Association of Credit Union Executives of Puerto Rico (ASEC) announces Exclusive Marketing Agreement with IGEN Networks Corporation

Rhea-AI Summary

IGEN Networks Corporation (OTC: IGEN, CSE: IGN) has secured an exclusive marketing agreement with the Association of Credit Union Executives of Puerto Rico (ASEC). This collaboration aims to help ASEC and affiliated credit unions generate new revenue by promoting IGEN's CU Trak and FamilyShield products. The partnership is supported by the U.S. Department of Treasury's CDFI Fund, which has allocated $13.2 million to enhance technological capabilities among credit unions. The initiative is expected to facilitate IGEN's expansion into Latin America.

Positive

• Exclusive marketing agreement with ASEC expected to generate new revenue streams.
• Support from $13.2M grant by the CDFI Fund for credit union technology integration.
• Potential expansion into Latin America through ASEC partnerships.

Negative

• None.

LAKE ELSINORE, Calif., Oct. 24, 2022 /PRNewswire/ -- IGEN Networks Corporation (OTC: IGEN) (CSE: IGN), a leading innovator of software solutions for the consumer automotive and commercial fleet industries, today announced an exclusive marketing agreement with the Association of Credit Union Executives of Puerto Rico (ASEC).  This agreement will enable ASEC and Credit Unions to generate new revenue streams in marketing IGEN's CU Trak and FamilyShield to their members and families.  In conjunction with the U.S. Department of Treasury's Community Development Financial Institutions (CDFI) Fund, which has granted $13.2M to 105 Credit Unions and Cooperatives for Technical Assistance in 2022 thus far, the CDFI Fund will provide the financial assistance to Credit Unions to utilize CDFI qualified technologies for the benefit of their members. 

"On behalf of the Board of Directors of ASEC, it is with great pleasure to announce our partnership with IGEN Networks Corporation.  As we strive to transform our Credit Unions in Puerto Rico to utilize innovative products like CU Trak, IGEN Networks is the perfect partner to help us get there.  We look forward to a long-term relationship," said Aurelio Arroyo, President of the Board of ASEC.

"Since the first time I interviewed Abel I. Sierra over our radio station a couple of years ago, I knew CU Trak would be a game changer for our Credit Union community in Puerto Rico.  Now that the pandemic is behind us, we are much better position to promote CU Trak and with the support of the Board of Directors we look forward to expanding the use of IGEN technologies for all Credit Unions in our beautiful island of Puerto Rico," said Dahlia Torres, Executive Director of ASEC

"IGEN Networks sponsorship and participation at ASEC's annual meeting in Punta Cana, Dominion Republic was a huge success.  Although Credit Unions have heard of similar technologies in the past, no company has ever focused on addressing the specific technology needs of Credit Unions and automotive financing like we have.  IGEN has developed products like CU Trak with ASEC in Puerto Rico in anticipation of further expansion into Latin America and further partnerships with ASEC affiliated organizations like the CUNA Mutual Group," said Abel I. Sierra, Chief Operating Officer of IGEN Networks Corporation. 

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 families.  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:
Abel I. Sierra
IGEN Networks Corporation
Email: info@igennetworks.net
Call us: (855)912-5378

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SOURCE iGen Networks Corp.

FAQ

What is the significance of the marketing agreement between ASEC and IGEN?

The agreement allows ASEC credit unions to offer IGEN's CU Trak and FamilyShield products, potentially increasing their revenue streams.

How much funding has the CDFI Fund provided to support credit unions in Puerto Rico?

The CDFI Fund has granted $13.2 million to support 105 credit unions and cooperatives in 2022.

What are CU Trak and FamilyShield?

CU Trak and FamilyShield are software solutions developed by IGEN to enhance asset management and provide protection for families.

What are IGEN's plans for expansion after the agreement with ASEC?

IGEN aims to expand its presence into Latin America through further partnerships with ASEC affiliated organizations.