TORONTO, ONTARIO--(Marketwired - April 5, 2017) - Imex Systems Inc. ("Imex" or the "Company") (TSX VENTURE:IMEX), a software solution provider to Governments, Municipalities and Public Authorities, is pleased to announce the following update to its business operations. The company's flagship product is iGov, the most sophisticated Digital Government Platform in the market today.
The company expects to receive a minimum of $3 million Canadian in Q2, as the initial payment from the $19.51 million contract previously announced in December 2016. Remaining payments will be received over the course of the two year contract. Imex is finalizing all the terms with the Government of Botswana. The company anticipates additional contracts from Botswana as well after this rollout.
For the last 2 years, Imex has been working on developing international markets due to significant opportunities existing outside of North America.
The recent major contract announced by the company for implementation of eGovernment based on Imex iGov Digital Government Platform for the Government of Botswana, is an example of the Company's success in international expansion efforts, which has created a pipeline of significant opportunities for the next few years.
Imex's products have been well received by emerging countries in Asia, the Middle East, Africa and South America, which have ambitious programs for government modernization and implementation of eGovernment and Smart City initiatives. Imex's Digital Government platform iGov and the Smart City Platform, iCity, have proven to be excellent candidates for these countries. Imex is in discussion with several state governments in India, which have the potential to be a significant market for Imex in the near term.
In developed markets such as Canada, the US, UK, and Australia, there has been a market shift towards cloud services to replace legacy eGovernment systems, which have been in place for the past 15-20 years. As a result, it is expected that such jurisdictions will undertake a digital transformation and implement a Digital First strategy, which is the basis of Imex's iGov platform software solution.
Imex is rolling out cloud services for North America and has successfully piloted cloud offerings for several municipalities in Canada this year. Imex has developed an aggressive strategy to implement these solutions for at least 200 cities/towns in Canada and the US during the next 5 years, which includes enhancing the existing foothold in Ontario.
About Imex Systems
Imex Systems Inc. is a Canadian software products and solution provider to Governments, Municipalities and Public Authorities in Canada and internationally. Imex primarily focuses on the E-Government and Smart Cities market that include payments. It helps public sector entities to provide "Any Time, Any Where, Any Device and Any Channel" convenience for citizens to access government services and help with digital transformation of government operations and streamline revenue. Imex's various product and service offerings include: iGov - a Digital Government Platform for all levels of governments, which provides all the pre-built components for building an effective Digital Government and supporting payment processing through multiple channels; iCity - a Smart City Solution; and miGov - a Mobile Government Framework.
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws. Forward looking information includes, but is not limited to, statements, projections and estimates with respect to the adoption of the Company's various platforms by various jurisdictions and the future revenue of the Company. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the need for approvals from the relevant government body; future capital needs and uncertainty of additional financing; the competitive nature of the industry; unproven markets for the Company's product offering; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; use and storage of personal information and compliance with privacy laws; and those risks set out in the Company's public documents filed on www.sedar.com.
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
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