VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 5, 2018) - Venzee Technologies Inc. (TSX VENTURE:VENZ) ("Venzee" or the "Company"), a leading provider of data transformation to the US$23 trillion retail industry, is pleased to announce it has started trading publicly on the TSX Venture Exchange ("TSX-V") under the symbol VENZ.
Venzee's cloud-based platform uses artificial intelligence to automatically turn product information from suppliers and manufacturers into the requirements of retailers, removing an unnecessary and labour-intensive step in their workflow.
Companies in various countries including global retailers, household brands and up and coming retailers selling through Shopify and Amazon have signed up to Venzee to automate their processes.
"Venzee is systematically revolutionizing the way e-commerce does business, saving retailers and vendors time and money" said Kate Hiscox, Founder and President at Venzee, "from automatic product feeds to content generation, we're constantly innovating technology that gets products online and into the marketplace fast."
In the past six months, Venzee has raised more than CAD$10 million to expand product development, sales and marketing efforts. "2018 is all about growth and we've made some key changes including to our senior sales team. This allows us to put the right talent and expertise into sales leadership." said Hiscox.
Venzee has appointed Vancouver based Kin Communications Inc. as its investor relations firm. "At Kin, we understand that each public company has its unique strengths, challenges and business objectives. We're passionate about the Venzee story and the technology they have developed and can be leveraged for retail supply chain management said Arlen Hansen, President and CEO at Kin Communications.
Kin will be paid CAD$10,000 per month for an initial term of 12 months and CAD$10,000 per month on a month to month basis thereafter, and will be granted 400,000 stock options of the Company, exercisable at CAD$1.32 per share pursuant to the Company's stock option plan. The options will vest over a period of 2 years, with an initial vesting of 25% in six months and additional 25% vesting every six months thereafter, subject to an acceleration after 12 months if the agreement is terminated by the Company. The options will be exercisable for a period of five years. The agreement and the grant of options are subject to the approval of the TSX-V. The Company has been advised that Kin and its principals own 875,000 common shares and 25,000 share purchase warrants of Venzee.
The Company also announces the grant of 600,000 incentive stock options to certain of its directors and officers under the Company's stock option plan. The options are exercisable for a period of five years at a price of CAD$1.32 per share.
About Kin Communications
Kin Communications is Canada's leading full-service investor relations firm experienced in building research and goal driven campaigns that deliver value for both our clients and investor network. Kin Communications believes in building market value through strategic consultation, financial marketing, brand positioning and targeted investor communications.
Venzee is a SaaS company that launched in 2014 to help ecommerce vendors and retailers easily share product information. Traditionally, this was done using spreadsheets which created a labor intensive process that delayed products from reaching the marketplace. Venzee's technology, leveraging artificial intelligence to streamline product information management, allows thousands of vendors and retailers to seamlessly share information, avoiding delays and getting products to market faster than ever. The Company graduated from notable startup accelerator program 500 Startups and is already powering some of the biggest brands in the world.
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 execution of the Company's growth strategy, the intended use of the proceeds of its financings, and the launch of potential new solutions, including Mesh. 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 "Risk Factors" in the Company's filing statement dated December 12, 2017, which is available 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 Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.