IGEN Networks Corp (OTCMKTS: IGEN) has been on a fast rise in recent weeks out of triple zero land with recent highs over half a penny. Looking to break out of sub penny land IGEN has quickly attracted legions of shareholders and is currently amoung the most active stocks in small caps.
There is plenty to get excited about on IGEN; the Company has been appointed Wireless Business Consultants (WBC) Sprint’s Master Agent for nationwide distribution, management is buying stock on the open market and the Company is already doing significant sales achieved $723,819 in revenues in 2019 at 36% gross margins and $295,788 gross profit.
IGEN Networks Corp (OTCMKTS: IGEN) is a leading innovator of cloud-based and Internet of Things (IoT) solutions for the protection and management of mobile assets. The Company provides peace-of-mind to automotive consumers and their families including Stolen Vehicle Protection, Real-time updates on asset health and Driver Behavior.
IGEN 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: 100% owned Nimbo Tracking, CU Trak, and Medallion GPS PRO.
IGEN currently 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 also holds the patent for Digital Telematics Signature (DTC) patent for greater accuracy in measuring driver performance
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 www.igennetworks.net and www.nimbotracking.com.
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In February IGEN launched its Next Generation “Medallion GPS PRO” product line targeted for Light Commercial Fleets for US markets. Medallion GPS PRO is a Commercial Fleet Management Platform designed for the Light Commercial Fleet owner, with compelling features and services at lower costs and emphasis on ease-of-use. The system is organized around both asset and driver with dispatch capabilities, automated reporting, maintenance and diagnostics reporting, driver behavior scoring, and video tutorials on demand that are built on AWS Cloud-based infrastructure.
“Medallion GPS PRO will be offered on the Sprint IoT Factory Platform as a product available for sale through Sprint’s SMB and Master Agent sales channels,” said Abel Sierra, VP & GM of IGEN Networks Corp. Medallion GPS PRO products will also be sold direct to municipal, state and federal governments.
On May 26 IGEN announced unaudited financial results, gross profits, and significant reduction in net losses along with recent highlights for 2019. The Company achieved $723,819 in revenues at 36% gross margins and $295,788 gross profits. The Company made significant progress in cost controls for a net loss of $441,073 compared to $1,175,320 in the previous year. During 2019 the Company appointed new distributors REMCOOP and Wireless Business Consultants (WBC) to augment Sprint SMB and Enterprise Sales Channels.
CEO Neil Chan stated, “Our revenue for 2019 was all new business primarily from our automotive dealership customers. The shortfall in revenue compared to 2018 was the result of a distributor breaching their contractual obligations with us. We expect the shortfall in lost business will be resolved during fiscal year 2020. IGEN priorities for 2019 were to strengthen our existing channels with Sprint and create new channels for the credit union market and specific opportunities that leveraged our next-generation platform for the light-commercial fleets. Subsequent events included the launch of Medallion GPS PRO targeted for Light Commercial Fleets operating at less than 10,000 gross lbs. On March 2, 2020, IGEN and County Executives of America announced an exclusive three-year distribution agreement offering Medallion GPS PRO to more than 700 Counties across the US. It will be the first deployment of IGEN’s patented “Digital Telematics Signature” for driver scoring and risk assessment of County-owned mobile assets and their drivers.”
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Currently trading at a $3.5 million market valuation IGEN is an exciting story developing in small caps. The Company is fully reporting OTCQB and management is buying significant blocks of stock on the open market. IGEN has been appointed Wireless Business Consultants (WBC) Sprint’s Master Agent for nationwide distribution and is already doing significant sales achieved $723,819 in revenues at 36% gross margins and $295,788 gross profits for 2019. 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