CHICAGO, August 29, 2022 /PRNewswire/ – Venzee Technologies Inc. (TSXV: VENZ) (OTCQB: VENZF) (“Venzee” or the “Company“), the artificial intelligence platform for product data transfer, today announced its financial results for the three and six months ended June 30, 2022.
The results reflect expense reductions related to changes in the Company’s approach to sales and marketing. According to Venzee COO Pierre Montross“Maturing go-to-market plans with key partners has allowed us to build more reliable sales and revenue plans with significantly fewer in-house sales and marketing staff.”
Driven by capital market challenges, during the quarter the Company also implemented a number of cost reduction measures. These measures were put in place from March 2022 and were fully effective in May. The reduction in cash burn is shown in the statement of cash flows when comparing “cash used in operating activities” from Q1F2022 to Q2F2022.
Q1F2022 had a use of cash on $900,000 and Q2F2022 was below $400,000. The Company expects a further reduction in cash usage in Q3F2022.
Revenue for the quarter reflects continued use of the company’s Mesh Connector™ product by two key partners progressing operational testing with major retailers.
According to the CEO of Venzee John Abrams“Although user acceptance testing took longer than expected, our AI-powered content syndication advantage proved to be highly functional and provided the concrete validation we needed to accelerate growth. revenue. With deeply invested partners and strong associated go-to-market plans, we expect consistent revenue growth in the coming quarters.”
The company reports – as combined revenue – both a one-time implementation fee and a recurring monthly fee for its Mesh Connector™ product. The results reflect minor revenue reductions associated with the end of one-time implementation fees. Financial results for the second quarter ended June 30, 2022 are the following:
- Revenues for the three and six month period were $13,000 and $23,375 compared to $13,595 and $22,345 of the previous year;
- The net loss for the three and six month period was $707,528 and $1,710,586 compared to $889,109 and $1,538,281 of the previous year;
- The loss per share for the three and six month period was $0.00 and $0.01 compared to $0.00 and $0.01 of the previous year.
In addition, the Company continued to receive financial support through its previously announced convertible debenture. Regarding debenture financing, Mr. Abrams commented: “As global capital markets have experienced unprecedented challenges this year, Venzee has continued to attract investment to support operations and seize growth opportunities from income available to us.
The unaudited condensed interim financial statements and related MD&A can be viewed on SEDAR at www.sedar.com.
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 on these assumptions as well as on the risks and uncertainties can be found under the heading “Risk factors and uncertainties” in the Company’s management report for the financial year ended. December 31, 2018and the quarter ended August 29, 2019which are available under the Company’s SEDAR profile at www.sedar.com, and in other documents that 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.