iGen Networks Corporation

iGen Networks Corporation

August 20, 2014 09:00 ET

iGen Networks Files Record Q2 2014

Report that Demonstrates Significant Revenue Growth, Record Gross Profits, Reduction in Net Losses, Asset Growth and Strong Gross Margins

WASHINGTON, DISTRICT OF COLUMBIA--(Marketwired - Aug. 20, 2014) - iGen Networks Corporation (OTCQB:IGEN) is pleased to announce it filed Q2 2014 results with the SEC. Due to the recent acquisition of Nimbo LLC in Q2, iGen Networks reported record quarterly and six month revenue and gross profits. The Company achieved a 236% increase in revenue in the six month period ending June 30, 2014 over the same period in 2013.

On May 5, 2014 the Company completed its previously announced acquisition of Nimbo LLC, and as such the Company's financial statements now include consolidation of Nimbo's operations. The purchase also helped the Company report an increase in net assets of 245%, and reduce net losses by 54% over the same period a year ago. Gross margins were a strong 50%.

Neil Chan, President and CEO of iGen Networks, stated, "I am pleased to see us achieve significant revenue and asset growth, which we were able to achieve by consolidating only the last 2 months of Nimbo LLC's 2014 year to date revenues. We have aggressive goals for Nimbo LLC now owned by iGen Networks, and have targeted many opportunities in the current and coming quarters to grow this division at a high rate. We plan to continue to increase shareholder value by acquiring and growing world class assets, and remain focused on driving growth and achieving profitability."

Financial Highlights:

3 Mo ended June 30, 2014 3 Mo ended March 31, 2014 % Change 6 Mo ended June 30, 2014 6 Mo ended June 30, 2013 % Change
Revenue $196,697 $20,860 +843% $217,557 $64,767 +236%
3 Mo ended June 30, 2014 3 Mo ended March 31, 2014 % Change 6 Mo ended June 30, 2014 6 Mo ended June 30, 2013 % Change
Gross Profit $98,310 $20,860 +371% $119,170 $64,767 +84%
6 Mo ended
June 30, 2014
6 Mo ended
June 30, 2013
% Change
Net Loss $(172,099) $(370,482) -54%
June 30, 2014 December 31, 2014 % Change
Net Assets $554,581 $239,237 +245%

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 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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