/UCW/ MURRIETA, CA – IGEN Networks Corporation (OTCQB:[stock symbol=”IGEN”] )(CSE:IGN)(CSE:IGN.CN), a Company that offers a range of proprietary, self-provisioning applications that manage and recover stolen assets, provide access to roadside assistance programs, and improve productivity of commercial fleets, announces a number of milestones and important achievements that were met in 2016. Additionally, CEO Neil Chan will hold a conference call to discuss these achievements, the condition of the Company, the current market environment for the industry, and goals for 2017 at 1:15 pm PST tomorrow, Thursday, January 5. See call instructions at the bottom of this release.
IGEN had a record breaking year in 2016. Some of the Company’s accomplishments include:
- Partnership status with Verizon and IGEN’s wholly-owned subsidiary Nimbo Tracking enabled the sharing of sales leads across the country, leading to record orders with thousands of new vehicle service activations and product shipments;
- First pre-load implementation of Nimbo services with automotive franchise dealers, supporting multiple automotive OEM brands, and requiring all vehicles to be service activated;
- Record breaking installation rate of more than 100 vehicle activations per day or 3000 vehicles over 30 days;
- Record revenues and gross profits with first ever positive funds flow from operations reported in Q3 of 2016 (including deferred revenues, and therefore on a non-GAAP basis);
- Launch of fleet analytics platform for consumer fleet applications
- Streamlining of distribution channels to leverage key market partner strengths including the expansion of IGEN’s nationwide installation network of more than 900 installers across the United States;
- Continued expansion of the Company’s pre-load and conventional automotive dealer channels;
- Continued investment in IGEN’s IT infrastructure and product platform to support growth and provide scalability, improved functionality, stability, and performance
CEO Neil Chan stated, “IGEN is now positioned for success better than any time in its history, and as we grow we continue to focus on our goals of increasing our positive fund flow and achieving net profitability.”
Mr. Chan added, “The massive market opportunity we are facing is underlined by the recent advertising program launched by Verizon for its aftermarket retail HUM device, a complementary program to our new car channels. Verizon continues to be a valuable strategic partner and contributes to our ability to land B2B contracts with dealerships. The addition of new car dealerships along with our new analytics platform for commercial fleets is increasing our ability to profitably leverage this massive market opportunity.”
IGEN Networks wishes to invite all shareholders and interested parties to listen to a conference call led by CEO Neil Chan that will take place tomorrow, Thursday, January 5 just after the close of trading at 1:15 pm PST / 4:30 pm EST. If calling from the United States, please call (310)372-7549 and from Canada call (514)312-2743. The conference code is 150727. The call will be recorded and posted on the Company’s website. Please email [email protected] if you would like the recorded call sent after conclusion, or if you wish to ask questions.
About IGEN Networks Corporation:
IGEN Networks Corporation invests in and manages companies that deliver cloud-based services through Machine-to-Machine (M2M) device technologies for the protection and management of mobile assets and commercial fleets. The Company offers a range of self-provisioning applications which are used to manage and recover stolen assets, provide access to roadside assistance programs, and improve productivity of commercial fleets.
IGEN is a fully reporting company in both Canada and the United States. It is publicly traded on the OTCQB under the symbol IGEN, and listed on the CSE under the symbol IGN. For more information, please visit www.igen-networks.com.
This news release may contain forward-looking statements or forward looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities law. The terms and phrases “goal”, “commitment”, “guidance”, “expects”, “would”, “will”, “continuing”, “drive”, “believes”, “indicate”, “look forward”, “grow”, “outlook”, “forecasts”, “intend”, and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by IGEN in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that IGEN believes are appropriate in the circumstances, including but not limited to statements regarding investment liquidity, financing options and long term goals of the Company, general economic conditions, IGEN’s expectations regarding its business, customer base, strategy and prospects, and IGEN’s confidence in the cash flow generation of its business. Many factors could cause IGEN’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; IGEN’s reliance on key personnel; IGEN’s ability to maintain and enhance its brand; and difficulties in forecasting IGEN’s financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry. These risk factors and others relating to IGEN that may cause actual results to differ are set forth in the under the heading “Risk Factors” in IGEN’s periodic filings with the British Columbia Securities Commission and the U.S. Securities and Exchange Commission (copies of which filings may be obtained at www.sedar.com or www.sec.gov. These factors should be considered carefully, and readers should not place undue reliance on IGEN’s forward-looking statements. IGEN has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.