Venzee Announces Financing to Accelerate Mesh Connector™ Revenue
Growth
CHICAGO, March 30,
2022 /CNW/ - Venzee Technologies Inc. (TSX-V:
VENZ) (OTCQB: VENZF) ("Venzee'' or the "Company"),
the artificial intelligence ("AI") platform for product data,
announced today it intends to complete a non-brokered private
placement of units of the Company ("Units") at a price of
$0.08 per Unit, for anticipated
aggregate gross proceeds to the Company being up to $1.2M CDN (the "Offering").
Venzee CEO John Sexton Abrams
said, "We are very pleased with the continued support from the
investment community as we accelerate our sales of Mesh Connectors™
with major brands, strong market partners, and leading global
retailers. Our AI platform and ability to connect to any retailer
positions us to deliver strong results this year and beyond."
Each Unit is comprised of one common share of the Company
("Common Share") and one common share purchase warrant (a
"Warrant"), with each Warrant being exercisable for one Common
Share at an exercise price of $0.12
per Common Share at any time up to 36 months following the closing
date of the Offering. The Warrants will also be subject to an
acceleration clause whereby, in the event the volume weighted
average trading price of the Common Shares on the TSX Venture
Exchange ("TSXV") is equal to or greater than $0.25 for a period of 10 days, the Company will
have the right to accelerate the maturity date of the Warrants to a
date that is 30 days from the date the Company issues a press
release stating its intention to accelerate the expiry date of the
Warrants.
In connection with the Offering, the Company intends to pay
finders' fees to certain registered brokerage firms, comprising of
cash payment equal to 8% of the gross proceeds raised by purchasers
introduced by such brokers, and the issuance of non-transferable
compensation warrants equal to 8% of the number of Units purchased
by purchasers introduced by such brokers. Such compensation
warrants will be issued on substantially the same terms and
conditions as the Warrants, with an exercise price of $0.12.
The net proceeds received by the Company from the Offering are
expected to be used for general working capital purposes, further
advancing the Company's channel partnership business model and
completing revenue generating connection requests from its channel
partners and brands.
Subject to customary closing conditions, including the approval
of the TSXV, the first tranche of the Offering is expected to close
on or before March 31, 2022. However,
there is no assurance that the Company will complete the Offering
upon the terms set out above, or at all.
Venzee is also announcing an update on its sales targets
included in its news release on December 23,
2021. The Mesh Connectors™ contracts referenced in the
release are still in process of being finalized and implemented,
which the Company expects to happen in the second quarter of 2022.
When fully implemented we expect that these contracts will generate
USD Monthly Recurring Revenue (MRR) in excess of $200,000.
About Venzee Technologies, Inc.
Venzee (TSXV: VENZ) (OTCQB: VENZF) is the leading artificial
intelligence platform for product data used by global brands to
speed time to market and create competitive supply chain
advantages. Venzee's intelligent platform automates inefficient
last-mile retail processes with a frictionless, machine-driven
solution for sending and receiving product data.
Venzee believes intelligent supply chain functionality is
inevitable and will significantly benefit growers, makers, brands,
sellers, regulators, and consumers. Venzee is building the
foundation for a future where seamless, accurate, automated data
flow simplifies processes, removes friction, and creates value for
all those that rely on the myriad of data and information
surrounding any product, anywhere.
Venzee unlocks shareholder value by carrying out its mission to
create intelligent technology that removes friction from the global
supply chain. Its Mesh Connector™ product disrupts and displaces
inefficient manual processes in favor of integrated, machine-driven
solutions.
To learn more about the Venzee platform, visit venzee.com
Twitter: @usevenzee
LinkedIn: linkedin.com/company/venzee-inc/
Podcast: https://www.rethinkingsupplychain.com/
Forward-Looking Information
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 terms of the Offering, the
completion of the Offering and the expected 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 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 and Uncertainties" in the Company's
management's discussion and analysis for the year ended
December 31, 2018, and the quarter
ended August 29, 2019, which are
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-V nor its Regulation Services Provider (as that term
is defined in policies of the TSX-V) accepts responsibility for the
adequacy or accuracy of this release.
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SOURCE Venzee Technologies Inc.