IGEN Networks Corp (OTCMKTS: IGEN) is making moves and running higher in recent trading as investors continue to accumulate. The stock is starting to get noticed by some top traders and is currently easily topping $500k in daily trading volume.
It is easy to get excited about IGEN as the form 4’s keep coming in showing 27 million in buying from current management. IGEN seems to be getting plenty of businesss and has been appointed Wireless Business Consultants (WBC) Sprint’s Master Agent for nationwide distribution. IGEN 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) 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 alerts, 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.
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: 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
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In May 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.
On June 10 IGEN announced the signing of a Sales and Marketing Agreement with Michigan Credit Union League Service Corporation(MCULSC) for the distribution and marketing of CU Trak, a white-labeled version of IGEN’s mobile asset tracking and security solution. Michigan Credit Union League Service Corporation (MCULSC) is a credit union service organization offering leading edge products and services to help Michigan’s credit unions serve, grow and remain strong.
Abel Sierra, VP Business Development said, “More and more credit unions around the country are offering “Fresh Start” programs directed toward members with credit challenges who need to obtain a vehicle loan at fair and reasonable interest rates, CU Trak provides a valuable win-win situation for the lender and the consumer. By deploying CU Trak as part of the underwriting process, Michigan credit unions may be able to finance more of their members with low credit scores while offering lower down payments and improved overall loan performance. This allows more credit union members to get the vehicle loans they need for work and mobility while enjoying the benefits of user-friendly mobile apps to monitor their vehicle, such as real-time speed alerts, location reports, stolen-vehicle protection and driver behavior data, as part of the ongoing services package.”
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Currently trading at a $4 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. The stock is starting to get noticed by some top traders and is currently easily topping $500k in daily trading volume. 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