500 vehicles to be activated in the Tri-State Area, New York
MURRIETA, CA / ACCESSWIRE / July 8, 2019 / 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 the first order with Sprint IoT Factory to manage ride-share leased vehicles in the Tri-State Area of New York. IGEN's Medallion GPS Pro will be installed on these ride-share leased vehicles with state-of the-art ignition control and battery sensing technology for continuous uninterrupted tracking and management of vehicles. This order was for a minimum of 500 vehicles with ongoing orders expected as a greater number of ride-share owners consider the merits of leasing to meet ride-share vehicle requirements and the insuring of the vehicle within the Tri-State Area of New York. These 500 vehicles using IGEN's Medallion GPS Pro is expected to contribute $200,000 of renewal revenue over the first 24 months of service.
The Sprint IoT Factory platform is enabled through a strategic relationship with myDevices, the Internet of Things (IoT) solutions company that "simplifies the connected world" to accelerate the development and sales of finished IoT solutions. Sprint's converged business solutions in the IoT Factory offer customers a number of advantages, including superior network spectrum holdings, powerful worldwide wireline and wireless connectivity to an incredible influx of technological innovation and resources from Sprint's parent company, SoftBank. The IoT Factory enables commercial and enterprise customers to explore, select and rapidly implement innovative, finished IoT solutions according to their unique needs.
"According to the New York City Taxi and Limousine Commission, there are over 80,000 ride-share vehicles operating in the Tri-State Area representing the largest ride-share market in the US. It's the market that sets the tone for the industry, and we are excited to be in the forefront with Sprint to provide a solution that effectively serves the ride-share industry as a risk mitigation tool along with enabling ride-share owners the ability to meet evolving vehicle standards and underwriting requirements of financial institutions. The added benefits of user-friendly mobile apps to monitor their vehicle, such as GPS tracking, asset protection, and driver behavior data are part of the IGEN service package available to the ride-share owners and their families, said Abel Sierra, VP Business Development. IGEN's Medallion GPS Pro will be sold as a 24-month hardware and management service bundle through Sprint's 2,000-plus Small-to-Medium Size Business (SMB) sales representatives located in eight regions across the United States and Puerto Rico. IGEN was excited to be one of the first solutions in Sprint's IoT Factory launch earlier this year, and we have continued to work closely with Sprint to tailor solutions to meet their customers' needs, Medallion GPS Pro represents a significant step forward in that effort, providing real business benefits to Sprint's customers while also giving them access to more favorable lending terms and valuable services to monitor and protect their vehicles."
About IGEN Networks Corporation
IGEN Networks Corporation provides peace-of-mind to automotive consumers and their families through direct access to Internet-of-Things (IoT) cloud-based services that include Stolen Vehicle Protection, Real-time updates on asset health and Driver Behavior. IGEN is a fully reporting company in both Canada and the United States. It is publicly traded on the OTCQB under the symbol IGEN, and listed on the CSE under the symbol IGN. For more information, please visit www.igennetworks.net., www.nimboTracking.com., www.MedallionGPS.com
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.
IGEN Networks Corporation
Neil G. Chan
SOURCE: IGEN Networks Corporation
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