iGen Networks Corporation

iGen Networks Corporation

March 25, 2014 08:00 ET

iGen Networks Corporation CEO Update

ALEXANDRIA, VIRGINIA--(Marketwired - March 25, 2014) - iGen Networks Corporation (OTCQB:IGEN) is pleased to provide a corporate update, including progress on the company's wireless Machine-to-Machine (M2M) initiatives, as well as reporting annual growth and management changes of Gogiro Internet Group, an iGen portfolio company.

iGen's fleet service platform is on schedule for an early Q2-2014 launch. Having secured the M2M global license agreement announced in January 2014, the iGen team has successfully enabled a broad range of M2M applications to support commercial fleets and automotive assets. These applications will be leveraged to empower end-users to recover stolen assets, provide access to roadside assistance programs, and enable self-management of commercial fleets.

Gogiro Internet Group continues to grow its revenues, customer base, and geographical coverage. 2013 saw growth in ordinary income and gross profit of 26% and 24% respectively, driven by a significant website order growth of 52%. The company also continued to grow its distribution channel through the addition of 9 new Gogiro Regional Distributors. Gogiro continues to invest significantly in development of its cloud-based services platform to fuel future growth.

As part of Gogiro's long term management plan, Richard Freeman has been promoted to the position of President and CEO, as well as elected a Director and Chairman of the Board. Phoebe Yong, founder of Magnolia Communications, has been appointed as Gogiro's Chief Operating Officer. iGen Networks Corp., which owns 31% of Gogiro, will continue to support Gogiro's growth and leverage the company's expertise in e-commerce and online marketing for the creation of new and innovative distribution and marketing channels.

"I'm delighted with our progress across all of our cloud-based service businesses," says iGen Networks Chief Executive Officer Neil Chan. "Integration of our infrastructure with proven M2M applications has progressed well with our first anchor prospects identified for fleet management services. I'm also pleased with our progress with Gogiro and with Richard's promotion and Phoebe's appointment as our new management team at Gogiro. Both individuals have impeccable credentials as successful entrepreneurs and leaders in the industry."

About iGen Networks Corporation

iGen Networks Corporation delivers cloud-based services through Machine-to-Machine (M2M) device technologies for the protection and management of mobile assets and commercial fleets.

iGen Networks Corporation 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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