INEO Expands eCommerce Business into the US Market with the Acquisition of Securitytags.com
INEO Tech Corp. (OTCQB: INEOF) has successfully acquired Securitytags.com, a US online reseller of EAS security products. This strategic acquisition includes the Securitytags.com domain, website, inventory, and customer list, enhancing INEO's eCommerce capabilities. Additionally, INEO has opened a staging warehouse in Vancouver, Washington, enabling 48-hour shipping across the continental US. The acquisition positions INEO to capitalize on existing customer relationships and expand its market presence with the introduction of proprietary products.
- Acquisition of Securitytags.com enhances eCommerce sales and market reach.
- New staging warehouse allows for 48-hour shipping across the continental US.
- Immediate revenue generation from Securitytags.com’s existing customer base.
- Potential for cross-selling INEO’s innovative products.
- None.
- INEO completes the acquisition of Securitytags.com, a US-based B2B online reseller of EAS security products.
- INEO also announces the opening of its new US-based staging warehouse located in Vancouver, Washington, which will allow the Company to ship its products anywhere within the continental US in 48 hours or less.
SURREY, BC, Jan. 20, 2022 /PRNewswire/ - INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF) (the "Company" or "INEO"), the innovative developer of the INEO Media Network, a digital advertising and analytics solution for retailers, today announced it has acquired the assets of Securitytags.com from Vitag PVT Ltd. ("Vitag"), a leading Australian-based provider of Electronic Article Surveillance (EAS) anti-theft products for retailers. Vitag previously operated Securitytags.com as a wholly owned subsidiary focused on providing online sales of Electronic Article Surveillance (EAS) anti-theft products to retailers in the US market. Under the terms of the purchase agreement, INEO has acquired the Securitytags.com domain name, website, inventory, customer list and social media accounts.
"INEO has an immense opportunity in the US market and this acquisition will help accelerate the Company's eCommerce sales and expand our reach in that market," said Kyle Hall, CEO of INEO. "Securitytags.com is a recognized brand name and has a strong list of US-based customers who have purchased EAS products in the past, thereby providing INEO with immediate revenues and potential for future cross-sell opportunities for its innovative INEO Welcoming System."
INEO is now operating the Securitytags.com website (www.securitytags.com) with a full line of security tags, labels and deactivators and will soon be adding the Company's own INEO Clarity EAS system, the next generation (patent pending) INEO Welcoming G.A.T.E. pedestal and the patented INEO Welcoming System. Securitytags.com offers convenient and cost-effective online ordering and fulfillment for US based retailers.
Greg Watkin, INEO's founder and President commented, "Deploying capital through organic acquisitions is a key part of our long-term strategy to cost effectively gain access to retailers with whom we will deploy the advertising and analytics abilities of the INEO Welcoming System and the INEO Media Network. We expect this transaction will create operational synergies and enhance shareholder value."
INEO is also pleased to announce the unveiling of its new US-based staging warehouse located in Vancouver, Washington. The staging warehouse, which is run by a contract partner, is being used to speed up the shipping times for INEO's products into the US. INEO's products are CUSMA tariff-free as they are manufactured in Canada, however, current customs clearance times have been impacting the timeliness of deliveries, making the US warehouse a necessity for ensuring timely delivery. The acquired inventory from Securitytags.com will also be stored and shipped from this new warehouse in Vancouver, Washington. The new Securitytags.com website, in conjunction with the US based warehouse facility, positions INEO as an emerging eCommerce platform for EAS security solutions for retailers, with the ability to ship its products within 48 hours to anywhere in the continental US.
INEO Tech Corp.
Per: "Kyle Hall"
Kyle Hall, Chief Executive Officer and Director
About INEO Tech Corp.
INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., operates the INEO Media Network, a digital advertising and analytics solution for retailers. INEO's patented technology integrates and monetizes digital screens with theft detection sensor gates at the entrance of retail stores. The Company's cloud-based platform uses IoT (Internet of Things) and AI (Artificial Intelligence) technology to deliver customized digital advertising to each retail location based on the demographic mix, such as age and gender, of customer traffic at each location. The Company also deploys the INEO Welcoming Network technology through a SaaS-based solution to larger retail chains. INEO is headquartered in Surrey, Canada and publicly traded on the TSX-Venture Exchange under the symbol "INEO" and on the OTCQB-Venture Market under the symbol "INEOF".
For more information please visit: www.ineosolutionsinc.com.
Forward-Looking Statements
Investors are cautioned that, except as disclosed in the disclosure document, any information released or received with respect to the Company may not be accurate or complete and should not be relied upon. Trading in securities of the Company should be considered highly speculative.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors – including the availability of funds, acceptance of the Company's products, competition, and general market conditions – that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed on SEDAR, including the Annual Information Form for the year ended June 30, 2020 filed on SEDAR December 3, 2020. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE INEO Tech Corp.
FAQ
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