- INEO's core technology is now protected by patents in multiple
jurisdictions giving it an additional layer of security and
protection as the company proceeds with its rapid expansion across
the globe.
SURREY,
BC, Aug. 3, 2022 /CNW/ - INEO Tech
Corp. (TSX-V: 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, today announced it has been granted a patent from
the European Patent Office ("EPO") for European Patent 3482377,
entitled "COMBINATION MEDIA DISPLAY AND ELECTRONIC ARTICLE
SURVEILLANCE PEDESTAL". This patent prevents any other
Electronic Article Surveillance (EAS) provider from selling an EAS
system which contains a digital screen, leaving the INEO Welcoming
System as the only system on the market which can combine
advertising and loss prevention in one form factor.
INEO's patented technology combines a traditional Electronic
Article Surveillance (EAS) system with a digital media display in
one integrated device. EAS systems are theft prevention devices
which are typically found at the entrance or exit of a retail store
and transmit a radio frequency (RF) signal which detects tags and
labels on products. The combination of a media display and
EAS system is a non-trivial and unique invention due to the
complexity in designing and housing a RF security tag system in
close proximity to a media display screen without degradation of
the required RF signal. This patented technology drives
INEO's business model of integrating retail digital signage with
retail media networks to generate SaaS (Software-as-a-Service)
based revenue.
"Receiving this patent in Europe is a significant milestone for INEO as
we continue to expand our reach into new global markets," said
Greg Watkin, Chairman and President
of INEO. "We know larger industry players are very interested in
our technology and this patent gives significant protection against
any of our competitors coming out with similar technology in the
European market. This patent along with our corresponding patents
in Canada and the United States protects INEO from
competition with the larger EAS companies as we go after their
customer base."
INEO filed its first patent on July 11,
2016, with the Canadian Intellectual Patent Office,
resulting in INEO being granted Canadian patent 2,936,044, on
January 15, 2018. At that time the
Company also filed the subject matter under the Patent Cooperation
Treaty (PCT), which has now led to the granting of corresponding
claims in additional treaty countries. The United States Patent and
Trademark Office granted patent 10,614,691 on April 7, 2020. The European Patent
Organization granted this most recent patent after a substantive
examination of the patent application. The term on the patent runs
until to July 10, 2036. The
Company has also recently filed two further patent applications for
additional protection of its unique intellectual property and
expects to be granted these patents in due course.
The European Patent Office's mission is to grant European
patents in accordance with the European Patent Convention. The EPO
currently has 38 member states, comprising all the member states of
the European Union plus other countries including the United Kingdom, Norway, Switzerland and Turkey.
INEO Tech Corp.
Per: "Kyle Hall"
Kyle Hall, Chief Executive
Officer and Director
About INEO Tech
Corp.
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: https://www.linkedin.com/company/ineosolutions
Facebook: https://www.facebook.com/ineosolutionsinc
Instagram: https://www.instagram.com/ineosolutionsinc
Twitter: https://twitter.com/INEOsolutions
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.