iGen Networks Corporation Completes Acquisition of Nimbo LLC
May 05 2014 - 12:31PM
Marketwired
iGen Networks Corporation Completes Acquisition of Nimbo LLC
ALEXANDRIA, VIRGINIA--(Marketwired - May 5, 2014) - iGen
Networks Corporation (OTCQB:IGEN) today announced that it has
completed the acquisition of Murrieta-based Nimbo LLC for 2,500,000
shares of common stock.
Nimbo LLC is a market leader in consumer safety solutions for
the automotive and power sport industries. Powered by the Nimbo
brand through Dealershiptracking.com and Powersporttracking.com,
Nimbo offers a Real-Time GPS Tracking and Management System that
protects valuable assets and keeps families safe.
iGen and Nimbo together will offer industry leadership with a
broad range of M2M applications including stolen asset recovery and
fleet management solutions via state-of-the-art device integration
and an innovative self-provisioning platform.
During 2013 Nimbo generated an excess of $1,000,000 in revenue
with approximately 6,000 new subscriber activations.
About iGen Networks Corporation:
iGen Networks Corporation delivers cloud-based services through
Machine-to-Machine (M2M) device technologies for the protection and
management of mobile assets and commercial fleets. iGen is a fully
reporting company in both Canada and the United States, where it is
publicly traded on the OTC market and quoted on the OTCQB. For more
information, please visit www.igen-networks.com.
About Nimbo LLC:
Nimbo LLC provides robust wireless M2M solutions that create
peace of mind across industries, specializing in providing
integrated GPS tracking and vehicle warning solutions for various
markets including Automotive, Power Sport, Subprime Automotive and
Power Sport Finance, Fire & Rescue, EMS, and Law Enforcement.
For more information please visit http://www.nimbollc.com/.
Product or service names mentioned herein may be the trademarks
of their respective owners.
Forward-Looking Statements
This news release may contain forward-looking statements
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", 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 the
future performance of Nimbo LLC and the M2M industry, general
economic conditions, IGEN's expectations regarding its business,
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 the integration of
Nimbo LLC and IGEN; the completion of the acquisition of Nimbo LLC;
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 IGEN's periodic filings with 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.
For Media Inquiries:Magnolia CommunicationsPhoebe
Yong604.760.3085phoebe@magnoliamc.comFor Investor Inquiries:iGen
Networks CorporationRichard
Freeman1.888.244.3650rfreeman@igen-networks.comwww.igen-networks.com
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