Business
IGEN Announces Full Year Revenue, Reduction of Net Losses, Recent Highlights for 2019 and CEO Outlook for 2020
IGEN Announces Full Year Revenue, Reduction of Net Losses, Recent Highlights for 2019 and CEO Outlook for 2020.
About this update from Igen Networks Corp.
[{"type":"text","content":"Positioned to Accelerate Growth MURRIETA, CA / ACCESSWIRE / May 26, 2020 / 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 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.The Company appoints new distributors REMCOOP and Wireless Business Consultants (WBC) to augment Sprint SMB and Enterprise Sales Channels.The Company receives 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 more than 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.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."The Company outlook anticipates a material slowdown in revenues during the first half of 2020 as the impact of the co...