VANCOUVER, BC, April 14,
2023 /CNW/ - Datable Technology Corporation (TSXV:
DAC) (OTC: TTMZF) (the "Company" or "Datable"), the developer of a
proprietary, SaaS-based Consumer Lifecycle and Data Management
Platform called
PLATFORM3, provides an update
regarding the proposed acquisition of LMSG.
Acquisition of LMSG and M&A
Strategy
Datable and LMSG have decided to mutually terminate the Letter
Of Intent ("LOI") under which Datable would acquire 100
percent ownership of Local Marketing Solutions Group, Inc.
("LMSG") on March 17, 2023 due
to market conditions for small cap technology companies.
The LOI was signed on September 23,
2022 (see press release dated September 30, 2022) and amended on January 17, 2023 (see press release dated
January 25, 2023) to allow LMSG to
restructure its business as contemplated in the LOI and complete
the audited financial statements required to finish due diligence
and meet regulatory requirements. No advances were made by
Datable to LMSG and there are no contingent liabilities related to
the LOI.
Both Datable and LMSG believe that a combination of the two
companies will result in a company that can accelerate organic
growth by better serving its customers with expanded products and
services sold by a consolidated U.S. based sales team. To
that end, the companies signed a cross selling agreement (see press
release dated January 30, 2023) and
are working together to sell integrated products and services to
the combined customer base.
Datable is committed to growth via acquisition and has received
interest from private and public companies that are being explored
concurrently with the opportunity to be acquired by LMSG.
Update on Terminated Adjoy/Dabbl
Transaction
Datable also reports that it wrote of loans advanced on
December 16, 2021 (US$50,000) and January
10, 2022 (US$70,000), for an
aggregate principal amount of $153,209 (US$120,000) to Adjoy, Inc D/B/A Dabbl (see
financial statements for the nine months ended September 30, 2022 filed on SEDAR), and that the
Company did not obtain prior TSX Venture Exchange acceptance of the
loans made in connection with the (now terminated) Dabbl
acquisition.
Datable expects to resume trading on the TSXV, subject to
regulatory approval, expected this week.
About Datable Technology
Corporation
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.
About LMSG
Local Marketing Solutions Group (LMSG), a holding company, was
formed in 2012 by the executive management team of JGSullivan
Interactive Inc. The purpose of the holding company, through merger
and acquisition activity and organic growth, is to continue the
expansion of offering the broadest and most efficient marketing
solutions to national and international brands that drive revenue
through local sales and marketing channels. LMSG provides marketing
automation technology and a comprehensive set of supporting
marketing services capabilities, allowing corporate marketing
control of brand image while facilitating dissemination of product
and service content and materials for local channels.
This news release includes certain statements that may be deemed
"forward-looking statements". All statements in this new release,
other than statements of historical facts, that address events or
developments that the Company expects to occur, are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by
the words "expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or
that events or conditions "will", "would", "may", "could" or
"should" occur. Forward-looking statements in this news
release includes statements related to the proposed acquisition of
the Company by LMSG, the Company's expectations concerning its
financial information, the timing of the filing of the Company's
audited financial statements for the year ended December 31, 2022 and the Company's expectations
concerning the timing of the resumption of trading. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results may differ
materially from those in the forward-looking statements. Factors
that could cause the actual results to differ materially from those
in forward-looking statements include market prices, continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Forward-looking statements are
based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
For additional information about the company please visit
www.sedar.com. 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.
SOURCE Datable Technology Corp.