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IGEN Announces First Quarter 2019 Financial Results & Update on Strategic Initiatives
IGEN Announces First Quarter 2019 Financial Results & Update on Strategic Initiatives.
About this update from Igen Networks Corp.
[{"type":"text","content":"Positioned to Achieve Profitability MURRIETA, CA / ACCESSWIRE / May 15, 2019 / IGEN Networks Corporation (OTCQB: IGEN, CSE: IGN), a leading innovator of cloud-based and Internet of Things (IoT) automotive solutions for the protection and management of mobile assets, today announced financial results and an update on key initiatives:First Quarter 2019 and Update on Key Initiatives: Achieved revenue of $245,397 with $213,374 of gross profits for the three months Expenses totaled $304,881 representing 41% decrease in expenses reported the same period in 2018 Gross profit margin increased by 32% to 87% compared to the same period in 2018 Net loss of $91,507 for the three months; compared to Net loss of $416,153 over the same period in 2018, the smallest quarterly loss-to-date and significant progress towards profitability IGEN receives Letter of Intent from Seguros Multiples for distribution rights in Puerto Rico and Latin America for marketing of white-labeled IGEN products to 200 credit union cooperatives accounting for 100,000 auto insurance policies enforced in the territory IGEN's co-branded product Sprint CU TRAK have identified 360 credit unions for marketing of IGEN services along with confirmed market trials in Puerto Rico, Southern California and the Mid-West Regions Patent-pending on "Digital Telematics Signature" for establishing an industry standard in measuring driver behavior for the insurance industry Next-generation platform with renewal store, driver-score, and dealership management system integration completed for beta-testingCEO Neil Chan stated, "As we transition to higher-margin business through insurance companies, credit unions, and direct channels to dealerships and ultimately the consumer, we see a path to profitability. We are particularly excited as various components of our strategy are coming together including our Sprint relationship, specific to the co-branded product CU TRAK which is a platform customized for the specific needs of credit union automotive finance customers. Our relationship with Seguros Multiples is indicative of our go forward strategy - the insurer markets our services to the credit union and uses the data for optimizing their revenue models, the credit union creates a profit center in selling our products to their members along with having a mechanism to reduce their...