Renoworks continues to add new North American building products manufacturers to its digital platform; Issues Stock Options
CALGARY, ALBERTA, February 1, 2018 – Renoworks Software Inc. (TSXV: RW)(“Renoworks” or the “Company”) is pleased to announce that in 2017 its leading visualizer technology became the solution of choice for 34 new building products manufacturers. Importantly, increasing demand from manufacturers resulted in entirely new product categories being added to the platform, including interior trim and fireplaces.
Renoworks offers building products manufacturers a number of different digital marketing and sales solutions that highlight the products they manufacture in a realistic, true-to-life manner. Many manufacturers choose to develop digital product libraries with Renoworks in order to expand their distribution channel on the Renoworks PROTM platform which includes remodelers and new home builders. Others choose to incorporate the full Renoworks solution suite into different marketing and sales initiatives including – online visualizers, mobile applications, builder and channel programs, or integrated pricing solutions.
“Right now, there is a shift in the new home construction and remodel industry to better serve homeowners and Renoworks is uniquely positioned with our substantial product library as an essential part of the design segment in the value chain surrounding remodel projects,” stated Doug Vickerson, CEO of Renoworks. “The interest from manufacturers to join our platform is surging and we continue to aggressively onboard building products from manufacturers across all categories to our digital library.”
Mr. Vickerson continued, “Manufacturers are recognizing the evolution in the industry and the necessity of offering homeowners the opportunity to visualize their products in the design phase of a remodel project. We have accumulated our digital product library over 18 years and continue to be the go-to choice for manufacturers.”
In North America alone, there is a sizeable market segment with approximately 5,000 building products manufacturers. By utilizing the Renoworks digital visualization platform, manufacturers of exterior and interior building products can benefit from increased engagement on company or partner websites, an increased number of homeowner leads, a better understanding of specific homeowner interests, and a rich compilation of user data they receive using the Renoworks platform.
The Company also announces that is has granted options to acquire an aggregate of 690,000 common shares at an exercise price of $0.30 per share to employees and officers of the Company. These options expire January 28, 2023 and are governed by the company’s Stock Option Plan.
Renoworks Software Inc. develops and sells unique digital visualization software for the remodeling and new home construction industry, primarily in the United States and Canada. Delivered online, as a custom developed app or desktop software, Renoworks provides its technology to manufacturers, contractors, builders and retailers offering the solution to one of the home remodeling industry’s greatest challenges: enabling customers to see how their product choices will look in a realistic, virtual environment – even in their own home – before they make a purchase decision. Renoworks markets its software as a cost-effective lead generation tool and generates revenues from four main business lines: Enterprise, Renoworks PRO, Renoworks GSB and Renoworks SDK (Software Development Kit). For more information, visit www.renoworks.com
For further information please contact:
Doug Vickerson, CEO
Renoworks Software Inc.
2721 Hopewell Place NE
Calgary, Alberta, Canada T1Y 7J7
For investor information please contact:
Contact Financial Corp.
810 – 609 Granville St.
Vancouver, BC, Canada V7Y 1G5
Forward Looking Information
Certain statements in this news release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.
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