08:44:54 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Glance Technologies Inc
Symbol GET
Shares Issued 136,737,783
Close 2019-02-12 C$ 0.16
Market Cap C$ 21,878,045
Recent Sedar Documents

Glance talks 2019 focus, reviews 2018 work

2019-02-12 09:56 ET - Shareholders Letter

Mr. Desmond Griffin reports

GLANCE TECHNOLOGIES CEO LETTER TO SHAREHOLDERS

Glance Technologies Inc. has provided the following shareholder update.

Dear shareholders of Glance Technologies,

A lot has happened over the past year, and I would like to share a review and outlook toward our future.

Last year saw a tremendous decrease in the price of cryptocurrencies and the stock prices of junior technology companies linked to blockchain technology, which included Glance. The year also ended with tremendous volatility for stocks in general. In addition to this, the company experienced a damaging and distracting proxy contest, after which the company secured a positive voting support agreement and a share trading restriction agreement with the other party to help prevent issues like this arising again in the future.

However, throughout the year, Glance continued to remain focused on advancing its technology, adding new merchants, partners and consumers while removing obstacles in our path to success and adapting our business model.

2019 focus

Real-Time Bill and Order from Table

Glance is focused on commercializing our products that we believe provide the highest value to our customers and have the strongest monetization potential. During the year, we built out over 10 integrations to some of the largest point-of-sale (POS) systems in North America to enable new product features.

In the past several months, we devoted development efforts to our Order from Table and Real-Time Bill feature sets. We know these products are a significant advancement of our platform and completely enhance the customer experience in a fast-casual and full-service restaurant or bar setting as well as provide large tangible operational benefits to merchants. Glance currently estimates that, with these features, users can save an average of 10 to 25 minutes per visit in a full-service restaurant environment, blurring the line between quick-service and full-service dining durations. In addition to providing a superior experience for their customers, this can also dramatically increase table turnover during peak times for restaurants, thus driving more revenue and impacting their bottom line. We have been testing these products at select locations and have secured initial launch locations. Based on our market studies and feedback, we are optimistic that there will be significant demand for these new products and we have added new sales resources while also working with resellers to accelerate the rollout of these products.

Glance PayMe

In late 2018, the company announced the launch of the Glance PayMe platform, making it available for download to allow small businesses and freelancers to manage and accept mobile payments -- by QR (quick response) code, Bluetooth proximity sensor, pay by photo and digital invoice. In mid-January of this year, the company released an update to the Glance PayMe app, streamlining the on-boarding process to achieve a more fluid sign-up experience and resulting in a greater on-boarding completion rate. We're very encouraged by the response to our digital advertising for this product and its resulting impact on downloads, indicating interest in the types of services Glance PayMe brings to small businesses and freelancers. We are also gathering great feedback on new features to add, which can unlock more value for small businesses, including making payments even easier for one-time consumers. We intend to continue improving the capabilities of the iOS version of Glance PayMe based on this consumer feedback and, subsequent to incorporating these features into the iOS version, we will look to release an Android version of Glance PayMe.

Glance Coin and blockchain initiatives

In 2018, we released our white paper on Glance Coin, launched our Pay with Bitcoin feature and filed a provisional patent application with the U.S. Patent and Trademark Office directed at methods, systems and techniques for cryptographic token transfers. This patent application is for a foundational technology to lower costs and improve speed and efficiency of cryptocurrency transactions, even where the value of the transaction may be relatively small, as well as to facilitate converting between cryptocurrencies whose transactions are recorded on different blockchains. It also facilitates storing information of different sensitivity levels on differently permissioned blockchains, which can be useful when privacy is important. During the year, we also added support for Bitcoin as a payment method in our system, enabling users to quickly and easily use Bitcoin to spend at Glance merchants.

As mentioned herein, 2018 saw a decrease in the value of cryptocurrencies and a rise in the pessimism around the adoption of cryptocurrencies and blockchain technology. Glance continues to believe that blockchain and cryptocurrencies are fundamentally transformative technologies, providing significant opportunities for the early pioneers in this space. We believe that our technology and patent application make us well positioned for market opportunities when there is a resurgence in activity and adoption of cryptocurrencies and blockchain.

Anti-fraud technology

Fraud is a serious issue for many merchants, and, unfortunately, most payment methods pass the fraud risk onto the merchant. That is why we designed important innovations in fraud prevention, which continue to perform far beyond our expectations. Fraud prevention may be one of the most important features of our intellectual property to date. Since Glance launched the current version of our proprietary fraud prevention technology, our platform has experienced less than 0.018 per cent of its transactions being fraudulent across all of its live locations (which even includes what is called friendly fraud, whereby users mistakenly identify transactions as fraudulent). We believe our anti-fraud technology represents a significant accomplishment and market edge, and we believe it is one of the requirements to unlock the benefits of mobile payments.

Cost and controls

As previously disclosed, management has been in the process of prioritizing its expenditures to improve efficiency. Significant changes have been implemented to better utilize its cash resources. Specifically, the company has reduced costs related to external advisers and restructured our team to focus on our core technologies and sales and marketing of our new features. We will continue to review and prioritize our expenditures to best use our cash resources.

Assets

As a result of our efforts to better utilize our cash resources, Glance has sufficient capital in the bank to achieve our immediate goals and continue to build out our technology platform. In addition to our cash resources from previous financings, Glance owns a significant number of shares in a number of companies, including The Yield Growth Corp., Loop Insights Inc. and Euro Asia Pay Holdings Inc. -- all of which have raised significant amounts of capital. Glance has the option to raise funds through liquidating its shareholdings in these entities when appropriate.

Partnerships

In 2018, Glance signed agreements with several partners, including Merchant Advance Capital Limited Partnership and Fobisuite Technologies Inc. Glance also ended its partnership with Brewhound Inc. Glance continues to seek new partners with complementary technology, and we are exploring licensing opportunities of our technology into geographies and verticals in which we currently do not have a presence.

Summary

By removing our corporate distractions, adding new products and capabilities to our technology, growing new merchants and consumers, opening our products to new segments, and improving capacity for monetization, we feel we have made solid progress. We are convinced that our new products are dramatic improvements over conventional ordering, payment and loyalty experiences. Based on our experiences in testing these new products, we are confident that products such as these will become the dominant form of payment, and we are working hard to ensure that Glance is the leading company to deliver this future.

We value all of our merchants, users and shareholders, and we thank you for your continued support. I know I speak for everyone at Glance when I say we are excited and grateful to have you with us as we continue to move forward.

Sincerely,

Desmond Griffin

Chief executive officer

Glance Technologies Inc.

About Glance Technologies Inc.

Glance Technologies is the owner of Glance Pay and Glance PayMe, a pair of complementary smart phone payment applications that enable merchants to provide their customers with quick secure payments, digital rewards and a better overall customer experience.

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