- INEO's direct sales efforts have resulted in expanding its
footprint with large US retailers and leading Canadian retailers,
which combined represent over 1,500 store locations.
- INEO's sales efforts with distribution partner Prosegur has
resulted in commitments for pilot store installations with several
large retailers representing over 8,000 store locations across
the United States.
SURREY,
BC, Sept. 15, 2022 /CNW/ - INEO Tech
Corp. (TSXV: INEO) (OTCQB: INEOF) (the "Company" or
"INEO"), the innovative developer and operator of the INEO
Media Network, a digital advertising and analytics solution for
retailers, is pleased to provide the following update on its recent
progress with retailers across the globe.
INEO continues to make significant progress by executing on its
direct sales pipeline. The Company has expanded its footprint with
a major retail client and is starting the next phase of its
roll-out by deploying the INEO Welcoming System into large groups
of stores in concentrated geographic regions. Combined with another
retailer, which is just starting to deploy, INEO Welcoming Systems
will be installed in over 30 locations within the next few weeks.
The Company is well positioned to deploy more than 1,000 retail
locations in the United States
under the terms of its signed agreements.
Further to the Company's announcement on May 30, 2022, INEO's agreement with a Canadian
retailer consisting of approximately 500 locations has resulted in
the successful pilot installation at one store in the greater
Vancouver area and the Company has
commitments to install systems in additional stores in the coming
weeks. INEO remains on track to roll-out all of the committed
locations with INEO Welcoming Systems this year.
Kyle Hall, CEO of INEO,
commented, "We are very excited with the significant progress and
momentum INEO is building with large retail chains. Retailers are
quickly becoming aware of INEO and are captivated by our ability to
provide digital display screens inside of a loss prevention system.
More importantly, our patented product generates revenue for the
retailer with our integrations to the retailer's Retail Media
Network. Having display screens at the front entrance of retail
stores is proving to be an in-demand location for advertisers.
Furthermore, we are very pleased with our partner Prosegur's
success in achieving pilot installations with several large
retailers across the globe. We are witnessing increasing numbers of
pilot systems and strong levels of interest to convert pilot system
installations into full scale deployments and roll outs."
The Company's sales pipeline has increased to over $40 million in annual recurring revenue with
increasing traction through the global distribution partnership
with Prosegur, a multi-national security solutions company based in
Spain. Through this partnership
with Prosegur, INEO has installed or secured commitments for pilots
with several retail chains in the United
States across various industries including pharmacy,
agriculture supplies, department store, clothing retailer, global
sports franchise, supermarket and luxury department store chain.
Combined, these retail chains represent over 8,000 potential store
location installation sites for INEO in the United States alone. In addition, Prosegur
has been instrumental in landing a South American supermarket chain
which is now completing its pilot stage and is committing to
roll-out many more locations in early 2023.
INEO Tech Corp.
Per: "Kyle Hall"
Kyle Hall, Chief Executive Officer
and Director
About INEO Tech Corp. (TSXV: INEO;
OTCQB: INEOF)
INEO Tech Corp., through its wholly owned subsidiary, INEO
Solutions Inc., operates the INEO Media Network, a digital
advertising and analytics solution for retailers. INEO's patented
technology integrates and monetizes digital screens with theft
detection sensor gates at the entrance of retail stores. The
Company's cloud-based platform uses IoT (Internet of Things) and AI
(Artificial Intelligence) technology to deliver customized digital
advertising to each retail location based on the demographic mix,
such as age and gender, of customer traffic at each location. The
Company also deploys the INEO Welcoming Network technology through
a SaaS-based solution to larger retail chains. INEO is
headquartered in Surrey, Canada
and publicly traded on the TSX-Venture Exchange under the symbol
"INEO" and on the OTCQB-Venture Market under the symbol
"INEOF".
For more information please visit:
Website:
www.ineosolutionsinc.com
LinkedIn:
www.linkedin.com/company/ineosolutions
Facebook:
www.facebook.com/ineosolutionsinc
Instagram:
www.instagram.com/ineosolutionsinc
Twitter:
www.twitter.com/INEOsolutions
Future-Oriented Financial
Information
To the extent any forward-looking statements in this press
release may constitute future-oriented financial information or
financial outlooks within the meaning of securities laws, such
information is being provided to demonstrate the potential
financial performance of INEO and readers are cautioned that this
information may not be appropriate for and should not be used for
any other purpose and that they should not place undue reliance on
such future-oriented financial information and financial outlooks.
Future-oriented financial information and financial outlooks, as
with forward-looking information generally, are, without
limitation, based on the assumptions and subject to the risks set
out below under "Forward-Looking Statements".
Forward-Looking
Statements
Investors are cautioned that, except as disclosed in the
disclosure document, any information released or received with
respect to the Company may not be accurate or complete and should
not be relied upon. Trading in securities of the Company should be
considered highly speculative.
This news release contains statements and information that,
to the extent that they are not historical fact, may constitute
"forward-looking information" within the meaning of applicable
securities legislation. Forward-looking information may include
financial and other projections, as well as statements regarding
future plans, objectives or economic performance, or the assumption
underlying any of the foregoing. This news release uses words such
as "may", "would", "could", "likely", "expect", "anticipate",
"believe", "intend", "plan", "forecast", "project", "estimate",
"outlook", and other similar expressions to identify
forward-looking information. Forward-looking information involves
significant risks, assumptions, uncertainties and other factors
that may cause actual future results or anticipated events to
differ materially from those expressed or implied in any
forward-looking statements and accordingly, should not be read as
guarantees of future performance or results. There are a number of
important factors that could cause the Company's actual results to
differ materially from those indicated or implied by
forward-looking statements and information. Other factors
that could cause actual results to differ materially from the
Company's expectations are disclosed in the Company's documents
filed on SEDAR, including the Company's most recent annual and
interim Management Discussion and Analysis and Financial
Statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. The Company disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except to the extent required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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SOURCE INEO Tech Corp.