iGen Networks Corporation
OTCQB : IGEN

iGen Networks Corporation

November 25, 2013 10:45 ET

iGen Networks Reports Revenue Growth Through 3Q 2013

Company also reports reduction in quarterly net loss, increased assets, channel growth

WASHINGTON, DISTRICT OF COLUMBIA--(Marketwired - Nov. 25, 2013) - iGen Networks Corporation (OTCQB:IGEN), the industry-leading technology accelerator, is pleased to announce its Q3 2013 results, reporting a 57% increase in revenue in the nine month period ending September 30, 2013 over the same period in 2012. Assets also increased 57% over the same period due primarily to further investment in Gogiro Internet Group completed in Q2, and net losses for the quarter were reduced by 50% over the previous quarter.

Financial Highlights:

9 Mo ended
Sept. 30, 2013
9 Mo ended
Sept. 30, 2012
%
Change
Revenue $94,890 $60,276 +57%

Sept. 30, 2013

Dec. 31, 2012
%
Change
Assets $554,581 $409,753 +35%
3 Mo ended
Sept. 30, 2013
3 Mo ended
Sept. 30, 2012
%
Change
3 Mo ended
June 30, 2013
%
Change
Net Loss $(90,905) $(113,591) -20% $(182,092) -50%

"I am pleased to see us achieve revenue growth while continuing to invest in laying the groundwork for future growth and expansion", said Neil Chan, president and chief executive officer, iGen Networks Corporation. "Our commitment to increasing shareholder value is evidenced in the continued expansion of distribution channels and customer base of our cloud-based infrastructure and applications platform, and our ongoing efforts to leverage this solid base to expand to new markets and opportunities."

A case in point is Gogiro Internet Group, an iGen portfolio company which offers online marketing and business solutions for small businesses. With iGen financial and management support Gogiro has demonstrated significant growth over the same period. For the 9 month period ending September 30, 2013, total revenues were up 34% and recurring revenues up 41% over the same period last year. During this same period Gogiro also successfully increased its network of regional distributors and grew its customer base to 40 markets across North America.

Consistent with its strategy to leverage its cloud infrastructure, iGen is positioned to enter new commercial markets on a global basis, including M2M (Machine-to-Machine) applications for managing and protecting mobile assets.

About iGen Networks Corporation

iGen Networks Corporation applies capital and proven management experience to accelerate growth of private and secure cloud-based services to 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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