VANCOUVER, BC / ACCESSWIRE / November 22, 2021 / Snipp Interactive Inc. ("Snipp" or the "Company") (TSXV:SPN)(OTC PINK:SNIPF), a Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector, is pleased to announce that it has signed two new marquee deals.
Snipp has signed a new deal with the Canadian entity of a long standing Snipp client ("Client"). The Client is the world's leading producer of cereal and convenience foods, including cookies, crackers, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles, and veggie foods. The Client's products are manufactured in 18 countries and marketed in more than 180 countries. Earlier this year Snipp had announced its single largest ever contract with this Client for the US market worth USD $1.98MM across three years - please refer to press release dated February 4, 2021. The Client has been piloting Snipp's industry leading SnippCARE (Customer Acquisition Retention and Engagement) Platform in various international markets and the Canadian market represents the first such international market for this Client that will deploy the SnippCHECK module of the SnippCARE Platform exclusively across its 2022 promotions in Canada. Contract values are in the six figures. Discussions are ongoing with other markets for deployments in 2022 and beyond.
Snipp has also signed a renewal license agreement with one of the largest energy drink manufacturers in North America and for the US market. The renewal contract for 2022-23 for the US market is for the base implementation of the SnippCARE Platform and is worth over USD $350,000 with the option of buying additional implementations for additional promotions and represents a 40%+ increase from the initial contract value for the base implementation of the SnippCARE Platform which was signed for the 2020-21 period. As an indication of the potential for 2022-23, the previous period's license for 2020-21 represented less than 20% of the overall revenue recognized from this client in 2021 of over USD $600,000. Discussions are ongoing for other deployments not represented by the core 2022-23 license agreement in the US market as well as preliminary discussions have begun for certain international markets.
"As we head deeper into the fourth quarter, we are excited by the momentum we are seeing not only from our existing clients but also from new clients with whom we have been in planning for 2022 and beyond. We expect renewals to come in as planned over the next six weeks as we come to an end of this year and to announce significant new and strategic wins that will give us great momentum as we look into the new year. We are winning by going deeper and broader with our existing clients across not only their product portfolios but also the geographies they operate in. In addition, we are gaining traction in new industries and adding to our roster of clients while continuing to build our long-term recurring revenue streams," said Atul Sabharwal, Founder of Snipp.
About Snipp:
Snipp Interactive Inc (TSX-V: SPN; OTCPK: SNIPF) is a Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector. Snipp's proprietary and modular SnippCARE (Customer Acquisition, Retention & Engagement) Platform allows its marquee list of Fortune 1000 Clients and world-class agencies and partners to use various modules of the Platform to run long-term and short-term programs and promotions, while continually generating and capturing unique zero party data that is invaluable in providing insights to drive sales. SnippCHECK, the Platform's Receipt Processing Module has established itself as the clear industry leader and standard by powering a large majority of all receipt based promotions in North America. SnippLOYALTY, the Platform's full scale modular loyalty engine allows clients the flexibility of deploying any/all aspects of a standard loyalty program on a case by case basis. SnippREWARDS, the Platform's modular catalogue of digital and physical rewards provides Clients with global and easily deployable access to an extensive catalogue of digital and physical rewards. SnippWIN, the Platform's gaming module solves for the implementation and compliance difficulties of offering games of chance and skill on a global basis, and allows for the global deployment and administration of legally compliant games of chance and skill. For more information, visit the Company's website at www.snipp.comwww.snipp.com
Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. The company is publicly listed on the Toronto Stock Venture Exchange (TSX-V) in Canada and is also quoted on the OTC Pink marketplace under the symbol SNIPF.
FOR FURTHER INFORMATION PLEASE CONTACT:
Snipp Interactive Inc.
Jaisun Garcha
Chief Financial Officer
investors@snipp.com
1-888-99-SNIPP
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This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.
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SOURCE: Snipp Interactive Inc.
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