Venzee Technologies Inc. (TSXV: VENZ) ('Venzee' or the 'Company') today announced activation and initial client use of a Venzee Mesh Connector for MercadoLibre (NASDAQ: MELI) - a leading e-commerce destination for consumers across 18 Latin American countries.
Using the Venzee platform, brands and manufacturers set up a single digital connection that allows selection of an unlimited number of Mesh Connectors to feed critical data and product information to global retailers. According to Peter Montross, EVP Commercial Operations for Venzee, 'Our team prioritized development of a MercadoLibre connector at the request of a Fortune 500 consumer tool brand looking to expand their global retail footprint without adding labor, time, or complexity. Venzee's low cost Mesh Connector to MercadoLibre - and their retail base of more than 320 million consumers - fit that need.' Venzee's proprietary Mesh Connector technology automatically adapts and conforms to diverse retail requirements - enabling brands to reduce labor, reduce cost, and expand their global retail sales and distribution channels. Chad Kaczmarek, Senior Director of Integrations at Venzee said, 'To sell a product, brands have a choice - they can set up thousands of individual retail connections manually, using teams of people, or they can use Venzee and configure a single connection to endlessly expand their retail sales channels using our Mesh Connector technology. If retail scale and speed are important, Venzee is the obvious choice.' Venzee has previously announced 327 Retail Channels available for selection through the Company's platform. The Company has recently added five new retail channels and will continue to grow connections as they are requested by brands and partners utilizing the Venzee platform. Across 14 active Fortune 500 client engagements, the Company currently has more than 412 Mesh Connector opportunities. Said Mr. Montross, 'Activation of the MercadoLibre connection validates our position as the most efficient path large brands can take to accelerate sales - in regional or global consumer markets. We expect hundreds of additional brands looking to connect with more than 300 million consumers in Latin America will leverage our Mesh Connector to MercadoLibre over the next year.' In line with the Company's operational business model, brands compensate the Company for use of the MercadoLibre Mesh Connector at various contracted rates. MercadoLibre requires the Company to meet various technical and operational criteria but does not compensate the Company. Separately, the Company has announced settlement of an outstanding debt in the amount of CAD$12,000 by issuing an aggregate of 133,333 common shares (the 'Debt Shares') at a deemed price of $0.09 per share. The Debt Shares will have a 4-month hold period and the debt settlement is subject to the approval of the TSX Venture Exchange.
About Mercado Libre, Inc.
MercadoLibre (NASDAQ: MELI) is an Argentine company incorporated in the United States and is the leading e-commerce company in Latin America. Through its six integrated ecommerce platforms including MercadoLibre, MercadoPago and MercadoEnvios, it offers technology solutions that enable companies and individuals to buy, sell, announce, send and pay for goods and services over the internet. MercadoLibre is among the top 50 most visited websites in the world in terms of page views, and it is the ecommerce platform with the most unique visitors in each country where it operates.
About Venzee Technologies Inc.
Venzee (TSX-V VENZ) is a technology platform used by Global Brands to speed products to market and create competitive supply chain advantage. Venzee displaces costly, labor-intensive last-mile retail processes with a low-cost intelligent platform solution. We believe intelligent supply chain functionality is inevitable and will significantly benefit growers, makers, brands, sellers, regulators, and consumers. At Venzee, we're 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's mission is to unlock shareholder value by creating intelligent technology that removes friction from the global supply chain. Our products disrupt and displace inefficient manual processes in favor of integrated, machine-driven solutions.
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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.
VENZEE TECHNOLOGIES 