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Venzee Technologies Inc. (TSX VENTURE:VENZ) ("Venzee" or the "Company") is pleased to announce that it is in discussions with experienced financial and technology firms to design and distribute blockchain-based tokens in compliance with applicable Canadian securities laws. Management of the Company is exploring the possibility of completing a token offering to complement the development of its solutions.
The Company is not conducting an offering of tokens at the moment, and if it decides to do so after considering its various alternatives, it will determine and disclose the terms of any such offering at the appropriate time. Any tokens offered by the Company may be a distribution of securities under applicable Canadian securities laws, in which case the distribution of any such token would require a prospectus or an exemption from the prospectus requirement. Any issuance of tokens would also be subject to the approval of the TSX Venture Exchange (the "TSXV"). Venzee has not applied to the TSXV for conditional acceptance of any sale of tokens. There are no assurances that an offering of tokens will be successful if it is pursued and there are no assurances that secondary market trading of the token will be permitted.
Venzee provides high value customized SaaS (software-as-a-service) solutions to mid-market and tier-1 enterprise clients around the world. Additionally, it accommodates the budgets of up and coming retailers hosted on platforms like Shopify. Venzee's platform transforms product information from suppliers and manufacturers into the requirements of retailers, a labor intensive and costly process that the retail industry still performs using spreadsheets.
As part of its growth strategies, Venzee seeks to grow its customer base, expand sales within its customer base, and leverage its technology to offer new solutions, including Mesh, the Company's middleware solution that enables businesses to easily connect everyday apps and enterprise solutions with blockchain networks.
Venzee is a SaaS company that launched in 2014 to help e-commerce vendors and retailers easily share product information in a US$23 trillion retail industry (source: Statista). 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. According to Statista, in 2016, the global e-commerce industry achieved estimated US$1.8 trillion dollars in sales, and is expected to grow to US$4.5 trillion by 2021. As e-commerce sales continue to grow at staggering rates, the need for better delivery of product information for businesses is now solved with the Venzee software solution.
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 development and features of Mesh and the outcome of the Company's review of token-based capital possibilities. 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.