artificial Intelligence (AI) platform for Supply Chain reliant companies that is system agnostic and infinitely scalable. Brands, distributors, and manufacturers – through Venzee channel partners – accurately deliver product content information to endpoint retailers with scale and speed not possible with alternative Supply Chain solutions.
According to Venzee CEO John Abrams, “Our recurring revenue model and technology works. We continue to operate on-plan and are witnessing accelerating growth and increasing revenue from our clients. Since taking the helm as CEO, we have refocused our revenue model, drastically reduced burn, and are operating above our 24-month plan. We have a clear path to increased profitability based on the substantial and growing number of work orders for retail connections.”
Separately, On March 18, 2020, the Canadian Securities Administrators announced it will provide a 45-day filing extension for filings required on or before June 1, 2020, to allow issuers the time needed to focus on the business implications of COVID-19. Venzee will rely on this exemption with respect to the annual filings in accordance with British Columbia Instrument. The Company will rely on the exemptions outlined in BC Instrument 21-505 of the British Columbia Securities Commission and postpone the filing of the Company’s annual Audited Financial Statements, Management Discussion & Analysis and related CEO and CFO certificates for the period ending December 31, 2019, as required under NI 51-102. The Company is continuing to work with the auditors and expects to file the annual filings by no later than May 29, 2020. In the interim, management and other insiders of the Company are subject to a trading blackout policy that reflects the principles in Section 9 of National Policy 11-207 Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions. The Company confirms that, since the filing of its interim consolidated financial statements for the nine months ended September 30, 2019, there have been no material business developments other than those disclosed through news releases.
Additionally, the Company has settled an outstanding debt arising from a loan in the amount of USD$50,000 to Venzee Inc. – a wholly-owned subsidiary of the Company – by issuing an aggregate of 1,152,400 common shares and a one-time payment of USD$13,500 (the “Repayment”). The shares were issued at a deemed price of CDN$0.05 per share. The Repayment is subject to approval by the TSX Venture Exchange. The settlement of this debt is in line with continued debt-free operation of the Company.
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, resilient, 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.
SOURCE Venzee Technologies Inc.