Significant Mesh Connector™ Purchase Provides Content
Distribution Scale, Speed, and Competitive Advantage in Rapidly
Changing Supply Chain Market
CHICAGO, Oct. 21, 2021 /CNW/ - Venzee Technologies Inc.
(TSXV: VENZ) (OTCQB: VENZF) ("Venzee'' or the
"Company"), the artificial intelligence (AI) platform for
product data, is pleased to announce an upfront revenue-based
contract with a leading global provider of digital product content
solutions.
The new Venzee client, a leading provider of retail solutions to
major retail brands, is trusted globally to accurately convey
product information for tens of millions of retail goods across
major consumer markets in North
America, the European Union, and Asia-Pacific regions.
Contracting for Venzee's AI-based services will help the partner
accelerate and scale product data distribution to its many brands
actively looking for modern, platform-based supply chain solutions
driven by intelligent technology rather than human labor.
Venzee CEO John Abrams said,
"Though Venzee is young in the market, this contract is another
example proving Venzee's advanced technology fills a void that the
largest brands and retailers in the world struggle to fill. It is
very exciting that after only a year of being in the market, we are
already winning engagements with the largest digital content
providers serving the top tier of global Fortune 500
companies. These are companies that could require hundreds
— even thousands — of retailer connections that need the
advantage our platform provides in the delivery of up-to-date and
relevant digital product content."
As part of the client's Initial Onboarding, a set of
multinational brands — using a single data model — mapped
to and activated several retail Mesh Connectors™, demonstrating
Venzee's ability to offer rapid Mesh Connector™ deployment across a
broad, global base of brands.
According to Joel Carstedt,
Senior Director of Sales at Venzee, "The speed at which we are able
to activate numerous Mesh Connectors™ under this agreement
validates Venzee's intelligent technology as a critical last mile
component in the digital supply chain, opening additional growth
opportunity and significant revenue scale for Venzee."
Additionally, the Company discloses it is in advanced contract
negotiations with two additional content service providers, which,
if secured — with immediate Initial Onboarding commitments
— suggest a combined sales opportunity well in excess of the
Company's 2022 ambitious revenue goals. There is no certainty that
these partnerships will close.
The announced contract unlocks massive revenue scale with the
total opportunity identified in excess of Venzee's previously
announced 2022 Mesh Connector™ sales goal of 13,000.
With more than 400 retail Mesh Connectors™ instantly available
to brands, Venzee has become a revolutionary tool in the
simplification and automation of syndication processes for consumer
brands globally.
About Venzee Technologies, Inc.
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
Twitter: @usevenzee
LinkedIn: https://www.linkedin.com/company/venzee-inc/
Podcast: https://www.venzee.com/resources/podcast
On Behalf of the Board,
Peter Montross
Chief Operating Officer
Forward-Looking Information
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/venzee-signs-new-upfront-revenue-based-contract-with-enterprise-solution-provider-301405386.html
SOURCE Venzee Technologies Inc.