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.