WASHINGTON, DISTRICT OF COLUMBIA--(Marketwire - Aug. 22, 2012) - IGEN Networks Corporation, ("IGEN" or "the Company") (OTCQB:IGEN) the industry-leading technology accelerator, today announced its financial results and operational highlights for the second quarter ended June 30, 2012.
Second Quarter Financial Results:
- Significant increase in working capital, attributed primarily to proceeds from exercise of warrants.
- Three consecutive quarters of revenue growth, with 200% increase in second quarter revenues compared to first quarter 2012.
- Quarterly net losses reduced by 32%, demonstrating the Company's continued trend towards profitability.
Second Quarter Operational Highlights:
- Launch of a new product, Instanetä (a self-contained portable cellular network), at National Police Week in Washington, DC. Instanet is manufactured by Star Solutions, one of IGEN's product portfolio companies.
- Filing of the Company's preliminary non-offering prospectus with the British Columbia Securities Commission in June 2012. IGEN anticipates applying to list its common shares on the Canadian National Stock Exchange subject to fulfilling the listing requirements.
- Convening the Company's first investor conference call/webinar, to give existing shareholders and potential new investors an update on recent activities and progress along with an outlook on IGEN's strategic initiatives.
"We are pleased to report a healthy balance sheet with further reduced losses. We are also pleased to report that during this quarter we were successful in raising additional funds through the exercise of warrants. This is a strong message from the Company's shareholders about their support for IGEN and their belief in what the team can do," said Neil Chan, Chief Executive Officer. "The increase in working capital will be used to pursue further acquisitions and investments in targeted technologies and technology companies; to fund growth in those technologies and companies; and to develop additional sales channels for existing products. In other words, to continue executing on our growth strategy and achieving real, measurable results."
About IGEN Networks Corporation
IGEN invests capital and management expertise in technology companies in complementary business areas. IGEN drives growth and optimizes profitability for technology companies that are providing products and services in industries that are experiencing large global growth: specialized wireless broadband infrastructure, cloud-based Software-as-a-Service (SaaS), and Machine-to-Machine (M2M). With a focus on accelerating companies to the next level through a combination of capital and hands-on management, IGEN is not just an investor in companies: it is a builder.
IGEN is a fully reporting company in both Canada and the United States, where it is publicly traded on the OTC market and quoted on the OTCQB. For more information, visit www.igen-networks.com. For recent industry news from IGEN, visit http://www.igen-networks.com/june-2012-issue/.
This news release may contain forward-looking statements 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", 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 general economic conditions, IGEN's expectations regarding its business, 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 IGEN's periodic filings with 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.