8. Can you walk us through a successful example of joint marketing in place for UpcoPay?
In 2019, we finalized our strategic partnership with Italy-based Sorgente Tesorino, a major bottler and distributer of mineral water.
Under the terms of the agreement, Sorgente Tesorino will promote UpcoPay by including consumer offers in each (multi)pack of mineral water distributed in Italy and China. Sorgente Tesorino will include a QR code on each bottle’s label that consumers can scan to download the UpcoPay app. Within the app, a voucher can be used to buy additional bottles with discounts.
Regarding China, Sorgente Tesorino signed in April 2019 a production and distribution contract with the Chinese government group COFCO (China National Cereals, Oils and Foodstuffs Corporation).
The 15-year contract between Sorgente Tesorino and COFCO outlines an initial supply phase of minimum 2.3 million bottles per month, with the request to expand rapidly towards 10 million bottles per month. With the co-branding agreement in place, we plan to target millions of potential new users per month by inviting them to download the UpcoPay app. Additionally, Upco and Sorgente Tesorino will award consumers with e-commerce promotions, cash back programs and complimentary international telecommunications services for downloading the app.
The Chinese market received the first co-branded bottles the first week of December 2019.
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