Venzee Technologies Files Fourth Quarter and Full Year 2021 Financial Results
CHICAGO, May 2, 2022 /CNW/ - Venzee Technologies Inc. (TSXV: VENZ) (OTCQB: VENZF) ("Venzee'' or the "Company"), the artificial intelligence platform for product data, announced today financial results for the fourth quarter and full year ended December 31, 2021.
The audited financial statements and related Management's Discussion and Analysis ("MD&A") can be viewed on SEDAR at www.sedar.com.
The Company will conduct a conference call discussing fourth quarter and full year results on Tuesday, May 3, 2021 at 8:30 A.M. EST (5:30AM PST). Details for this call can be found below.
For the year ended December 31, 2021:
- Revenues for FY2021 were $67,519, up 91% from $35,336 in 2020.
- For the three months ended December 2021, revenues were $28,994, up from $16,230 in Q3 2021 and $8,746 in Q4 2020.
- Net losses of $3,606,109 for FY2021 compared to net losses of $1,762,727 in FY2020 ($0.02 and $0.01 loss per share respectively).
Venzee has seen quarterly revenue growth since 2019 and expects that trend to progress as the Company continues efforts to scale its customer base and enhance its platform.
Throughout fiscal 2021, Venzee made improvements to its technology, expanding its partnership base and Mesh Connectors™, while laying the foundation to meet its revenue growth goals.
- The Company appointed two new members to the Board, including Marc Bertrand – former President and CEO of Mega Brands – and Dr. John Sviokla, a senior partner at Manifold Group, artificial intelligence expert and former Chief Marketing Officer for the US market segment of professional services firm PricewaterhouseCoopers ("PWC").
- Throughout the twelve-months ended December 31, 2021, the Company also received strong support from its shareholder base with it exercising over 22 million warrants and providing more than $1.8 million of additional capital.
- In August 2021, the Company announced a new partnership with a major US-based specialty retailer serving the furniture and homeware market. The partnership helped Venzee further scale its brand and retail client base, giving Venzee access to more than 200 of the retailer's key brand suppliers. The new partnership was established after one of Venzee's brand clients promoted the Company's services to this furniture and homeware retailer.
- In late August 2021, Venzee announced a new partnership with a Product Information Management (PIM) and Digital Asset Management (DAM) provider. The new partner has a customer base of more than 700 brands which Venzee will seek to leverage to further scale its client base, grow revenue, and sell a higher volume of Mesh Connectors™ through exposure to large global brands.
- In September 2021, the Company announced the addition of a new home improvement brand to its client base. Venzee activated two retail connections for the brand to two of the largest North American home improvement retailers. The Company also announced an 87% increase in product data submissions from consumer brands since July 2021. This increase resulted from growing Mesh Connector™ sales and the velocity with which the Company's AI platform sends product data from brands to retailers.
- In October 2021, the Company announced an upfront revenue-based contract with a leading global provider of digital product content solutions. The new 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. 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.
- Also in October 2021, the Company announced a new revenue-generating contract with a California-based children's bag and accessories brand. Initially, the brand purchased a single Mesh Connector™ to a retailer on the Venzee platform. The retailer serves the home goods and apparel sector through some 1,500 store locations in the United States, Canada, Mexico, and Puerto Rico. Following their initial purchase, the brand engaged Venzee sales and contracted for additional retail channels in the home goods retail sector. Under the agreement, the client plans to activate a number of Venzee's Mesh Connectors™ over the next 12 months.
- In November 2021, the Company announced a new contract with a leading manufacturer of kitchen and bath furniture and related products sold through major home improvement retailers across North America. This recognized furniture brand chose Venzee over other providers because its Mesh Connector™ technology and AI platform deliver rapid, reliable results at scaled speeds, with high accuracy and an intelligent verification process that other providers can not offer.
Date: May 3, 2022
Time: 8:30 AM EST (5:30 AM PST)
Conference ID: 99921120
Dial-in Number: (+1) 888-886-7786
Register to view the live audio webcast at: https://app.webinar.net/m8kYZoYDQg6
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: linkedin.com/company/venzee-inc/
Podcast: https://www.rethinkingsupplychain.com/
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 Note 9 of the 2021 and 2020 financial statements,which can be found 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.
Peter Montross, Chief Operating Officer, Venzee Technologies, Inc.; Annie Dysart, Director of Marketing, Venzee Technologies, Inc., [email protected], 888-359-8110; Investor Relations, Kin Communications, Inc.,[email protected], 604-684-6730
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