Positioned to Achieve Profitability
MURRIETA, CA / ACCESSWIRE / August 12, 2019 / IGEN Networks Corporation (OTCQB:IGEN) (CSE:IGN), a leading innovator of cloud-based and Internet of Things (IoT) automotive solutions for the protection and management of mobile assets, today announced unaudited financial results and an update on key initiatives:
Second Quarter 2019 and Update on Key Initiatives:
- Achieved revenue of $198,481 with $113,383 of gross profits and sales backlog of $168,000 for the three months
- Achieved revenue of $443,878 with $326,757 of gross profits and sales backlog of $168,000 for the first six months of 2019
- Gross profit margin increased by 28% to 74% compared to the first six months of 2018
- Net loss of $194,123 for the six months; compared to Net loss of $631,584 over the same period in 2018, the smallest first-half loss-to-date and significant progress towards profitability
- IGEN’s co-branded product Sprint CU TRAK have identified 360 credit unions for marketing of IGEN services along with confirmed market trials and orders from Puerto Rico, Southern California and the Mid-West Regions
- Patent-pending on “Digital Telematics Signature” for establishing an industry standard in measuring driver behavior for the insurance industry
- Next-generation platform with renewal store, driver-score, dealership management system integration, along with additional features for managing leased vehicles for the Ride-Share Industry.
- IGEN Receives Sprint IoT Factory Order to Manage Ride-Share Leased Vehicles with the first 500 vehicles to be activated in the Tri-State Area of New York
CEO Neil Chan stated, “As we transition to higher-margin business through insurance companies, credit unions, and direct channels to dealerships and ultimately the consumer, we see a path to profitability. We are particularly excited as various components of our strategy are coming together including our Sprint relationship, specific to the co-branded product CU TRAK for Credit Unions and the recently announced Medallion order to manage leased vehicles for the Ride-Share industry.”
“Combined with the Sprint IoT Factory orders, we have a healthy pipeline of recurring and new business revenue streams that is driving IGEN’s growth strategy for higher gross profits. During this reporting period we saw a significant increase in renewal revenues from consumers using our service. We expect a significant number of our Pre-load customers who chose our service three years ago to continue renewing their subscriptions throughout 2019.”
About IGEN Networks Corporation
IGEN Networks Corporation provides peace-of-mind to automotive consumers and their families through direct access to Internet-of-Things (IoT) cloud-based services that include Stolen Vehicle Protection, Real-time updates on asset health and Driver Behavior.
IGEN is a fully reporting company in both Canada and the United States. It is publicly traded on the OTCQB under the symbol IGEN, and listed on the CSE under the symbol IGN. For more information, please visit www.igennetworks.net.
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.
SOURCE: IGEN Networks Corp.