DATABLE PROVIDES UPDATE ON LMSG ACQUISITION
VANCOUVER, BC, April 14, 2023 /CNW/ - Datable Technology Corporation (TSXV: DAC) (OTC: TTMZF) (the "Company" or "Datable"), the developer of a proprietary, SaaS-based Consumer Lifecycle and Data Management Platform called PLATFORM3, provides an update regarding the proposed acquisition of LMSG.
Datable and LMSG have decided to mutually terminate the Letter Of Intent ("LOI") under which Datable would acquire 100 percent ownership of Local Marketing Solutions Group, Inc. ("LMSG") on March 17, 2023 due to market conditions for small cap technology companies.
The LOI was signed on September 23, 2022 (see press release dated September 30, 2022) and amended on January 17, 2023 (see press release dated January 25, 2023) to allow LMSG to restructure its business as contemplated in the LOI and complete the audited financial statements required to finish due diligence and meet regulatory requirements. No advances were made by Datable to LMSG and there are no contingent liabilities related to the LOI.
Both Datable and LMSG believe that a combination of the two companies will result in a company that can accelerate organic growth by better serving its customers with expanded products and services sold by a consolidated U.S. based sales team. To that end, the companies signed a cross selling agreement (see press release dated January 30, 2023) and are working together to sell integrated products and services to the combined customer base.
Datable is committed to growth via acquisition and has received interest from private and public companies that are being explored concurrently with the opportunity to be acquired by LMSG.
Datable also reports that it wrote of loans advanced on December 16, 2021 (US$50,000) and January 10, 2022 (US$70,000), for an aggregate principal amount of $153,209 (US$120,000) to Adjoy, Inc D/B/A Dabbl (see financial statements for the nine months ended September 30, 2022 filed on SEDAR), and that the Company did not obtain prior TSX Venture Exchange acceptance of the loans made in connection with the (now terminated) Dabbl acquisition.
Datable expects to resume trading on the TSXV, subject to regulatory approval, expected this week.
Datable has developed PLATFORM3 a proprietary Consumer Lifecycle and Data Management Platform that is sold to global consumer brands. PLATFORM3 is delivered as a subscription service (Software as a Service model) and used by some of the worlds' most valuable consumer brands to access new consumer communities and engage them while collecting, analyzing, and managing their first-party data. PLATFORM3 incorporates proprietary technology to monetize the consumer data, including demographics and purchasing behaviour, by sending consumers targeted offers by email and text messages. For more information, visit datablecorp.com.
Local Marketing Solutions Group (LMSG), a holding company, was formed in 2012 by the executive management team of JGSullivan Interactive Inc. The purpose of the holding company, through merger and acquisition activity and organic growth, is to continue the expansion of offering the broadest and most efficient marketing solutions to national and international brands that drive revenue through local sales and marketing channels. LMSG provides marketing automation technology and a comprehensive set of supporting marketing services capabilities, allowing corporate marketing control of brand image while facilitating dissemination of product and service content and materials for local channels.
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this news release includes statements related to the proposed acquisition of the Company by LMSG, the Company's expectations concerning its financial information, the timing of the filing of the Company's audited financial statements for the year ended December 31, 2022 and the Company's expectations concerning the timing of the resumption of trading. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
For additional information about the company please visit www.sedar.com. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Datable Technology Corp.
Datable Technology Corp., Kim Oishi, Executive Chairman, (416) 804 9228, [email protected]
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