WEB NEWS Comments & Business Outlook
ALEXANDRIA, VA, Nov. 25, 2015 /PRNewswire / - IGEN Networks Corp. (the "Company" or "IGEN") (OTCQB: IGEN) (CSE: IGN) has filed its Q3 2015 report which included the largest quarterly revenue in the Company's history for the second consecutive quarter. IGEN's quarterly revenues of $337,733 were up 17% from the previous quarter and up 26% from the similar quarter in 2014. For the nine-month period, revenues of $805,347 were a 55% increase over the similar period in 2014, and reflected record revenues over the nine-month period for the Company.
The Company also reported record gross profits. Gross profits in the quarter grew to $121,683; an 18% increase over the previous quarter, though only marginally higher than the similar period in 2014. The numbers reflect increased volumes of lower-margin product in 2015. Over the nine-month period, the Company's gross profit was $285,658, up 21% over the same period in 2014.
Quarterly gross margins were 36%, unchanged over the previous quarter, but down from 44% reported for the similar quarter last year. Margins for the nine-month period were 35%, also down from the 49% reported for the similar period last year. The Company continues to review alternative hardware suppliers and order fulfillment strategies to improve its overall margins – as the number of activations increases the company will focus on the service and residual revenue component of its business model.
The Company reported a Q3 loss of $601,287, compared with $158,220 and $211,764 losses for the previous quarter and the same quarter in 2014 respectively. A large part of these losses were due to non-cash stock-based compensation ("SBC") of $415,600 and $448,958 incurred in 2015 Q3 and the 2015 nine-month period, respectively. Not including this non-cash SBC, losses for 2015 Q3 and the 2015 nine-month period were $185,687 and $498,138, respectively.
Neil G. Chan, President and CEO of IGEN, stated, "We are pleased that within three quarters we have already exceeded the revenue and gross profits we reported for all of last year, but are mindful that achieving profitability remains our key goal as we continue to invest as necessary in growing the Company."
Acquisition Activity
ALEXANDRIA, Va., Nov. 12, 2015 (GLOBE NEWSWIRE ) -- IGEN Networks Corp (the "Company" or "IGEN") (OTCQB:IGEN) (CSE:IGN) announces it has signed a non-binding Memorandum of Understanding to acquire Webtrack S.A. de C.V. ("Webtrack"), a Mexican private corporation that provides end-to-end GPS-based vehicle telematics and analytics services in Mexico. The parties have agreed to a purchase price of US$5 million and to proceed toward completion of a definitive agreement subject to due diligence.
Founded in 2008, Webtrack serves both the consumer automotive and commercial fleet industry in Mexico supporting over 15,000 mobile assets and 300 customers that include The AXA Group, GNP Seguros, Autofin México, Ford, Ford Credit, and Lincoln. Webtrack, an early pioneer of telematics and Stolen Vehicle Recovery (SVR) in Mexico, has developed sophisticated analytics tools for analyzing and reporting driver behavior, and has provided solutions for several of the largest insurance companies in the country. Through its partner company Prolog S.A. de C.V., Webtrack is a Ford Motor Co Tier 1 supplier.
"We believe the proposed acquisition of Webtrack will provide us with increased North American presence and expanded service offerings," said Neil Chan, President and CEO of IGEN. "Mexico and the U.S. are the largest new car markets in the Western Hemisphere, and it is projected that during the next five years they will account for a large part of the US$1.6T industry."
CEO Chan added, "The combination of Webtrack's offerings with those of our growing subsidiary Nimbo LLC will provide us with a broad platform of service offerings to address this growing market. It's also consistent with the strategy we have been communicating to our investors of creating shareholder value through growth of our existing business combined with creating or acquiring best-in-class solutions that will help us grow globally."
Comments & Business Outlook
MURRIETA, Calif., Oct. 13, 2015 (GLOBE NEWSWIRE ) -- IGEN Networks Corp (the "Company" or "IGEN") (OTCQB:IGEN) (CSE:IGN), announces that its wholly owned subsidiary, Nimbo LLC ("Nimbo"), has achieved PRM status within the Verizon Partner Program, Verizon Wireless' lead share program. This includes Nimbo's product and service offerings being fully integrated into Verizon's Partner Relationship Management (PRM) portal, providing deeper direct engagement with the Verizon salesforce.
Neil Chan, Chief Executive Officer of IGEN Networks, stated, "Since announcing our engagement with Verizon back in May 2015, we have been working diligently to reach the volumes required to achieve PRM status, and are delighted to have successfully attained this next step. We can now share lead referrals directly through Verizon's CRM, and provide activations and commissions for Verizon sales within the full Verizon sales hierarchy. Simply put, integration into the Verizon PRM portal allows us to market directly to and with Verizon's sales force of over 11,000 sales people."
CEO Chan continued, "Our enhanced partner status allows us to further ingrain Nimbo's unique automotive and fleet tracking solutions into the Verizon channel through direct engagement of Verizon's Advanced Solution Architects (ASA's) and managers."
Mr. Chan concluded, "Verizon is not only the largest wireless operator in the United States; they deliver integrated solutions to customers around the globe with reach in more than 150 countries. We are clearly excited about the opportunity to further enhance our partnership and the potential it brings."
Comments & Business Outlook
Second Quarter 2015 Results
Q2 2015 sales of $289,065 vs $196,697 in the prior year period
Q2 2015 net loss of $0.01 vs $0.00 in the prior year
Quotes from managment:
Neil G. Chan, President and CEO of IGEN, stated, "We are starting to see the growth potential of our most recently announced partnerships with Verizon Wireless, Star Shield Solutions, and Sky Force Technology, and are delighted with the traction we are seeing this quarter. Going forward, we will focus on improving operational efficiencies and identify additional sources of hardware suppliers to improve our margins and profitability."
Comments & Business Outlook
MURRIETA, CALIFORNIA--(Marketwired - May 21, 2015) - IGEN Networks Corp (the "Company" or "IGEN") (IGEN)(CSE:IGN), announces that its wholly owned subsidiary, Nimbo LLC ("Nimbo"), signed a Major Account Agreement ("Agreement" or "Partnership Program") with Verizon Wireless. This agreement establishes Nimbo LLC within Verizon's partner program for the marketing of Nimbo's products and services over Verizon's national wireless services. The Partnership Program includes the sharing of sales leads through the Verizon Wireless sales and support organization that covers the major automotive dealer markets across the United States.
Neil Chan, Chief Executive Officer of IGEN Networks, stated, "This Partnership Program with Verizon Wireless is significant for us. It enables our sales team to partner with Verizon, the largest wireless operator in the U.S., to sell into automotive dealer channels and reach large new potential customers. We expect this partnership to not only help us grow our subscriber base but to also allow our customers to benefit from the services offered through Verizon's national support organization."
Mr. Chan added, "Our product and services allow every day car owners to have access to timely information on the status of their vehicles and peace-of-mind that family members are safe and secure."
According to First Research, an estimated 50,000 automotive dealers generated over $700 billion in annual revenues that accounted for 15.6 million new vehicles and 40.5 million used vehicles sold through dealer channels in the US in 2013. These dealer channels are expected to double in revenues over the next five years through to 2018. It is also noted that there are more than 800,000 vehicles stolen in the U.S. each year. The roadside assistance industry generates more than $6B in annual revenues.
IGEN also reported Q1 2015 results
Q1 2015 $178,549 vs $20,860 in prior year
Q1 2015 loss per share of $0.01 vs $0.00 in the prior year
Comments & Business Outlook
Fourth Quarter 2014 Results
Q4 2014 revenues of $238,622 vs 203,545 in the prior year period
Q4 2014 loss per share of $0.01 vs $0.00 in the prior year period
Up-Listing Watch
New listing on a fully regulated Canadian exchange combines with current trading in the U.S. to provide improved trading access and other benefits to shareholders and investors
ALEXANDRIA, VIRGINIA and VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 25, 2015) - IGEN Networks Corporation (the "Company or "IGEN") (OTCQB:IGEN)(CSE:IGN) is pleased to announce that it has been approved for listing on the Canadian Securities Exchange (the "CSE") and its common shares will commence trading today on the CSE under the symbol "IGN". IGEN will also maintain trading on the U.S. OTCQB and continue to be an SEC fully reporting company.
The CSE, operated by CNSX Markets Inc., is a Canadian exchange fully recognized and regulated by the Ontario Securities Commission (OSC) and the Investment Industry Regulatory Organization of Canada (IIROC). It operates nationally in Canada through applicable rulings and exemptions of other security commissions.
IGEN's CSE listing provides the Company's investors with many trading and potential tax benefits:
All major Canadian dealers have access to trade on the CSE
Most discount brokers offer online access
Stocks traded on the CSE are RRSP and TFSA eligible
President and CEO Neil Chan stated, "Our goal to list our shares on the Canadian Securities Exchange has been achieved. The CSE listing is a key part of IGEN's plan to improve share liquidity, increase the Company's financing options, provide investors with increased confidence in our reporting compliance and transparency, and make access to the market for our shares easier and more transparent for the investment community. Canadian investors can also benefit from RRSP and TFSA eligibility. We encourage shareholders and interested investors to review information about us on our website www.igen-networks.com , and contact us if you have questions. We anticipate the next year will be a very exciting time for iGen Networks as we continue to build the company."
Comments & Business Outlook
ALEXANDRIA, VIRGINIA--(Marketwired - Jan. 27, 2015) - iGen Networks Corporation (the "Company or "IGEN") (OTCQB:IGEN) is pleased to announce that it has filed and obtained a receipt (the "Receipt") from the British Columbia Securities Commission for its Final Non-offering Prospectus dated January 23, 2015. The achievement of this milestone is a requirement to list the Company's shares in Canada on the Canadian Securities Exchange (CSE). In addition to continuing to trade on the U.S. OTCQB, the Company intends to seek a CSE listing in order to provide its investors with improved liquidity in a well regulated trading environment. A CSE listing is subject to the Company fulfilling all of the listing requirements of the CSE.
Neil Chan, President and CEO of the Company, stated, "Achieving this milestone is part of our plan to improve investment liquidity and financing options for the Company as we maintain our focus on becoming the industry leader in our chosen target markets. The future for the Company looks increasingly exciting and we are confident IGEN is positioned to fulfill our long term goals. We encourage our current shareholders and interested investors to review our Prospectus, as well as our updated fact sheet and Company overview, to share in our vision and enthusiasm."
Comments & Business Outlook
Third Quarter 2014 Results
Q3 2014 revenues of 117,715 vs 30,123 in the prior year
Q3 2014 loss per share of $0.01 vs loss per share of $0.01 in prior year
Revenues for both Q3 and the 9 month period ending September 2014 were the highest in the Company’s history. This is the second subsequent quarter the Company is reporting record revenues. Quarter on previous quarter revenues grew by 36%. Quarter on same quarter 2013 revenues grew by 791%. Revenues for the first three quarters of 2014 increased 412% over the similar period in 2013.
Comments & Business Outlook
Second Quarter 2014 Financial Results:
Highest quarterly revenues of $196,697, an increase of 355% from $43,194 in the same quarter last year, and an increase of 843% from $20,860 over Q1 2014.
Adjusted EPS of ($0.00) vs ($0.00) in prior year.
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."
Joint Venture
ALEXANDRIA, VIRGINIA--(Marketwired - Jun 16, 2014 ) - iGen Networks Corporation (IGEN) today announced that its recently acquired wholly owned subsidiary, Nimbo LLC, has signed a partnership agreement with Auto Knight Motor Club (AKMC), a subsidiary of Fortegra Financial (FRF), one of the industry leaders in 24-hour roadside emergency services. This partnership combines Nimbo LLC's technology platform with AKMC's nationwide coverage throughout the United States and Canada.
With this new agreement, automotive owners and their families will have greater peace of mind knowing they now have direct and secure access to real-time information on the status of both their vehicle and the driver. Owners can now register with Nimbo's platform offered through Dealershiptracking.com for a broad range of services that include stolen vehicle recovery, owner controlled alerts, vehicle tracking and routing, concierge travel planning, along with AKMC's comprehensive 24-hour roadside emergency service.
According to First Research, an estimated 50,000 vehicle dealers generate $700 billion in revenue annually which accounts for the 15.6 million new vehicles and 40.5 million used vehicles sold through dealer channels in the US in 2013. When considering that more than 700,000 of those vehicles are stolen each year, the Nimbo LLC solution presents an essential service for the ultimate in auto security.
"This agreement allows everyday car owners the opportunity to receive seamless access to practical and critical information. We are proud Nimbo's solution is now offered with AKMC's proven customer support capabilities," said Neil Chan, Chief Executive Officer, iGEN Networks. "We remain focused on delivering solutions that make a positive impact for our communities."
Acquisition Activity
iGen Networks Corporation Completes Acquisition of Nimbo LLC
ALEXANDRIA, VIRGINIA--(Marketwired - May 5, 2014) - iGen Networks Corporation (IGEN) today announced that it has completed the acquisition of Murrieta-based Nimbo LLC for 2,500,000 shares of common stock.
Nimbo LLC is a market leader in consumer safety solutions for the automotive and power sport industries. Powered by the Nimbo brand through Dealershiptracking.com and Powersporttracking.com, Nimbo offers a Real-Time GPS Tracking and Management System that protects valuable assets and keeps families safe.
iGen and Nimbo together will offer industry leadership with a broad range of M2M applications including stolen asset recovery and fleet management solutions via state-of-the-art device integration and an innovative self-provisioning platform.
During 2013 Nimbo generated an excess of $1,000,000 in revenue with approximately 6,000 new subscriber activations.
Acquisitions
ALEXANDRIA, VIRGINIA--(Marketwired - April 22, 2014 ) - iGen Networks Corporation (OTCQB:IGEN) today announced that it has entered into an agreement to acquire Nimbo LLC., a privately-owned company based in Murrieta, CA that delivers industry leading Asset Protection Services.
Acquisitions
ALEXANDRIA, VIRGINIA--(Marketwired - April 22, 2014) - iGen Networks Corporation (OTCQB:IGEN) today announced that it has entered into an agreement to acquire Nimbo LLC., a privately-owned company based in Murrieta, CA that delivers industry leading Asset Protection Services .
Nimbo LLC offers the latest in consumer safety solutions for the automotive and power sport industries, with over 10,000 asset activations to-date. Powered by the Nimbo brand through Dealershiptracking.com and Powersporttracking.com, Nimbo offers a Real-Time GPS Tracking and Management System that keeps families safe and protects valuable assets. Combined with state-of-the-art device integration and an innovative self-provisioning platform, Nimbo offers industry leadership with a broad range of M2M applications that empowers end-users in recovering stolen assets and securing services vital to personal security and creating peace of mind.
During 2013 Nimbo generated an excess of $1,000,000 in revenue with approximately 6,000 new subscriber activations.
"The M2M industry is expected to be the largest growth engine for network operator revenues, and with solutions like Nimbo LLC, iGen is positioned to secure industry leadership", says Neil Chan, iGen's Chief Executive Officer.
Under the terms of the acquisition, iGen will issue 2,500,000 shares of its common stock to purchase a 100% interest in Nimbo. The transaction is expected to close by the end of this month.
