SOURCE: iGen Networks Corp.

May 23, 2017 09:00 ET

IGEN Networks Files Q1 Report and Announces Quarterly Highlights

Upcoming Events: IGEN's Nimbo Tracking to Sponsor AE Agent Summit and CEO to Present at LD Micro Invitational

MURRIETA, CA--(Marketwired - May 23, 2017) - IGEN Networks Corporation (OTCQB: IGEN) (CSE: IGN), a Company that offers a range of cloud-based wireless IoT solutions with a focus on asset management and tracking for the automotive dealership industry, announces that it filed its first quarter 2017 financials. In addition, IGEN's Nimbo Tracking will attend & sponsor the AE Agent Summit May 21-24 at the Paris Hotel in Las Vegas, and CEO Neil Chan will present at the 7th Annual LD Micro Invitational that takes place in Los Angeles, CA June 6-7.

Notable achievements for the quarterly period ended March 31, 2017 include the following:

  • On January 17, 2017, IGEN announced a new nationwide marketing initiative for increased exposure of Nimbo Tracking's solutions through Verizon Wireless' B2B channels to automotive dealerships across the United States.
  • On March 7, 2017, the Company announced receipt of new orders for its pre-loaded automotive dealership product and services, and expansion of Nimbo Tracking's sales force that includes increased staffing in California and the opening of a new sales office in Charlotte, NC.
  • Quarterly revenues were $323,376, an improvement of 3% over the previous quarter and 18% increase from the same period in 2016. Gross profit of $133,567 was an improvement of 49% over the previous quarter.
  • Gross margins were 41%, up from 29% in the previous quarter and 34.5% for all of 2016
  • There was a net loss of $234,761, reflecting an 18% improvement over the previous quarter.

CEO Neil Chan stated, "We continue to see growth in revenues and are particularly pleased with the significant improvement in gross margins." Mr. Chan added, "We are on track to achieve our 2017 goals of converting dealership groups to our pre-load model and to achieve profitability by year end 2017."

IGEN subsidiary Nimbo Tracking will attend and sponsor the AE Agent Summit 2017. Designed exclusively for automotive general agents, the goal of this event is to educate top GAs on the latest training techniques, trends and challenges to help them better serve their dealer clients.

The 7th Annual LD Micro Invitational will highlight some of the best names in the micro-cap space. IGEN Networks will present and attend the conference. More information can be found at www.LDMicro.com.

About IGEN Networks Corporation

IGEN Networks Corporation is a service provider that delivers cloud-based services for the protection, management, and improved productivity of consumer and commercial assets.

IGEN is a fully reporting company in both Canada and the United States. It is publicly traded on the OTCQB under the symbol IGEN, and listed on the CSE under the symbol IGN. For more information, please visit www.igen-networks.com and www.NimboTracking.com.

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 Information