IGEN's CEO provides mid-year progress update for 2022
IGEN Networks Corporation (OTC: IGEN, CSE: IGN) has provided a mid-year progress update highlighting growth opportunities in consumer and commercial markets. The company focuses on reducing 'rating-errors' in the insurance industry, estimated at $8B annually, by advancing its intellectual property in AI and EV data collection. Consumer brands Nimbo Tracking, CU Trak, and FamilyShield have expanded significantly, with Nimbo securing new dealership partnerships and CU Trak growing through credit unions. Medallion GPS is poised for market entry with NY State Counties, targeting 12,000 commercial vehicles.
- Significant growth in consumer brands, particularly Nimbo Tracking and CU Trak.
- New partnerships with 11 dealerships and projected expansion to 12 additional dealerships.
- CU Trak's successful launch and potential revenue increase through credit unions.
- Medallion GPS awarded fleet services contract in New York state for 12,000 vehicles.
- None.
"Growth and market leadership across consumer and commercial brands"
Lake Elsinore, CA, June 29, 2022 (GLOBE 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
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
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
FAQ
What recent updates did IGEN announce in June 2022?
How does IGEN plan to reduce rating-errors in the insurance industry?
What are the consumer brands under IGEN and their growth status?
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What is IGEN's strategy for expanding CU Trak services?
