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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Datable Technology Corporation | TSXV:DAC | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.005 | 0.005 | 0.005 | 0 | 01:00:00 |
VANCOUVER, BC, July 13, 2023 /CNW/ - Datable Technology Corporation (TSXV: DAC) (OTC Pink: TTMZF) (the "Company" or "Datable" or "DTC"), the developer of a proprietary, Software-as-a-Service ("SaaS")-based Consumer Lifecycle and Data Management Platform called PLATFORM3, provides the following update on operations and the letter of intent (the "LOI") to sell its SaaS business to Local Marketing Solutions Group, Inc.("LMSG") as set out in the press release dated June 16, 2023.
"Despite the challenges of the past several years, we have renewed 100 percent of our long-term SaaS licenses with major enterprise customers and have a number of new large enterprises customers in our sales pipeline," said Rob Craig, CEO of Datable. "In Q1 of 2023, as we prepare to sell our SaaS business to LMSG, we cut expenses by 50% while maintaining revenues at the same levels as last year. With access to LMSG's U.S. based sales team and infrastructure, Datable can scale its high-margin SaaS business while owning shares in LMSG, a much larger and profitable company."
Under the LOI, LMSG will acquire Datable's SaaS business in return for 15% equity ownership in LMSG. The LOI sets the value of LMSG at $19.7 million, equal to approximately one times LMSG's 2023 revenues, such that Datable's 15% ownership of LMSG post acquisition will have a deemed value of approximately $3.5 million.
Datable will provide ongoing updates as it makes progress on the proposed sale of its SaaS business to LMSG.
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.
For additional information about the company please visit www.sedar.com. The TSX Venture Exchange Inc. has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release. 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. This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds and the results of financing efforts, – that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Datable Technology Corp.
Copyright 2023 Canada NewsWire
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