IGEN Share Price Valuation Consideration $0.1248
County Executives of America Announces Nationwide Partnership Agreement with IGEN Networks Corporation
In a successful collaboration with the County Executives of America, IGEN Networks Corporation announced its 3 year agreement with the County executives on March 3, 2020. Being a leading company in the field of cloud-based and Internet of Things (IoT) technologies for security of the mobile assets, the company conducted the recent launch of its Next Generation "Medallion GPS PRO" products which will be used by the Light Commercial Fleets. These products target the Counties by providing them significant enhancements in terms of productivity, safety, and protection of their diverse fleets all over the USA.
As announced by the CEO of IGEN Networks Corporation, Neil G Chan, "This exclusive partnership with the County Executives of America represents an opportunity for IGEN to offer fleet management solutions for an estimated 350,000 assets utilized across 700 Counties in the USA,".
With this announcement, the questions were raised about the funding and investments. Since the deal with CEA is with 700 counties that will lead to the provision of technology to 350,000 assets. Calculating from the numbers, each asset will be generating a minimum of $71.43 (rounded) per asset per year. This generation of money would sum up to $25 Million in revenues. The target for the IGEN Networks is quite achievable considering that their Outstanding Shares (OS) have been stable as of the statistics taken from Friday, May 1, 2020 of 597,522,300 shares. These calculation are based on 25% Net Profit Margin and a PE Ratio of 12 for IGEN.
In the recent development, it has been known that the VP and the CEO of IGEN have brought 36+ million shares in the past few months. The inclusion of Robert Freidman in the Board of Directors of the company has been one of the recent establishments for the company. The company’s shares have been stable with 0.0014 (38.89%) increase as per the statistics of today in the share market. IGEN announced tis full year revenue on May 26th, 2020. As per the statistics, 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.
One of the main things of that business breakfast was the announcement that Company’s wholly owned subsidiary Nimbo Tracking (Plaintiff) has been involved in the filing of a lawsuit against SkyForce Technology Inc.: James Kwon, the Distributor (Defendant) for breach-of- contract for losses in excess of $1.0M, which is deemed to increase every day until the trial date set for October 2020. Alongside that, the company filed Form NT 10-K with the United States Securities and Exchange Commission and is aiming to file whole results on Form 10-K on or about May 15, 2020.
Their main aim has been to provide and assist the local counties and transport sectors in responding and divert their attention effectively to the new and more developing corporate industries and market duties and opportunities. All of this will be done to attain more advantage and to have a competitive edge over the other companies in the market.
It is important to note that the IGEN’s stock rate has been stable despite the hurdles it has faced. The corona virus has hit the production sector of the company as well. It has been anticipated by the company that slowdown in revenues during the first half of 2020 is expected owing to the impact of the corona virus which will affect Company’s distribution channels. This included the automotive dealerships, credit unions, and governments.
There is a strong belief from the Company’s perspective that as the macro-environment will move towards normalization, growth opportunities are bound to be created in the second half of 2020 since the revenue growth will be based on the Credit Unions and Counties while new customer gaining opportunities will be created for the Franchise or new car dealerships.
The growth towards new franchises and dealership as well collaborations have been a highlight for the company in the last 6 months. All of this has been taking place despite the COVID-19 pandemic which is encouraging considering the fact that most industries have been shut down completely or are going bankrupt. IGEN has been in profits for the most part of the first quarter of 2020.
With a volume of 246,464,967 and Market Cap of 3,585,868, the company shares are in the positive trend. With the expansion of its services, collaborations, and the technological interventions in the business, the company is bound to be a success in the coming quarter if it follows the right trends of the market in battling with COVID-19 pandemic and its aftermath.
