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We wouldn’t need as much dilution if we were still at a reasonable price. The manipulators are the biggest issue here.
You never talk about the manipulation here. Why not? The company is better off than they have ever been.
Exactly. Corruption on display. Sec is worthless.
I don’t care what the manipulators do at these microscopic levels. I’m here for big money. You wanna play around for pocket change go ahead. Once we get a big name insurance company or automotive manufacturer using our product or paying licensing we are set. Not to mention all of the other things Chan is doing.
$IGEN
And you think I care about this why?
What about what?
Yep. It will be better when the manipulation is going in our favor. We definitely can’t overcome the quantum trickery. Sec sucks.
Lol! Slanderous lies! I hope he sues you.
These crooks sure are proud of themselves aren’t they? Laughing about people being down on their investment. Morally bankrupt people. The love of money is the root of all evil… fact.
I’m not suggesting Chan is manipulating the stock. I am suggesting that someone with insider information might be based on what they know is coming in the future. You know Chan personally, what is he saying to you? What did you learn in your meetings with him?
Manipulators loading everything they can at these prices. The fruit of their labor I guess. Stop feeding these crooks Chan. Let’s go.
Nothing anyone can do to combat the quantum computers set to “drop” except the ones using it. This has become a very long hold and it will be much longer now.
Nice. I’ll be buying again soon as well.
I agree. We need him to stop. When he does, the group holding this down to get those cheap shares will let it run. That is my guess. I’m ready for that too.
Anything else?
IGEN provides 2022 Year-End Results and 2023 Progress Updates
Lake Elsinore, CA -- April 3, 2023 -- InvestorsHub NewsWire -- IGEN Networks Corporation (OTC: IGEN, CSE: IGN), a leading innovator of solutions for the consumer automotive, fleet management, and supply-chain industries, today provides unaudited 2022 fiscal year-end financial results along with progress updates on key initiatives for 2023:
For the year ended December 31, 2022, the Company recognized revenues of $318,016 an 18% increase from the previous year. Expenses for the year ended December 31, 2022, totaled $903,048 a decrease of $2,670,235 or 75%, from total expenses reported for 2021. Excluding stock-based compensation expense to our directors, operational expenses increased by 4% year-on-year. Total deferred revenue balance for year ended December 31,2022 was approximately $291,000 of which $136,000 will contribute to 2023 revenues.
For the year ended December 31, 2022, the Company had a net loss of $907,598 (or ($0.00) per basic and diluted share) compared with a net loss of $3,428,937 (or ($0.00) per basic and diluted share) in 2021. Included in the net loss of $907,598, is $301,360 of other income related to the Company's gain on settlement of debt recognized in 2022.
For the year ended December 31, 2022, the Company saw a net decrease in cash of $64,429. Cash used in operating activities was $978,056, an increase in cash used of 2% from the $962,960 net cash used in 2021. This was offset by net financings of $543,746 raised via private placements.
During fiscal-year 2022, the Company shifted marketing focus from automotive dealerships to Credit Unions supported by Federal subsidy programs offering higher profit margins along with monthly and annual re-occurring revenues. Following the contract award for fleet management services granted by a major New York State County, the Company expanded its commercial asset management platforms with the integration of Prolog sourced technologies, a world leader in supply-chain and logistics consulting services. In addition to the renewed focus on Credit Unions and Government markets, IGEN filed Patent-Pending 17/850,250 to expand its patent portfolio to approximately 40 patent claims.
Neil G. Chan, CEO of IGEN stated, "For 2023 our priorities and focus will be to leverage our exclusive channel relationships with the Association of Credit Unions Executives of Puerto Rico (ASEC), the County Executives of America, Michigan Credit Union League Service Corporation (MCULSC), and Hyperion Partners, a Master Agent for several wireless carriers in the US. We will also aggressively protect our patents along with a comprehensive review of the insurance industry and all major insurers who are billing their customers through measurement of driver behavior and performance."
Intellectual Property Portfolio – as we complete our due diligence of the insurance industry and major insurers who are using driver scores as actuarial metrics for billing, protecting IGEN's patent rights will be the company highest priority in 2023. IGEN's intellectual property portfolio will focus on normalizing the "big data" elements that influence driving habits along with correcting gross errors in assessing driver performance and driver behavior. Reducing what the insurance industry refers to as "rating-errors" is the single biggest opportunity for insurance companies. With an estimated $8B of annual rating-errors attributed to demographics and historical driver data rather than actual driver data, IGEN technologies and patents will improve the accuracy of measuring driver performance and risk. With close to 40 patent claims as part of Patent No. 11,037,378 and Patent-Pending 17/850,250, IGEN's patent portfolio defines the "big data" elements essential for accurate measurements, regardless of the data source. Whether originating from mobile phones, third-party GPS devices installed in vehicles or directly from video cameras and sensors integral to electric vehicles (EV), accumulated data from a minimum of 1M access points will contribute to significant improvements in accuracy and measurement of driver performance.
Consumer Product Brand focus for 2023 will market CUTrak and FamilyShield services to Credit Unions and their members through certified organizations representing specific regions across the US – namely the Association of Credit Union Executives of Puerto Rico (ASEC), comprised of approximately 90 Credit Unions and 1M members. In addition, with the successful deployment in the Upper Peninsula region, Michigan Credit Union League Service Corporation (MCULSC) is expected to expand CUTrak services amongst its members that represent approximately 80 Credit Unions located in seven districts. For each Credit Union program participant in 2023, revenue contributions are estimated to range from $48K to $120K annually per branch depending upon the number of car loans granted during the fiscal period.
Commercial Fleets and Asset Management Brands Medallion GPS and Medallion PRO will be sold through our partnership agreements with Hyperion Partners and the County Executives of America (CEA). IGEN's recent award to provide Fleet Management Services to New York State Counties offers opportunity for Counties and State governments to manage their self-insured vehicles. Initial deployment for the first major County in New York State was completed in late 2022. Subsequent deployments with Counties in New York State are being finalized along with newly enlisted members for 2023. The opportunity base for IGEN Commercial Fleet Services with the CEA is estimated at 12,000 active commercial vehicles with a target market share of 30% for fiscal year 2023.
About IGEN Networks Corporation
IGEN Networks Corporation provides software solutions and consulting services for the consumer automotive, asset management, and supply-chain industries. The solutions enable customers to mitigate risk, improve driver safety, and increase productivity. IGEN is a fully reporting company in both Canada and the United States. It is publicly traded on the OTC Markets under the symbol IGEN, and listed on the CSE under the symbol IGN. For more information, please visit: www.igennetworks.net
Forward-Looking Statements
This news release may contain forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities law. The terms and phrases "goal", "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "believes", "indicate", "look forward", "grow", "outlook", "forecasts", "intend", and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by IGEN in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that IGEN believes are appropriate in the circumstances, including but not limited to statements regarding investment liquidity, financing options and long term goals of the Company, general economic conditions, IGEN's expectations regarding its business, customer base, strategy and prospects, and IGEN's confidence in the cash flow generation of its business. Many factors could cause IGEN's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; IGEN's reliance on key personnel; IGEN's ability to maintain and enhance its brand; and difficulties in forecasting IGEN's financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry. These risk factors and others relating to IGEN that may cause actual results to differ are set forth in the under the heading "Risk Factors" in IGEN's periodic filings with the British Columbia Securities Commission and the U.S. Securities and Exchange Commission (copies of which filings may be obtained at www.sedar.com or www.sec.gov. These factors should be considered carefully, and readers should not place undue reliance on IGEN's forward-looking statements. IGEN has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact:
IGEN Networks Corporation
Neil G. Chan
info@igennetworks.net
1(855)912-5378
Pretty proud of yourselves aren’t you?
Manipulation takes its toll and liars continue to flip. I’ll be here when we move up. Chan will be successful with this many irons in the fire. Who knows when the manipulators are ready to let it run or when Chan knocks it out of the park but either way I’ll be ready. I’m not falling for the nonsense here.
It has become even more ridiculous than before.
He only has to report about IGEN, not the customers. Many of these things aren’t even known until much later on. The form 7 is a very general overview. Otherwise, he would have to have a lawyer fill it out every month to avowing litigation. It’s a stretch to say he has to report the customers side of the transaction.
Now Chan has to report if his customers have supply issues or he’s a liar. Okay. This just gets better and better.
I’ll be watching because I’m about to buy more. These prices are easy money with all that Chan has going on in the background. He’s just too dang quiet!
Haha.
I agree the stock is boring too. Chan is going to have to do something big to get this thing going again. But I do believe he will. We shall see.
This message board has become very boring. Just the manipulators here now. I’ll be back when we see something happening. Chan will make IGEN successful with time. Good luck to all of the real investors and God bless.
Looks like the gangs all here today!
Manipulators don’t even try to make it look legit on L-2 anymore. Stack and bash. We will wait I guess.
Robert Nealon is the founder of Nealon and Associates law office in Alexandria. Robert Nealon has the highest honors an attorney can receive for exceptional work.
The notion that Chan doesn’t have the capability to sue for infringement violations is pure nonsense. Just more ridiculous lies from these manipulators. You don’t do all the hard work to get patents to simply do nothing with them. Licensing or settlements can occur without long drawn out legal battles and many companies prefer this over the legal approach. Chan has a plan and I’m glad I’m still here for it. Hold for gold.
$IGEN
He is Risen! Jesus is Lord!
I agree JG. There is plenty going on right now. The fact that these people are still here posting non stop is also a good sign. No one who thought this poorly of IGEN would continue to post everyday all day. Should be a good year.
Focus on a buy back instead of a R/S. It will help you to feel better. Chan is going to make us all a lot of money here from these prices. Once those big names start to show up in our news feed.
Progressive
Allstate
Farmers
Esurance
Nationwide
Liberty Mutual
Safeco
State Farm
GEICO
USAA
Metromile
Noblr
American Family
Travelers
Just wait until the infringement notices start to hit on names such as:
Progressive
Allstate
Farmers
Esurance
Nationwide
Liberty Mutual
Safeco
State Farm
GEICO
USAA
Metromile
Noblr
American Family
Travelers
All of these companies have telematics programs that create a score that will dictate rates for their customers. Chan is playing the long game here. The patent and the Big Data that IGEN will have will be extremely valuable. Buy and hold. Block out the FUD that is all over this board. Hold for gold.
$IGEN
Not to mention if I felt that way about the ticker, I wouldn’t have spent 3 years posting how much I hate IGEN and Chan. You have to turn off your brain to believe that this guy is legit.
“Why does Chan always prove that he has the stinkiest pinky on the OTC?”
Does anyone need any more proof that this person is here to discourage buyer and get people to sell? The notion that IGEN is the one of the worst OTC stocks is laughable and ridiculous. I would be terrified if my life depended on lying to earn a living. Pure nonsense.
NT filed for an extension of 15 days looks like.
$320 is the number per unit for two years based on this calculation.
25,920 divided by 81.
https://www.albanycounty.com/home/showpublisheddocument/21695/637932123733930000
Lol. The manipulators are busy today.
This guy is only here to cause trouble, spread Fud and propaganda. I wouldn’t even respond to him anymore. We all know that Chan is building a business and doesn’t pump or put out PRs unless it’s important. Good luck to us all
$IGEN
Lol. It’s so obvious what this individual is doing here. You would think by now they would stop paying for his services.
“It is not manipulation we are seeing now. It is simply a complete lack of retail interest in IGEN.”
Obviously the manipulation has caused the market to want to stay away from this ticker. The only ones buying now are those of us watching what IGEN is doing. The market will have to chase later.
Nice!