IGEN Achieves Milestones and
provides updates on Key Initiatives
Lake Elsinore, CA -- February 5,
2024 -- InvestorsHub NewsWire -- IGEN Networks Corporation (OTC:
IGEN), ("IGEN" or the "Company"), a leading
innovator of asset management and supply-chain solutions is
pleased to provide the following update on key initiatives from its
Chief Executive Officer, Neil G. Chan.
New Opportunities: given
the significant challenges in the automotive industry over the last
several years, we chose to focus on the opportunities within the
commercial side of our business. As the supply-chain industry
evolved to its new normalcy, IGEN chose to leverage our technical
expertise and patents in capitalizing on the evolving opportunities
in the supply-chain industry. These opportunities suggest a
robust market growth of 9%-10% CAGR to $16B-$17B by 2033. It
is estimated that 60% of this market is comprised of Fortune 100
companies served by 5-6 of the industry's largest system
integrators – highly customized solutions. The remaining 40%
are Small-to-Medium Enterprise (SME) who face a fragmented industry
of specialized and costly solutions that address limited elements
of the SME supply-chain requirements.
New Technologies: the
opportunity for IGEN was to offer an integrated all-in-one solution
that address the SME business supply-chain requirements at lower
costs and on a subscription basis, in contrast to legacy systems
requiring the SME to invest in capital intensive IT
infrastructure. IGEN's recent announcement on
Artificial Intelligence (AI) initiatives has led to the integration
of multiple platforms starting with Medallion GPS PRO, IGEN's
state-of-the art fleet management solution. The integration
process included warehouse inventory management and maintenance of
assets to deliver a complete all-in-one supply-chain solution
targeted for Small-to-Medium Enterprise (SME) businesses.
New Marketing Channels:
to market these innovative solutions, IGEN and a Fortune 100
wireless carrier have signed a co-marketing agreement through its
Master Distributor taking effect immediately. This agreement
enables the wireless carrier to brand Medallion GPS PRO and market
supply-chain solutions to Small-to-Medium Enterprise across the
US. This offering of supply-chain management solutions will
be at significantly lower subscription rates and higher value
compared to existing solutions. Medallion GPS PRO will
include optional supply-chain solutions available on demand as
customer requirements expand beyond the transportation of goods and
services.
Improving Financial
Metrics: in preparation for completing these key
initiatives, the Company has extinguished all outstanding debt for
an exchange of Preferred Series A shares with Jefferson Street
Capital LLC (JSC)., along with JSC's continued support of IGEN
through a previously announced $5M Equity-Line. The Company
has also replaced all AWS based services with in-house
infrastructure, single-sourced hardware from South Korea rather
than China to mitigate supply-chain risks and secured several
whole-sale airtime service packages with two major US wireless
carriers thereby reducing operating costs severalfold. Combined
with our Fortune 100 wireless carrier, IGEN will be positioned to
become the first mover on evolving opportunities for the SME
supply-chain industry as we welcome 2024 and
beyond.
About IGEN Networks
Corporation
IGEN Networks Corporation creates software
services for the commercial asset management industries enabling
their customers to better manage their assets and improve
productivity.
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
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(951)226-7142