IGEN's CEO provides mid-year
progress update for 2022
"Growth and market leadership
across consumer and commercial brands"
Lake Elsinore, CA -- June 29, 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 provides a
mid-year progress update on key initiatives and opportunities for
growth:
Intellectual Property
Portfolio
IGEN's intellectual property portfolio will focus on
normalizing the "big data" elements that influence driving habits
along with correcting gross errors in assessing driver performance
and driver behavior. Reducing what
the insurance industry refers to as "rating-errors" is the single
biggest opportunity for insurance
companies. With an estimated $8B of
annual rating-errors attributed to not understanding driver
behavior, IGEN is positioned as a disruptive force in establishing
actuarial metrics for the insurance industry along with providing a
safer environment for drivers and their
families. Key initiatives for IGEN
for 2022 will be to strengthen its patent portfolio in the area of
Artificial Intelligence (AI), in-particular as it pertains to
electric vehicles (EV) and their inherent ability to collect data
from a broad-range of external sources.
Consumer Product Brands and
Markets
IGEN's consumer brands Nimbo Tracking, CU Trak, and
FamilyShield have seen significant growth and channel expansion
during the first six months of 2022.
Nimbo Tracking sold through automotive dealerships and CU
Trak marketed through Credit Unions are based on multi-year
contracts with annual renewal options for the
consumer. FamilyShield sold through
Amazon.com was the industry's first direct-to-consumer
brand.
Nimbo Tracking has secured 11 new franchise and pre-owned
dealerships located in 5 states during the first six months of 2022
that account for approximately 2000 vehicles across a broad range
of automotive brands. Through
recently appointed distributors and agents, Nimbo Tracking has
forecasted an expansion of 12 additional automotive dealerships
during the second half of 2022 with monthly inventory levels
reaching 5000 vehicles at penetration rates of 15% to 50% of
vehicles sold with Nimbo Tracking services each
month.
CU Track primarily marketed through Michigan Credit Union
League Service Corporation (MCULSC) representing approximately 80
credit unions located in seven districts, successfully launched the
CU Trak program in early 2022. Upper Peninsula credit unions were
the first to deploy CU Trak services with ongoing expansion
following the initial launch in April
2022. Post-COVID in 2022
looks very promising for CU Trak sales as Credit Union trends
indicate an increase in higher risk loans for car purchases
supported by Federal subsidy programs.
Revenue contributions from CU Trak services are expected to
increase several-fold with the addition of 8-10 Credit Unions from
existing channels and the expected expansion of Latin American
sponsored sales channels in the second-half of
2022.
FamilyShield sold directly to the consumer through Amazon.com
and IGEN's Shopify website has been successful for customer
renewals and B2B sponsored channels.
In particular, driving schools across the US including
government sponsored safety programs have offered the most promise
for 2022 revenue contributions.
Commercial Fleets and Markets
IGEN's commercial fleet brands Medallion GPS and Medallion
GPS PRO offer state-of-the-art fleet solutions for a complete range
of Light-to-Heavy Duty commercial vehicles with its patented DTS
capabilities to measure driver performance and safety.
IGEN's recent award to provide Medallion
GPS fleet services to New York State Counties offers an exclusive
opportunity for Counties and State governments to manage their
self-insured assets. The
opportunity base for Medallion GPS with the Counties in NY State is
estimated at 12,000 commercial vehicles.
In addition, through IGEN's partnership agreement with the
County Executives of America(CEA),
Medallion GPS will be marketed to 700 CEA members that own
and manage approximately 350,000 commercial vehicles across the
US.
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