IGEN provides Interim Update on Key Milestones and Initiatives
Lake Elsinore, CA – December 4, 2023 – IGEN Networks Corporation (OTC: IGEN), (“IGEN” or the “Company”), a
leading innovator of asset management and supply-chain solutions is pleased to provide the following update on
key initiatives from its Chief Executive Officer, Neil G. Chan.
Given the significant developments in the consumer segments of our business in 2023, we chose to dissolve Nimbo
Tracking LLC., and focus on the opportunities within the commercial side of our business. As the supply-chain
industry went through great challenges over the past year, IGEN chose to leverage our technical expertise and
patents to further develop our commercial platforms for the evolving opportunities within the supply-chain
industry. These opportunities suggest a robust market growth for the US supply-chain industry of 9%-10% CAGR
to $16B-$17B by 2033. Close to 60% of this market is comprised of Fortune 100 companies served by 5-6 of the
industry’s largest system integrators – highly customized solutions. The remaining 40% are Small-to-Medium
Enterprise (SME) who demand similar solutions but face a fragmented industry of specialized and costly
solutions that address limited elements of the SME supply-chain requirements.
The opportunity for IGEN was to offer an integrated end-to-end solution that addresses the SME supply-chain
requirements at lower costs and offered over cloud-based services rather than investing in capital intensive IT
infrastructure. Along with the Company’s recent announcement on Artificial Intelligence (AI) initiatives, IGEN
completed the integration of multiple platforms that included warehouse inventory management, fleet and driver
management, and maintenance of assets for a complete end-to-end supply-chain offering targeted for
Small-to-Medium Enterprise (SME) businesses.
To market these innovative solutions, IGEN and a Fortune 100 wireless carrier have signed a co-marketing
agreement through its Master Distributor taking effect by calendar year-end. This agreement enables the
wireless carrier sales staff to sell and market Medallion GPS PRO to Small-to-Medium Enterprise and Businesses
(SMB) across the US, offering state-of-the-art fleet management solutions at significantly lower subscription rates
compared to comparable fleet management services. Medallion GPS PRO will include optional supply-chain
solutions to be activated on demand as customer requirements expand beyond the transportation of goods and
services.
In preparation for completing several key initiatives, namely the IGEN’s Artificial Intelligence (AI) initiative and
the acquisition of Prolog shares, the Company has extinguished all Preferred Class A convertible debt. The
Company has also replaced all AWS based services with in-house infrastructure, single-sourced hardware from
South Korea rather than China to mitigate supply-chain risks and secured several whole-sale airtime service
packages from two major US wireless carriers – overall reducing operating costs severalfold and positioning IGEN as
a high-value and low-cost solution provider for supply-chain solutions and services on demand for
Small-to-Medium size business across the US and Mexico.
