Friday, December 08, 2023 6:37:33 PM
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 onkey 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 infrastructuresingle-sourced hardware fromSouth 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 forSmall-to-Medium size business across the US and Mexico.
Recent IGEN News
- IGEN Achieves Milestones and provides updates on Key Initiatives • InvestorsHub NewsWire • 02/05/2024 11:00:00 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/20/2023 09:07:43 PM
- Form DEF 14C - Other definitive information statements • Edgar (US Regulatory) • 10/11/2023 07:38:20 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/05/2023 10:00:59 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/22/2023 05:26:50 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/17/2023 04:48:47 PM
- IGEN and Prolog announce Industry's First AI Program for the Next Generation of Commercial Fleet Solutions • InvestorsHub NewsWire • 06/20/2023 11:19:57 AM
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