Venzee Technologies Files Annual Results and Provides Corporate Update
Vancouver, BC – Venzee Technologies Inc. (TSX-V: VENZ) (the “Corporation” or “Venzee”), a smart tech Software as a Service (“SaaS”) platform providing infinite scale for consumer brands to send product data to any retailer, today announced financial results for the year ended December 31, 2020. The audited financial statements and related Management’s Discussion and Analysis (“MD&A”) can be viewed on SEDAR at www.sedar.com.
According to Venzee CEO John Abrams, “2020 was a pivotal year for our company as we embraced a high-velocity SaaS revenue model and moved away from a negative margin business that prioritized costly, unsustainable, and labor-heavy consulting service engagements. Our experienced new team, strategic board members, and supportive investors have helped position our platform for expansive growth — the positive indicators of which we began to see at the tail end of 2020.”
Now a pure SaaS platform, Venzee sells its Mesh Connector™ product to Consumer Brands who need simple, reliable, and scalable connections to retailers in any region or market vertical.
Venzee’s Mesh Connectors™ are available directly — or through leading Product Information Management (PIM), Master Data Management (MDM), and Content Management System (CMS) solutions — and offer rapid access to more than 400 established retail destinations.
Venzee is intent on achieving its previously announced goal of 2,000 Mesh Connector™ sales by the end of 2021 and has begun operational improvements necessary to support more than 10,000 active Mesh Connectors™ in 2022.
Company COO Peter Montross said, “Venzee’s SaaS model pivot in 2020 focused our sales and operations resources on expanding the Company’s sales pipeline exclusively for our Mesh Connector™ product. As a direct result, we had several hundred active opportunities in our pipeline by year end 2020. We have continued to rapidly build out a sales pipeline directly and with our sales partners. Today, we have more than 5,000 active Mesh Connector™ opportunities — more than double our operational targets for exit 2021 so we are well positioned to achieve our 2021 goals.”
“Financially, the Company’s focus for 2020 was to decrease cash burn, navigate pandemic challenges, and establish partnerships for future revenue growth. Venzee was successful on all fronts with the support of its loyal shareholder base,” said Darren Battersby, CFO of Venzee.
“Additionally, we were able to close three separate rounds of financing in a very difficult market environment which gave us the runway to accomplish our goals and set us up to grow our partnerships and revenue base in 2021. This includes receiving over $1.6M in funds received from the exercise of warrants in Q1 2021, placing the Company in a strong financial position to meet its objectives,” said Mr. Battersby.
Separately, at the Company’s recent Board of Directors meeting, directors approved the audited financial statements and the issuance of 2,000,000 Restricted Stock Units (“RSU’s”) to management and employees. The RSUs will vest immediately upon success of milestones achieved.
About Venzee Technologies, Inc.
Venzee (TSX-V VENZ) is a disruptive, smart tech SaaS platform which provides infinite scale for consumer brands to send product data to all of their retailers. Venzee displaces costly, labor-intensive last-mile retail processes with a low-cost, intelligent platform solution.
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 processes, 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 the Venzee platform, visit venzee.com
On Behalf of the Board,
Venzee Technologies, Inc.
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 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.