Toronto, January 4, 2023–(BUSINESS WIRE)–STEER Technologies Inc. (“turn to“either”this company”) (TSXV: STER) (OTCQX: STEEF), an integrated ESG technology platform, is pleased to provide an update on its rapidly growing restaurant supply business (B2B market).
STEER Restaurant Supply Business started organically in the second quarter of 2021 and achieved more than $1.2 billion in quarterly revenue in the third quarter of 2022. This represents a 122% year-over-year increase over the third quarter of 2021. The company believes that this growth reflects strong customer demand as well as its own technical and operational strength.
Based on the market feedback STEER has received so far, the main attraction of STEER’s restaurant supply business is its promise of 24/7 capabilities to process and deliver orders at competitive and transparent prices, as well as the company’s guarantee or high quality control. The platform’s technology stack is designed to achieve scalability at relatively manageable marginal costs, and the STEER project will ultimately lead to healthier cash flow. In the company’s view, a superior digital user experience leads to a higher percentage of online orders. For example, in October 2022, more than 93.15% of orders were placed online.
“We are very proud of the success of our STEER restaurant supply business in such a short period of time. Strong demand for our restaurant supply delivery, powered by STEER’s innovative technology platform, contributed to an impressive third quarter of 2021. Profound 122% revenue growth and Q3 2022. Excited to see our platform positively impacting the North American restaurant supply industry with over 20% market penetration serving nearly one in five independent restaurants in Ontario services,” said Suman Pushparajah, CEO of STEER. part of the strength.”
STEER Restaurant Supply Business is an online platform focused on the instant sale and delivery of restaurant industry supplies (“just in time“) basis. Its purpose is to provide a means of delivering goods from suppliers to restaurants that not only reduces their inventory and storage costs, but also allows them to choose from more environmentally conscious supply options from the company. STEER Restaurant Supply The business consists of integrating the needs of restaurant owners through a proprietary technology platform and seamlessly connecting the user interface with the warehouse and delivery operations. STEER’s management believes that the performance demonstrated so far by its restaurant supply business is the basis for its next phase of expansion and Continued growth has laid a solid foundation and market penetration.
In STEER’s restaurant supply business, the focus is on automation of warehouse, inventory and workforce management systems, technology improvements, and financial management optimization to increase efficiency and reduce operating costs. For example, STEER’s warehouse management system (“warehouse management system“) software provides real-time data on inventory via barcodes, serial numbers, and RFID* tags. This practice enables STEER to keep inventory levels low and move products efficiently through the warehouse. The WMS also helps to organize tasks based on Assign team members their skills and schedules, optimize inventory movement, assist with planning and inbound management, and integrate with accounting applications. Currently, STEER is also considering the potential of introducing automated guided vehicles (AGVs) in its restaurant supply business , to further save costs and reduce warehouse product damage.
About the company
STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The company’s goal is to build a unique ecosystem that gathers serious users through a series of connected products and enables them to buy, sell or invest using the same platform STEER. The company’s offerings generally fall into two categories: subscription-based offerings, led by its flagship electric vehicle subscription business, STEER EV, and on-demand services that include delivery, restaurant supply, delivery-as-a-service (DaaS) and ride-sharing. The company’s The platform is also powered by EcoCRED, its big data, analytics and machine learning engine designed to capture, analyze, interpret and report key data points in a way that measures a company’s impact on carbon reduction and offsetting.
For more information about the company, visit www.steeresg.com.
Suman Pushparajah, CEO
turn to technology company
100 Consilium PL, 400 units
Canada M1H 3E3
Certain information in this press release contains forward-looking information, including information about the company’s business, operations and condition, management’s objectives, strategies, beliefs and intentions, expected future performance, expansion, growth and market penetration of STEER’s restaurant supply business and Its future impact on the North American restaurant supply industry and the potential for introducing automated guided vehicles (AGVs) in the STEER restaurant supply business. This information is based on management’s reasonable assumptions and beliefs based on information currently available to us and is made as of the date of this press release. Actual results and the timing of events, such as those related to the success of the company’s restaurant supply business (B2B market) results and its subsequent ability to sustain its growth, could differ materially from those anticipated in the forward-looking information because of various factors. Information regarding our expectations regarding future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but are management’s expectations, estimates and projections of future events or conditions. Many factors could cause our actual results, levels of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.
Please see “Forward-Looking Information” in the Company’s Annual Management Discussion and Analysis (MD&A) for the year ended December 31, 2021 (filed on SEDAR on May 2, 2022) and its Interim MD&A for the period ended March and “Risk Factors” 31, 2022, 30 June 2022, 30 September 2022 (submitted on SEDAR on 30 May 2022, 29 August 2022 and 29 November 2022, respectively) Discusses uncertainties, risks and assumed risks associated with these statements and others. Readers are urged to carefully consider uncertainties, risks and assumptions when evaluating forward-looking information and are cautioned not to place undue reliance on such information. We intend and undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.
Neither TSX Venture Exchange nor its regulatory service provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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Corporate Contact: Suman Pushparajah, email@example.com
Media Contact: Maria Verbytska, firstname.lastname@example.org, 1-888-300-2228