IGEN Networks Corp (OTCMKTS: IGEN) is heating up and running northbound on a significant surge of volume since a brief dip below the $0.01 mark. IGEN is backed by legions of shareholders who believe this one goes much higher.
There is a lot going on at IGEN; the Company has been appointed Wireless Business Consultants (WBC) Sprint’s Master Agent for nationwide distribution and Sprint has IGEN products listed on its website. IGEN Networks is projecting enormous revenues from its County Executives of America contract as well as ongoing sales from its Sprint/T-Mobile contracts. The Company is led by mover and shaker CEO Neil Chan who along with his VP has accumulated 36 million shares of IGEN on the open market according to recent form 4s.
IGEN Networks Corp (OTCMKTS: IGEN) principal business is the development and marketing of software services for the automotive and fleet management industry. The Company works with Sprint and its distribution partners to provide direct and secure access to information on vehicle assets and driver performance. The software services are based on the AWS Cloud Infrastructure delivered to customers over the wireless network and accessed from consumer mobile or desktop devices. The software services are marketed through automotive dealers, financial institutions, and government channels as IGEN commercial and consumer brands: Nimbo Tracking, CU Trak, and Medallion GPS PRO.
IGEN holds a 100% equity position in Nimbo Tracking LLC, a privately held US company based in Murrieta, CA. IGEN appointed Wireless Business Consultants (WBC) Sprint’s Master Agent for nationwide distribution. IGEN appointed REMCOOP for distribution and marketing for the Territory of Puerto Rico. IGEN took ownership of Digital Telematics Signature (DTC) patent for greater accuracy in measuring driver performance. IGEN launched Medallion GPS PRO for Light-Commercial Fleets. IGEN has a software license and hardware supply agreements with Positioning Universal Inc.
With executive offices in Mureitta, California, IGEN owns the DTC patent for normalization of driver behavior data for consistent and accurate measurement of driver performance regardless of asset-type or data source. The Company has secured trademarks and distribution licenses through increased ownership of privately held technology companies. IGEN’s wholly-owned subsidiary Nimbo Tracking LLC., the plaintiff, has filed a lawsuit against SkyForce Technologies and its principle Mr Jim Kwon for breach-of-contract and loss of business. Trial date set for September 2020 with an estimated claim of $1.5M.
During 2019 IGEN continued to focus on initiatives to control costs, grow revenue, expand its customer base, and develop new channels through its wholly-owned subsidiary Nimbo Tracking LLC and direct to customer brands Medallion GPS PRO and CU TRAK, all three brands are marketed through the Sprint IOT Factory platform.
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During 2019 IGEN achieved $723,819 in revenues at 41% gross profit margin and $295,788 gross profit. The Company was appointed new distributors REMCOOP and Wireless Business Consultants (WBC) to augment Sprint SMB and Enterprise Sales Channels. IGEN received Sprint IoT Factory orders to manage Ride-Share leased vehicles in the Tri-State Area of New York. The Company launched CU Trak, a white-labelled product for Sprint targeted for Credit Unions at the Inclusiv Annual Conference bringing together over 300 Credit Unions from the continental US, along with securing the first CU Trak orders from Puerto Rico based Credit Unions and the Organization of Americas.
On July 29 IGEN announced the launch of its Next-Generation Platform built on the Amazon’s Web Service (AWS) infrastructure and based on state-of-the-art coding methodology that leverages Facebook and Google design techniques to present a seamless user interface regardless of access methods including smartphones, tablets, desktops, and third party application environments. The AWS infrastructure offers reliability, security, and scalability to support millions of users or assets and an Application Programming Interface (API) friendly environment that adapts to a broad range of data sources to support the changing needs of the consumer and their families. IGEN’s Next-Generation Platform is optimized to serve a broad range of consumer markets including online purchases and renewals.
“Representing a culmination of several years of development, IGEN’s “DTC” is incorporated in its latest mobile app along with real-time alerts for both the consumer and their family,” said Neil G. Chan, CEO. “In providing Peace-of-Mind for parents, the “DTC” score becomes a valuable tool for managing teenage driving habits…eventually we believe consumers and their families will opt to provide access of this information to insurers and underwriters for reduction in premiums. Presently there are several major insurers who offer as much as 30% discount on insurance premiums if the consumer agrees to be tracked from their phone or through a GPS device. IGEN is taking the data analytics to the next level.”
— TraderRoe (@Trader_Roe) August 26, 2020
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Currently running northbound off a penny IGEN is an exciting story developing in small caps. The Company is fully reporting OTCQB and recently reported their 10Q. It’s easy to get excited about IGEN; the Company has been appointed Wireless Business Consultants (WBC) Sprint’s Master Agent for nationwide distribution and Sprint has IGEN products listed on its website. IGEN Networks is projecting enormous revenues from its County Executives of America contract as well as ongoing sales from its Sprint/T-Mobile contracts. The Company is led by mover and shaker CEO Neil Chan who along with his VP has accumulated 36 million shares of IGEN on the open market according to recent form 4s. IGEN’s wholly-owned subsidiary Nimbo Tracking LLC., the plaintiff, has filed a lawsuit against SkyForce Technologies and its principle Mr Jim Kwon for breach-of-contract and loss of business. Trial date set for September 2020 with an estimated claim of $1.5M. We will be updating on IGEN when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with IGEN.
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Disclosure: we hold no position in IGEN either long or short and we have not been compensated for this article