IGEN Networks Corporation

IGEN Networks Corporation

April 22, 2013 10:30 ET

iGen Networks Corp Reports Significant Revenue Growth in 2012 Year-End Results

Company also reports substantial reduction in net loss and expenses

WASHINGTON, DISTRICT OF COLUMBIA--(Marketwired - April 22, 2013) - iGen Networks Corporation (OTCQB:IGEN), the industry-leading technology accelerator, is pleased to announce its 2012 year-end results, reporting a 4,564 percent increase in revenue thanks to increased billing in development, IT, and management services, and the streamlining of key operational functions. The company's financial performance was further enhanced by a pivotal reduction in expenses and net loss.

Highlights of report performance are presented below:

2012 2011 %
Revenue $134,639 $2,950 4,564
Net Loss $444,826 $875,659 -49
Expenses $490,133 $698,207 -30

"I'm very pleased with our all-around strong financial performance that we have finished with for year end. The continued trend we are realizing in cost reduction, net loss and revenue growth is a strong testament to our ability to execute on point," said Neil Chan, chief executive officer, iGen Networks Corporation. "As we forge ahead with our growth plans in key technology areas and continued investments in our portfolio companies, we need to remain focused on effective execution and steadfast return for our shareholders."

The company continues to centre its technology domain in cloud based computing with increased investment in their portfolio company, Gogiro Internet Group Inc. That includes further development in cloud based server platforms and applications, and the implementation of server infrastructure for long term growth.

A recent report published by Microsoft confirms that paid cloud services are expected to double in the next five years and triple in the next three for small companies. The research report shows that small and midsize businesses (SMBs) are increasingly turning to these services to expand their geographical reach and identify global opportunities previously unavailable to them.

2012 Highlights from Invested Company, Gogiro:

  • Total of 30 regions represented across North America
  • Incorporated ten new regional owners and expanded into Southern California region to achieve master status
  • Added 180 new small business customers during the first year of operations
  • Completed Phase I deployment of Business Central

About iGen Networks Corporation

iGen Networks Corporation applies capital and proven management experience to accelerate growth of technology companies. We focus on specialized broadband infrastructure and Software-as-a-Service delivery models that serve small to medium size businesses, government agencies, and commercial enterprises.

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, please visit www.igen-networks.com.

Forward Looking Statements

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.

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