Datable Technology Corp. provided an update regarding the renewal signed earlier this year of an annual license agreement (the " Agreement") with a leading digital media and entertainment company (the "Customer"). The Customer is the digital division of a leading global media and technology company, which owns and operates business units that provide cable, entertainment (major motion pictures, TV broadcasting, and theme parks) and streaming services.

This Agreement renews the license, which was set to expire in June 2022 for an additional year to June 2023. The one-year renewal includes a software-as-a-service (SaaS) license for approximately $140,000 plus transaction fees based on the number of programs and consumer engagements hosted by PLATFORM . In 2021, the Company invoiced the Customer for approximately $500,000 in SaaS license and transaction fees, an increase of 20% compared to 2020.

In 2022, Datable expects to invoice the customer for more than $500,000, with over $300,000 in contracted revenues as of August 31, 2022. Gross margin for the Customer is expected to be greater than the 42% gross margin Datable reported for the six months ended June 30, 2022, due to the product mix. As of August 31, 2022, Datable's largest five customers, which accounted for over total revenues of $2,700,000 (an average of $550,000 each) in 2021, have all renewed their agreements with Datable and are expected to generate revenues in 2022 and 2023.