First Dealer Pre-Load Launch on East Coast as IGEN Continues to Expand Market
MURRIETA, CA / ACCESSWIRE / October 1, 2018 /IGEN Networks Corporation (OTCQB: IGEN, CSE: IGN), a leading innovator of cloud-based and Internet of Things (IoT) automotive solutions for the protection and management of mobile assets, today announced its first dealer pre-load order located on the East Coast of the United States, a $250,000 USD sale signed on 9/26/2018 representing the first tranche for the activation of all assets for the dealership group.
Under IGEN's industry-leading dealer pre-load model, IGEN's Nimbo Tracking devices are pre-installed into all vehicles on the dealership lot, providing a unique and value-added inventory and lot management capability. Upon sale of the vehicle, the customer has the option to purchase the Nimbo device and prepay for multiple years of service on IGEN's customer application platform, providing valuable security, vehicle tracking, systems status and driver behavior services to vehicle owners. Doing so provides a high-value service to the consumer and an added profit center for the dealership.
''We are very excited to announce our first East Coast dealer pre-load partnership, a direct result of our previously announced sales team expansion into the Eastern Region,'' said Abel Sierra, Vice President and General Manager of Nimbo Tracking. This order represents the initial adoption of our technology to equip every vehicle on the dealer lot, which is then followed by sell-through revenue for the multi-year service bundles and replenishment of new devices as Nimbo Tracking equipped vehicles are sold and new vehicles come into inventory. We have proven very successful under this model with our dealership partners located on the West Coast, where we provide a value-added customer benefit and a notable profit driver for the dealer group. We look forward to continued market adoption gains for our platform and our technologies as more dealership groups learn about the unique benefits of our Nimbo Tracking platform.''
''This is the first of several dealership groups in the East Coast region that has launched from the trial stage to commercial deployment since we opened the Atlanta office several months ago,'' said Neil Chan, President & CEO of IGEN Networks Corp. ''Combined with our partnership channels with Advantage Parts Solution and Sprint, we now have the critical mass to service and support dealership groups across the United States including Texas and Florida where the largest dealerships groups reside.''
About IGEN Networks Corporation
IGEN Networks Corporation provides peace-of-mind to automotive consumers and their families through direct access to Internet-of-Things (IoT) cloud-based services that include Stolen Vehicle Protection, Real-time updates on asset health and Driver Behavior.
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 http://igen-networks.com., www.NimboTracking.com., www.MedallionGPS.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.
