IGEN and Prolog announce
Industry's First AI Program for the Next Generation of Commercial
Fleet Solutions
Lake Elsinore, CA -- June 20, 2023 -- InvestorsHub NewsWire --
IGEN Networks Corporation (OTC:
IGEN), a leading innovator of asset management and
supply-chain solutions with its exclusive technology partner
Prolog, announces the development of the industry's first
Artificial Intelligence (AI) based commercial fleet
solutions. IGEN and Prolog (Companies) have chosen four
categories of software algorithms, the manufacture and development
of low-cost AI video cameras, and finally the financing of these
initiatives through the recently announced reverse-split of IGEN
issued and outstanding shares.
The four categories of patent-protected software algorithms will
include sensor data analysis, route optimization, predictive
maintenance, and driver behavior analysis:
Sensor data analysis will correlate readings from all sensors
resident in a commercial vehicle including fuel usage, emissions,
locations, and vehicle health to determine patterns, anomalies, and
to provide valuable real-time decision-making tools – for example
is the vehicle (tires, engine, fuel usage) prepared to complete a
long-haul destination under predictable weather
conditions.
Route enhancement and optimization algorithms will determine
safest, quickest, and most cost-effective delivery routes with
real-time adjustments based on traffic conditions, weather, and
load-restrictions.
Predictive Maintenance algorithms will analyze and correlate
vehicle codes for possible cause-effect scenarios, such as alerting
to "yet-to-fail" components that potentially could impact critical
vehicle operation and driver safety.
Driver behavior data algorithms will correlate real-time face
analysis with historical driver performance based on the same
route, time, and weather conditions – potentially to activate
real-time risk mitigation, such as blocking the accelerator or
re-routing to rest areas.
In addition to the development of AI software algorithms, the
Companies will develop and manufacture low-cost AI video cameras
and devices that will be integrated with proprietary firmware
designed to support any AI commercial fleet service
providers. The specialized AI video hardware will be
manufactured in Mexico and marketed throughout North America
distribution channels independent of any wireless carrier or
commercial fleet service provider.
Neil G. Chan, CEO of IGEN stated, "Developing AI capabilities into
our software platforms is an integral part of our patent portfolio
and we will be the first to deploy these capabilities in the
commercial fleet industry. The recent announcement for the
10:1 reverse-split of our issued and outstanding shares will be an
important part of our ability to execute and claim industry
leadership. The re-structuring of debt and capital will
enable us to re-finance in a meaningful way on a non-dilutive
basis."
Juan Ignacio Avila, CEO of Prolog/CTO of IGEN stated, "As pioneers
in developing supply-chain solutions, we have the distinct
first-mover advantage in taking the industry to the next stage of
development. We have collected millions of data points over
the last 20 years that makes us uniquely qualified to evolve AI
capabilities and decision -making tools for a more productive and
safer environment within the commercial fleet industry."
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 the
United States and publicly traded on the OTC Markets under the
symbol IGEN. For more information, please visit: www.igennetworks.net
About Prolog
Prolog is a technology development and logistics consulting company
with over 25 years of experience in the development of
supply-chain, logistics, telematics, and asset management
solutions. Prolog operates in Mexico, Spain, and Central
America with more than 1200 clients, 80 distribution centers, and
250,000 vehicles utilizing its asset management
platforms.
For more information,
please visit:
www.prolog.com.mx
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