IGEN's CEO
provides
progress update on
Key Initiatives for
2021
Positioned for Growth and
Market Leadership
Lake Elsinore, CA -- July
12, 2021 -- InvestorsHub NewsWire
-- IGEN
Networks
Corporation (OTCQB:
IGEN, CSE:
IGN), a leading innovator of software services for the
consumer and commercial automotive industry, today provides a progress
update on key initiatives
along with the
CEO's assessment of
opportunities for
growth.
IGEN's Driver Telematics
Signature Patent:
Patent No. 11,037,378
was issued from
the U.S. Patent Office on Tuesday,
June 15, 2021. This U.S. patent becomes enforceable
on the day
of issuance.
The DTS
Patent is
a method and system designed to
create
a unique
signature of driver
performance, driver habits, and
risk assessment
of driver maneuvers. The market
opportunity for IGEN is to
establish a standard of
measurement for driver risk and
behavior regardless of the type of vehicle
or
source of the
data (e.g., smartphones,
vehicle-based GPS
systems, and artificial
intelligence).
The DTS Patent will reduce
what the
insurance
industry refers
to as "rating-errors"
equating
to loss
of
revenue
for the
insurer from not having an
accurate assessment
of
driver performance and policyholder
misinformation.
According to
the most recent
studies
published
by Insurance Journal, the cost of
rating
errors
exceeded $15B in 2010 with approximately $8B
attributing to missing information on
driving
habits.
IGEN Networks and
T-Mobile for Business
Co-branded
Medallion GPS for Light
Commercial
Fleets:
The launch of
Medallion
GPS through T-Mobile
Business SMB channels is a unique
offering based on
IGEN's NextGen
platform. Medallion GPS is optimized for Light Commercial Fleets
or
vehicles
with a gross vehicle
weight of no more than 3.5 metric
tons. Light Commercial
Fleets represent the least penetrated market
segment
using fleet solutions with an estimated 6M new
vehicles
produced annually in the US. Medallion GPS
offers
an
easy-to-use fleet
solution at significantly lower costs for the Light
Commercial
Fleet
owner. Fully tested and qualified
for the T-Mobile Business channels, Medallion GPS
revenue
contributions are expected for the second half
of 2021.
County
Executives of America brands
IGEN's Fleet
Solution:
County Fleet Management
is based
on IGEN's NextGen platform optimized for
Light Commercial Fleets. There are
over 700 Counties that work with the
County
Executives
of America representing an estimated
350,000 Light Commercial and Passenger vehicles across the
US.
A key aspect
of the
County Fleet Management offering
is IGEN's DTS Patent
providing
the capabilities
to measure
driver
habits, driver safety, and
risk
assessment. Many of the Counties are
self-insured which makes it compelling
for Counties to
use
County
Fleet
Management Services enabled through
IGEN's DTS Patent.
Initial trials
are expected with 3-5 Counties for the second half of 2021
as Federal funding is made
available.
IGEN Launches
Industry's First Consumer Brand
Product
"FamilyShield"
to protect Young Drivers:
From date of launch in April
2021, 18,000 households
located in
Orange
County, Southern California,
Dallas, Texas and Tampa Bay,
Florida
have received direct-mailings combined with social media campaigns launched across platforms that
include Facebook, Google, YouTube,
and
Gmail. Online conversion rate for
the initial
campaigns is expected to reach 2-3% penetration
level. Further marketing
campaigns are planned along
with establishing
a
mainstream
online
purchasing channel.
IGEN
signs Sales & Marketing Agreement with
Michigan Credit Union League Service Corporation
(MCULSC):
Michigan Credit
Union League Service Corporation(MCULSC) is a Credit
Union
Service Organization offering
IGEN's CU Trak
product
and services to Michigan Credit Unions and their
members. To-date much of the sales
activities to Credit Unions
in
Michigan State
and across the US markets
were
curtailed
by COVID as many of them operated with limited
access. Post-COVID trends are looking very
promising with the increase in membership loans for car
purchases supported by Federal subsidy
programs. Revenue contributions from
the sale of CU Trak to Credit Unions in both
Michigan State and across the US are expected
to
increase several-fold during the second half
of 2021.
In summary, CEO Neil
G. Chan
stated, "Despite the challenges of the
pandemic and its impact on our primary markets, we were able to focus
on creating new products and
channels in anticipation of new growth
opportunities.
We see more car
loans, especially in
pre-owned vehicle segments, an increase in
actuarial
risks with
drivers and autonomous
driving
technologies, and significant Federal
Government support to Counties across the US
with the
new
administration. IGEN is positioned to
participate in these market trends
during 2021 and
beyond".
About IGEN
Networks Corporation
IGEN Networks
Corporation creates
software
services for the consumer
automotive and commercial
asset
management
industries enabling their customers to better manage
their
assets and protect their
families. 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.igennetworks.net
Forward-Looking Statements
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.
Contact:
Neil G. Chan
IGEN Networks
Corporation
Email: info@igennetworks.net
Call us: (855)912-5378
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