Glance Technologies Provides Letter to Shareholders

Glance Technologies (CSE:GET.CN) has provided a letter to its shareholders from CEO Desmond Griffin.

As quoted in the press release:

A lot has happened since our previous letter six months ago. Given the importance and rapid pace of these developments, we thought an update on our recent progress and plans for 2018 would be helpful.

Capitalization

A key objective for Glance has been to raise sufficient capital to execute our plan. On December 27, 2017 we announced the closing of an $11 million bought deal financing. We also announced that the Company’s cash balance at that time exceeded $17.4 million. This strong cash position gives us a clear runway to acquire new customers, expand into other geographic markets such as the US, pursue new licensing deals, acquire new technologies, expand our development resources and continue adding significant innovations to our technology such as a rewards-based cryptocurrency. We believe our cash reserve gives us a competitive advantage, especially if venture funding becomes more difficult in the future.

Technology

During our first year of operations, we focused on developing and enriching the user experience through the Glance Pay App. We’re now devoting significant resources to enhancing the Glance Merchant App. This latest innovation will give our merchants access to advanced data analytics that inform sophisticated promotions and loyalty programs—all aimed at repeatedly bringing customers back to our merchants’ establishments. We plan to expand this technology into online purchases and e-commerce by leveraging our anti-fraud technology for online merchants suffering high fraud rates. We also plan to reach further into cities across North America, increasing our merchant base beyond restaurants to all types of businesses as we add services that enable various other verticals. We are very excited about our technology roadmap for this year. With sufficient capital in the bank, we’re confident we can achieve our goals and continue to build out our technology platform.

Revenue

In addition to establishing a significant base of merchants and users and expanding our market, we’ve also explored and tested different monetization strategies for our products. We’ve had a strong start to 2018 for merchant signings including a number of US locations. We’re working closely with restaurants and merchants to determine pricing models and services or add-ons we could implement to monetize our products. As a result, we added a number of services and features to our platform that could be used to earn additional revenue. We believe we have an opportunity to provide services which can compete with companies like Square (whose current market cap exceeds $16 billion) without requiring special hardware to combat fraud. Additionally, we have been exploring other opportunities to license our technology. In the last nine months, we have signed licensing deals with deemed values totaling $9 million. On December 6, 2017 we announced the acquisition of the BlockImpact cryptocurrency and blockchain platform to accelerate our blockchain development. We are also exploring licensing opportunities of this technology beyond our rewards token initiative.

Blockchain & Cryptocurrency

We believe blockchain and cryptocurrencies are fundamentally transformative technologies. According to Coinschedule.com, over $3.7 Billion USD was invested in cryptocurrency ICOs in 2017. That large influx of investment should accelerate the advance of fundamental blockchain platform technology as well as applications and more widespread adoption of the technology in the next few years.

Click here to read the full press release.