IGEN Secures $5M Equity-Line
Financing to support Product Brand Growth and Strategic
Initiatives
Lake Elsinore, CA -- April 14, 2022 -- InvestorsHub NewsWire
-- IGEN Networks Corporation (OTC:
IGEN, CSE: IGN),
is pleased to announce agreements for $5,000,000 in Equity-Line
Financing with Jefferson Street Capital LLC (JSC), a New Jersey
limited liability company. Over the
course of the next three years, after an effective registration of
common shares, Jefferson Street Capital LLC, will invest up to
$5,000,000 to fund IGEN's strategic initiatives and product brand
growth for both the consumer and commercial
markets. The Equity-Line was
structured with favorable terms for IGEN and in close alignment
with IGEN shareholder objectives that enable JSC to hold up to
4.99% of IGEN outstanding shares throughout the term of the
agreements. The drawing and selling
of shares will be at the sole discretion of IGEN's Officers and
Board of Directors.
CEO Neil G. Chan stated, "With this new Equity-Line we are
well capitalized to fund and support all five product brands
offered to consumer and commercial
markets:
FamilyShield –
first direct-to-consumer brand to protect families and their young
drivers - available for purchase on Amazon.com
Nimbo Tracking –
marketed to franchise and pre-owned automotive dealerships across
50 States for Lot Management of vehicle inventory along with the
offering of vehicle theft protection and FamilyShield services to
automotive consumers and their families
CUTrak – a product
brand created specifically to mitigate lending risk for financial
institutions and credit unions along with the additional offering
of FamilyShield services to members and their families
Medallion GPS – a
fleet management platform designed for ease-of-use at significantly
lower costs for management of Light-Duty commercial and passenger
vehicles
Medallion GPS PRO –
the next generation fleet management platform designed for
Medium-to-Heavy Duty commercial vehicles that demand real-time 5G
video performance and fleet management capabilities
In addition to supporting product brand growth opportunities,
the Equity-Line will provide the necessary resources for
enforcement of IGEN Intellectual Properties, the continued
development of Artificial Intelligence (AI) based algorithms for
improving driver safety and fleet productivity, and finally through
the inherent structure of the Equity-Line, IGEN will continue to
increase its stockholder equity in preparation for up-listing
opportunities for both the Canadian and US securities
markets".
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 drivers.
IGEN is a fully reporting company in both
Canada and the United States. It is publicly traded on the OTC
Markets 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@igennetworks.net
1(855)912-5378