IGEN Directors Complete
Non-brokered Private Placements
Lake Elsinore, CA -- May 4, 2023 -- InvestorsHub NewsWire
-- IGEN Networks Corporation (OTC:
IGEN, CSE:
IGN), a leading innovator of solutions for the consumer
automotive, fleet management, and supply-chain industries, is
pleased to announce the closing of non-brokered private placements
with two of its Directors: Neil G. Chan, Chief Executive
Officer and Robert B. Nealon, Chairman of the Board for a combined
purchase of 83,333,333 restricted shares at an average price of
$.0005625 per share with a hold period of 6 months.
Total common shares (post hold period) held by Neil G. Chan and
Robert B. Nealon are 105,120,008 and 41,650,000 respectively.
Combined holdings of IGEN Directors and Officers is 173,138,963
common shares or 8% of total shares outstanding.
Neil G. Chan, CEO of IGEN stated, "Our Directors and Officers have
been instrumental in positioning the company with great
partnerships, technologies, and intellectual properties over the
last several years despite the macro-challenges. We have
chosen to demonstrate our convictions through increased ownership
of IGEN and will continue to focus on the execution of our 2023
plan".
Intellectual Property
Portfolio – as we complete our due diligence of the
insurance industry and major insurers who are using driver scores
as actuarial metrics for billing, protecting IGEN's patent rights
will be the company highest priority in 2023. IGEN's intellectual property
portfolio will focus on normalizing the "big data" elements that
influence driving habits along with correcting gross errors in
assessing driver performance and driver behavior. Reducing
what the insurance industry refers to as "rating-errors" is the
single biggest opportunity for insurance companies. With an
estimated $8B of annual rating-errors attributed to demographics
and historical driver data rather than actual driver data, IGEN
technologies and patents will improve the accuracy of measuring
driver performance and risk. With close to 40 patent claims
as part of Patent No. 11,037,378 and Patent-Pending 17/850,250,
IGEN's patent portfolio defines the "big data" elements essential
for accurate measurements, regardless of the data source.
Whether originating from mobile phones, third-party GPS devices
installed in vehicles or directly from video cameras and sensors
integral to electric vehicles (EV), accumulated data from a minimum
of 1M access points will contribute to significant improvements in
accuracy and measurement of driver performance.
Consumer Product Brand focus for
2023 will market CUTrak and FamilyShield services to
Credit Unions and their members through certified organizations
representing specific regions across the US – namely the
Association of Credit Union Executives of Puerto Rico (ASEC),
comprised of approximately 90 Credit Unions and 1M members.
In addition, with the successful deployment in the Upper Peninsula
region, Michigan Credit Union League Service Corporation (MCULSC)
is expected to expand CUTrak services amongst its members that
represent approximately 80 Credit Unions located in seven
districts. For each Credit Union program participant in 2023,
revenue contributions are estimated to range from $48K to $120K
annually per branch depending upon the number of car loans granted
during the fiscal period.
Commercial Fleets and Asset
Management Brands Medallion GPS and Medallion PRO will be
sold through our partnership agreements with Hyperion Partners and
the County Executives of America (CEA). IGEN's recent
award to provide Fleet Management Services to New York State
Counties offers opportunity for Counties and State governments to
manage their self-insured vehicles. Initial deployment for
the first major County in New York State was completed in late
2022. Subsequent deployments with Counties in New York State
are being finalized along with newly enlisted members for
2023. The opportunity base for IGEN Commercial Fleet Services
with the CEA is estimated at 12,000 active commercial vehicles with
a target market share of 30% for fiscal-year 2023.
About IGEN Networks
Corporation
IGEN Networks Corporation provides software solutions and
consulting services for the consumer automotive, asset management,
and supply-chain industries. The solutions enable customers
to mitigate risk, improve driver safety, and increase productivity.
IGEN is a fully reporting company in both Canada and the United
States. It is publicly traded on the OTC Markets under the symbol
IGEN, and listed on the CSE under the symbol IGN. For more
information, please visit: www.igennetworks.net
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.
Contact:
IGEN Networks Corporation
Neil G. Chan
info@igennetworks.net
1(855)912-5378
