Venzee Technologies Reports Fourth Quarter and Full Year 2021 Financial Results
CHICAGO, May 2, 2022 /PRNewswire/ – Venzee Technologies Inc. (TSXV: VENZ) (OTCQB: VENZF) (“Venzee” or the “Company“), the artificial intelligence platform for product data, today announced its financial results for the fourth quarter and the year ended December 31, 2021.
The audited financial statements and related MD&A can be viewed on SEDAR at www.sedar.com.
The Company will host a conference call to discuss fourth quarter and full year results on Tuesday, May 3, 2021 to 8:30 a.m. EST (5:30 a.m. PST). Details of this call are available below.
Fiscal 2021 Financial Highlights
For the year ended December 31, 2021:
- Revenues for fiscal year 2021 were $67,519up 91% from $35,336 in 2020.
- For the three months ended December 2021income was $28,994from $16,230 in the third quarter of 2021 and $8,746 in the fourth quarter of 2020.
- Net losses of $3,606,109 for fiscal year 2021 compared to net losses of $1,762,727 in 2020 ($0.02 and $0.01 loss per share respectively).
Fiscal 2021 Highlights
Venzee has seen quarterly revenue growth since 2019 and expects this trend to continue as the company continues its efforts to expand its customer base and improve its platform.
Throughout fiscal 2021, Venzee enhanced its technology, expanding its partnership base and Mesh Connectors™, while laying the foundation to achieve 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 Svioklasenior partner of Manifold Group, expert in artificial intelligence and former director of marketing for the American market segment of the professional services firm PricewaterhouseCoopers (“PWC”).
- In the twelve months ended December 31, 2021the Company also received strong support from its shareholder base with the exercise of over 22 million warrants and the granting of over $1.8 million additional capital.
- In August 2021, the Company announced a new partnership with a major US-based specialty retailer serving the furniture and housewares market. The partnership has helped Venzee further grow its retailer brand and customer base, giving Venzee access to over 200 of the retailer’s major brand suppliers. The new partnership was established after one of Venzee’s brand clients promoted the company’s services to the furniture and homewares retailer.
- 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 over 700 brands which Venzee will seek to leverage to further expand its customer base, increase revenue and sell a higher volume of Mesh Connectors™ through exposure to leading global brands.
- In September 2021, the Company announced the addition of a new home improvement brand to its customer base. Venzee has activated two retail connections for the brand with two of North America’s largest home improvement retailers. The company also reported an 87% increase in product data submissions from consumer brands since July 2021. The increase was driven by growing Mesh Connector™ sales and the speed with which the company’s AI platform pushes product data from brands to retailers.
- In October 2021, the company announced an initial revenue-based contract with a leading global provider of digital product content solutions. New client, a leading provider of retail solutions for major retail brands, is recognized worldwide for accurately conveying product information for tens of millions of retail goods worldwide. detail on the main consumer markets in North Americathe European Union and Asia Pacific Regions. As part of the initial customer onboarding, a set of multinational brands – using a single data model – mapped and activated multiple retail Mesh Connectors™, demonstrating Venzee’s ability to offer rapid Mesh Connector deployment. ™ on a broad global base of brands.
- Also in October 2021the Company announced a new revenue-generating contract with a Californiabrand of bags and accessories for children. Initially, the brand purchased a single Mesh Connector™ from a reseller on the Venzee platform. The retailer serves the homeware and apparel sector through some 1,500 stores in United States, Canada, Mexicoand Porto Rico. Following its initial purchase, the brand engaged Venzee sales and entered into contracts for additional retail channels in the home retail sector. As part of this agreement, the customer expects to activate a number of Venzee’s Mesh Connectors™ over the next 12 months.
- In November 2021the 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. Recognized furniture brand chose Venzee over other vendors because its Mesh Connector™ technology and AI platform deliver fast, reliable results at scalable speeds, with high accuracy and an intelligent verification process that other providers cannot offer.
Details of the quarterly conference call on May 3, 2022
Date: May 3, 2022
Weather: 8:30 a.m. EST (5:30 a.m. PST)
Conference ID: 99921120
Call number: (+1) 888-886-7786
Register to watch the live audio webcast on: https://app.webinar.net/m8kYZoYDQg6
About Venzee Technologies, Inc.
Venzee (TSXV: VENZ) (OTCQB: VENZF) is the leading artificial intelligence platform for product data used by global brands to accelerate time to market and create competitive advantages in the supply chain. Venzee’s smart platform automates inefficient last-mile retail processes with a frictionless, machine-driven solution for sending and receiving product data.
Venzee believes that smart supply chain functionality is inevitable and will significantly benefit producers, manufacturers, brands, sellers, regulators and consumers. Venzee is laying the foundation for a future where transparent, accurate and automated data flow simplifies processes, eliminates friction and creates value for everyone who depends on the myriad of data and information surrounding any product. , anywhere.
Venzee unlocks shareholder value by fulfilling its mission to create smart technology that removes friction from the global supply chain. Its Mesh Connector™ product disrupts and replaces inefficient manual processes in favor of integrated machine-driven solutions.
To learn more about the Venzee platform, visit venzee.com
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding the terms of the Offer, the completion of the Offer and the intended 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 planned”, “budget”, “expects”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or states that certain actions, events or results “may”, “could”, “would”, “could” or “will be taken”, “will occur” or “will be carried out”. 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 differ materially from those expressed or implied by such forward-looking information, including but not limited to: business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information about these assumptions and risks and uncertainties can be found in Note 9 to the 2021 and 2020 Financial Statements, which can be viewed under the Company’s SEDAR profile at www.sedar.com, and in other documents the Company has filed and may file 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 the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or expected. 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 press 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 the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Venzee Technologies Inc.