WASHINGTON, DISTRICT OF COLUMBIA -- (Marketwire) -- 04/18/12 -- IGEN Networks Corporation ("IGEN" or "the Company") (OTCBB: IGEN), the industry leading technology accelerator, today announced its financial results and operational highlights for the twelve-month period ended December 31, 2011.
"The Company has been very active and we are delighted with the team's accomplishments in such a short period of time," said Neil Chan, Chief Executive Officer. "IGEN's new business model and strategies have been focused on positioning the Company for growth - by putting the right team in place, achieving revenues, significantly reducing net losses and liabilities, and ultimately ending the year with positive working capital. In short, doing what the team does best: tightening operations and effecting strategies to position for maximum growth."
2011 Year End Financial Results:
-- First time annual corporate revenues of $2,950, attributed to management
fees from the Company's product portfolio.
-- Annual net losses reduced by 71% - as of December 31, 2011 the Company
had a net loss of $875,679 compared to a net loss in 2010 of $2,983.401.
-- Current liabilities reduced by 88% - as of December 31, 2011 the
Company's liabilities were $81,798 compared to liabilities in 2010 of
$675,332.
-- Significant increase in working capital - as of December 31, 2011 the
Company had a working capital surplus of $142,081 compared to a
deficiency in 2010 of $674,586, a net increase of $816,667.
2011 Operational Highlights:
Building the management team, Board of Directors and Advisory Board
-- Appointed new Chief Executive Officer, Neil Chan. Mr. Chan is a career
technologist who has pioneered the early adoption of disruptive
technologies in more than 45 countries over the last 30 years. From
start-up to $400M in annual revenues, he has led and created multiple
best-in-class sales, marketing and service organizations.
-- Appointed new Chief Operating Officer, Richard Freeman. Mr. Freeman is a
senior high-tech operations and product development executive with over
25 years experience with companies such as Mobile Data International,
Motorola, Sierra Wireless and WebTech Wireless.
-- Confirmed the appointment of Chairman of the Board, Robert Nealon. Mr.
Nealon is the Principal Attorney in Nealon & Associates, P.C., and a
Washington, D.C. based law and government relations firm. Neil Chan and
Richard Freeman were also appointed as directors.
-- IGEN built its Advisory Board, strategically selecting and recruiting 13
prominent business leaders from top international organizations that
span the globe.
Executing operational and growth strategies
-- Launched new strategy as technology accelerator with the formation of
IGEN Business Solutions Inc., a systems integrator for early stage
technology companies that creates innovative broadband infrastructure,
M2M, and cloud-based business solutions.
-- Secured an exclusive agreement with Gogiro Internet Group ("Gogiro") to
expand distribution coverage across North America along with an option
to purchase 9.5% of Gogiro.
-- Secured global distribution agreement with Machlink Corporation
("Machlink") combined with equity interest in Machlink.
-- Secured global distribution agreement with Star Solutions International
Inc., a leading supplier of wireless broadband infrastructure serving
underserved communities and enterprise markets worldwide.
-- Retained Fasken Martineau DuMoulin LLP, a world leader in international
business law with offices in Canada, UK, France, and South Africa.
-- Retained Fernandez Young LLP, a highly respected accounting firm with a
strong international practice.
-- Announced the Company's intention to list on the Canadian National Stock
Exchange (CNSX).
"Going forward, it's all about execution as we increase sales and value from our product portfolio companies," commented Neil Chan, CEO. "In particular, we will continue expanding the distribution coverage of Gogiro and adding products to its platform. We recognized our first revenue from Gogiro late in the year from adding new offices in California and Alberta to serve the small business community. We are aiming to substantially increase our regional offices within the next 12 months."
Chan further noted, "On the infrastructure side of our business, we will continue strengthening our value proposition with innovative products and services targeted to serve rural communities and large private enterprise markets that include first responders, oil and gas, airports, and the mining industry. Our last 6 months has laid the groundwork for growth and positioned us to create real value for our shareholders. The IGEN team is ready."
About IGEN Networks Corporation
IGEN invests capital and management expertise in technology companies in complementary business areas. IGEN drives growth and optimizes profitability for technology companies that are providing products and services in industries that are experiencing large global growth: wireless broadband infrastructure and the applications and services that run on it. mpearsWith a focus on accelerating companies to the next level through a combination of capital and hands-on management, IGEN is not just an investor in companies: it is a builder. For more information, visit www.igen-networks.com.
Forward-Looking Statements
This news release may contain forward-looking statements 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", 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 general economic conditions, IGEN's expectations regarding its business, 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 IGEN's periodic filings with 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.
Contacts:
For Investor Inquiries:
John Halme
604.629.7590
john@igen-networks.com
www.igen-networks.com
For Media Inquiries:
Phoebe Yong
Magnolia Communications
604.760.3085
phoebe@magnoliamc.com
