LOUISVILLE, Ky., April 05, 2023 (GLOBE NEWSWIRE) -- Creative Realities, Inc. (“Creative Realities,” “CRI,” or the “Company”) (NASDAQ: CREX, CREXW), a leading provider of digital signage and media solutions, today announced a new contract to deploy a digital-out-of-home (DOOH) advertising network in more than 1,000 locations in the experiential leisure vertical throughout the United States.
The customer, a DOOH network operator, has secured private equity funding that will support the execution of these installations by CRI over an 18-month period. The contract is valued at up to $46 million in revenue to CRI based on a full deployment and the current installation schedule within the contract.
“The formidable capabilities of CRI are additionally showcased to provide quality hardware, technical expertise, installation support and ongoing maintenance at enterprise scale,” stated Rick Mills, CEO of Creative Realities. Mr. Mills further stated, “This fulfills yet again upon another end-to-end story that uniquely differentiates CRI in the digital signage, omni-channel marketing and digital media industries.” He continued, “Importantly, CRI has again demonstrated its ability to win enterprise business and deliver significant organic growth with material transactions of this nature.”
CRI and the other parties are working through the legal and marketing approvals for a joint announcement later this month.
“As discussed on our earnings release call just last week, this is one of a number of opportunities that CRI has secured to deploy, support and manage DOOH networks and related media sales.” Mr. Mills added, “This new contract is one of the primary drivers for the revised revenue guidance of $60 million for 2023. As we continue to secure significant contracts, our backlog has grown to exceed $110 million per our communication on the earnings call held March 30, 2023.”
About Creative Realities, Inc.
Creative Realities helps clients use place-based digital media to achieve business objectives such as increased revenue, enhanced customer experiences, and improved productivity. The Company designs, develops and deploys digital signage experiences for enterprise-level networks, and is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to retail, automotive, digital-out-of-home (DOOH) advertising networks, convenience stores, foodservice/QSR, gaming, theater, and stadium venues.
With the Company’s 2022 acquisition of Reflect Systems, Inc. ("Reflect"), a leading provider of digital signage software platforms, the Company has extended its product and service offering to accelerate growth in SaaS revenue. While Reflect provided a broad range of digital signage solutions, Reflect’s flagship products are the market-leading ReflectView digital signage platform and Reflect AdLogic ad management platform. ReflectView is the industry’s most comprehensive, scalable, enterprise-grade digital signage platform, powering enterprise customer networks. Meanwhile, Reflect AdLogic has become the benchmark for digital signage powered ad networks, delivering nearly 50 million ads daily. The acquisition of Reflect also brought to the CRI business a media sales division with the expertise and relationships to help digital signage venue owners develop and execute a monetization plan for their network.
The combined company has operations across North America with active installations in more than 10 countries.
Cautionary Note on Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and includes, among other things, discussions of our business strategies, product releases, future operations and capital resources. Words such as "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance, conditions or results. They are based on the opinions, estimates and beliefs of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors, many of which are outside of our control, that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Some of these risks are discussed in the “Risk Factors” section contained in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022 and the Company’s subsequent filings with the U.S. Securities and Exchange Commission. Important factors, among others, that may affect actual results or outcomes include: our ability to effectively integrate Reflect’s business operations, our strategy for customer retention, growth, product development, market position, financial results and reserves, our ability to execute on our business plan, our ability to retain key personnel, potential litigation, supply chain shortages, our ability to regain and maintain compliance with Nasdaq listing rules, and general economic and market conditions impacting demand for our products and services, including those as a result of the COVID-19 pandemic. Readers should not place undue reliance upon any forward-looking statements. We assume no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contacts
Media Inquiries
Christina Davies
cdavies@ideagrove.com
Investor Relations
ir@cri.com
https://investors.cri.com
