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Datable Technology Corporation (TSXV: DAC) (OTC Pink: TTMZF), a developer of a proprietary SaaS-based Consumer Lifecycle and Data Management Platform called PLATFORM3, is pleased to announce its financial results for the quarter ended June 30, 2023 (“Q2 2023”).

Financial Milestones
For the period three months ended June 30, 2023, Datable achieved the following milestones:

– Decreased total operating expenses by 50% to $596,955 compared to $1,192,273 in the same period in 2022. This reduction was mainly due to the implementation of cost-cutting measures and improved operational efficiencies. As a result, the net loss was reduced by 61% to $362,954 compared to $936,754 for the same period in 2022.
– Revenue decreased to $498,297 compared to $868,528 in the same period in 2022. This decline was attributed to a reduction in new annual and long-term licenses signed in 2023, which was in line with the company’s cost-cutting efforts.
– Gross Margin as a percentage of sales increased to 65% compared to 40% in the same period in 2022. This improvement was driven by a higher percentage of sales from high-margin software-as-a-service products.

Announcement of Letter of Intent with LMSG
On June 16, 2023, Datable announced that it entered into a non-binding letter of intent (LOI) with LMSG. Under this LOI, Datable plans to sell its software-as-a-service business in exchange for a 15% interest in LMSG.

2023 Updates
Datable provided the following updates for 2023:

– The company has made progress towards reaching a definitive agreement with LMSG pursuant to the LOI. The deadline of July 31, 2023, was waived by mutual agreement, and LMSG has agreed to provide bridge loans to Datable as they work towards finalizing the agreement.
– Due to continued cost-cutting and improved operational efficiency, Datable expects total operating expenses to be reduced by more than 50% for the year ended December 31, 2023, compared to the same period in 2022.
– Datable currently has agreements, including license agreements signed in previous periods, totaling approximately $3.3 million in revenue under contract for 2023 and future periods. The company expects 61% of this revenue to be recognized in 2023. Datable also anticipates a gross margin of approximately 50% in 2023, depending on the product mix and expected operational improvements.

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