IGEN announces Net Profit for
Second Quarter 2022
"Positioned for continued growth
across consumer and commercial brands"
Lake Elsinore, CA -- August 5, 2022 -- InvestorsHub NewsWire
-- IGEN Networks Corporation (OTC:
IGEN, CSE:
IGN), a leading innovator of Internet of Things (IoT) solutions
for the consumer automotive and commercial fleet industries, today
announced unaudited financial results for its second quarter ended
June 30, 2022:
Second Quarter Financials and Recent
Accomplishments:
-
As of June 30, 2022, the Company
had total current assets of $252,227, a 45% increase from December
31, 2021.
-
Achieved recognized revenues of
$91,976 compared to $82,998 from the prior year second quarter
period
-
Grew total gross deferred revenue
to $310,568 representing cash received and revenue to be recognized
in future reporting periods
-
Gain on settlement of debt of
$271,935
-
Net income of $10,582 compared to
($325,937) net loss from the prior year second quarter
period
-
Expanded the subscriber base by
1680 new asset activations across consumer and commercial
brands
-
Expanded Intellectual Property
Portfolio for normalizing "big data" elements for the reduction of
insurance rating-errors
-
Secured 11 new franchise and
pre-owned dealerships located in 5 states with approximately 2000
vehicles under Nimbo Tracking inventory management services
-
Launched the CU Track program
with Michigan Credit Union League Service Corporation in the Upper
Peninsula region
-
Awarded exclusive contracts to
provide Medallion GPS Fleet Services to New York State
Counties
CEO Neil G. Chan stated, "IGEN is reporting a net income and
profit for the first time since company
inception. We are particularly
excited with our new sales channels, partnerships, and patent
portfolio created over the last several
years. The development of the most
cost efficient and scalable platforms in the industry has enabled
the company to achieve profitability and improve our balance sheet
in 2022. Our pipeline for the
second half looks promising as our recurring and new business
revenues will continue to drive growth for both the consumer and
commercial IoT markets."
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 both Canada and the United States. It is
publicly traded on the OTC Markets under the symbol IGEN, and
listed on the CSE under the symbol IGN. 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(855)912-5378