IGEN Secures Long-Term Equity Financing along with CEO Update on Key Initiatives
September 25 2020 - 6:00AM
InvestorsHub NewsWire
Lake Elsinore,
CA
-- September 25, 2020 --
InvestorsHub NewsWire -- IGEN
Networks
Corporation
(OTCQB:
IGEN,
CSE:
IGN), a leading innovator of
cloud-based and Internet of Things
(IoT) automotive
solutions
for
the protection
and management of mobile assets,
today
announced
the
successful
completion of S1 registration
of common
shares and Notice of Effectiveness
received
from the SEC as
of September 23, 2020. Completion of these
milestones puts in effect an Equity-Line for up to $2,500,000 accessible for IGEN
capital
needs during the next
three
years with
Crown
Bridge Partners, LLC, a New
York
limited liability company
and J.H.Darbie and Company Inc., as the
Placement
Agent and Investment
Bank. The draw from the
Equity-Line will be at the sole discretion of
IGEN's Board of Directors per the terms
outlined in the Prospectus filed on September 24, 2020.
CEO Neil G. Chan
stated, "This Equity-Line was
structured with
favorable
terms for IGEN, with sole discretion
on timing and
share price. It's the least dilutive
and most
flexible mechanism for raising
capital
over the
long-term. We are now well capitalized to fund our key
initiatives for both the
automotive
consumer and commercial fleet markets. Along with
increasing
our sales channels with our Resellers and Key
Channel
Partners that include the Michigan Credit Union
League
Service
Corporation (MCULSC) and County
Executives of America, IGEN will further invest in the development of our driver
behavior algorithms and
platforms."
The Company is seeing
growth
opportunities in the second
half of 2020. Despite the persistence
of the Corona
Virus and
its effects on the economy, the revenue growth
opportunities
for the
Company continues to be weighted
towards
Credit Unions and the Counties. Presently the Company
has secured order commitments from seven Regional Credit Unions
with a goal
of securing up to 50 by
year-end. The macro-environment of
reduced credit scores and Federal Government
funding has created a dual need for the Credit
Unions
to
secure
automotive
assets while providing compelling services to
the Credit
Union membership. The County Executives of America
have identified and
confirmed
commercial
trials
with three
Counties with an average population base of 1M
people. Along with Medallion GPS
PRO Fleet Management
functionality,
IGEN's driver
behavior features will be
tested and
applied against County actuarial
metrics for insuring of County
vehicles and
assets.
With the launch of
IGEN's Next-Generation
Platform, a direct-to-consumer brand
is being
created and targeted exclusively as an
Ecommerce offering. Families will be able
to purchase IGEN's products and services directly
online with emphasis on
ease-of-use. Peace-of-mind features for
families
and their teenage drivers
will include
IGEN's Universal Scoring of
Driver
Performance as a standard
service
offering. Targeted launch is for late 2020 in time for the
holiday
season.
About
IGEN
Networks
Corporation
IGEN Networks
Corporation provides
peace-of-mind to automotive consumers and
their families through direct
access to
Internet-of-Things (IoT) cloud-based services that include
Stolen Vehicle Protection, Real-time alerts, and Driver
Behavior.
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:
IGEN Networks
Corporation
Neil G. Chan
info@igenneworks.net
1(855)912-5378
iGen Networks (CE) (USOTC:IGEN)
Historical Stock Chart
From Aug 2024 to Sep 2024
iGen Networks (CE) (USOTC:IGEN)
Historical Stock Chart
From Sep 2023 to Sep 2024