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venzee Venzee Technologies Announces Third Quarter Fiscal 2021 Results CHICAGO , Nov. 22 , 2021 / CNW / - Venzee Technologies Inc. ( TSX - V : VENZ , OTCQB : VENZF ) ( " Venzee " or the " Company " ) , the artificial intelligence ( AI ) platform for consumer retail product data , announced today financial results for the third quarter ended September 30 , 2021 . The unaudited condensed interim consolidated financial statements and related Management's Discussion and Analysis ( " MD & A " ) can be viewed at https://investors.venzee.com/SEDAR-filings . The Company will conduct a conference call discussing first quarter results on Tuesday , November 23 , 2021 at 8:30 A.M. EST ( 5:30 AM PST ) . Details for this call can be found below . " Manual processes continue to challenge the Consumer Retail Supply Chain globally . As a result , our Al platform continued to see traction in the quarter with large brands validating our unique technical approach and are moving forward with sales contract development , " said Venzee CEO John Abrams . Continued Mr. Abrams , " Our productive sales effort in the third quarter are generating results in Q4 that will help us achieve our revenue goal for the year of $ 195,000 MRR . " Sales pipeline growth remains strong for Venzee , with more than 10,000 active sales opportunities - representing a 43 % increase from the end of Q2 2021. This quarter , following an upgrade to its website that allows direct purchase of the Company's Mesh Connector ™ product , the Company significantly increased direct sales leads generation and saw consistent month on month revenue growth . According to Joel Carstedt , Senior Director of Sales at Venzee , " By expanding our sales team in Q3 , we have been able to convert sales pipeline opportunities more quickly and move large clients into contract negotiation for meaningful Mesh Connector TM purchases . " The number of retail channels available to clients remained at 412 from Q2 to Q3 , as clients were able to find all their key retail channels available in Venzee's current inventory . Retail channels enable simple scalability for consumer brands and manufacturers to connect to leading global retailers like Walmart , Home Depot , and Amazon . Churn , or the number of clients that have discontinued use of the platform , remains at zero . Previously , the Company disclosed it has entered contract negotiation with at least two companies for purchase of a significant number of Venzee's Mesh Connector TM product which , if the contracts are secured , results in immediate revenue recognition and suggests a combined sales opportunity well in excess of both the Company's 2021 and 2022 revenue goals . There is no certainty that these partnerships will close . Third Quarter 2021 Financial Highlights For the three and nine months ending September 30 , 2021 : • Revenues from SaaS - based Mesh Connector TM sales were $ 16,230 , a 19 % increase over Q2 2021 . • Net losses of $ 792,221 and $ 2,382,210 respectively ( Q3 2020 - net losses of $ 459,504 and $ 1,304,564 ) . • Losses per share of $ 0.00 and $ 0.01 respectively ( Q3 2020 - losses per share of $ 0.00 and $ 0.01 ) . Net losses increased during the three and nine months ended September 30 , 2021 , as compared to the prior year , primarily as a result of a general increase in operations and staffing with additional expenditures in sales and marketing as the Company focused on expanding its partnership and Mesh Connector TM sales base . As well , the general and administrative costs and stock - based compensation increased , and more emphasis was placed on investor relations efforts with increased costs . Third Quarter 2021 Business Highlights • In August 2021 , the Company announced multiple Mesh Connector TM sales to a major US - based specialty retailer serving the furniture and homeware market . The partnership helped Venzee further scale its brand and retail client base , immediately expanding the Company's services to more than 200 of the retailer's key brand suppliers . The new partnership was established after one of Venzee's brand clients promoted the Company's services to this retailer . • In late August 2021 , Venzee announced a new partnership with a Product Information Management ( PIM ) and Digital Asset Management ( DAM ) provider . The new partner has a customer base of more than 700 global brands representing leading Fortune 500 Consumer Product Brands in North America and the European Union . Venzee has leveraged this partnership to further scale its client base , grow revenue , and sell a higher volume of Mesh Connectors ™ through exposure to large global brands .