IGEN Secures Long-Term Equity Financing Along With CEO Update on Key Initiatives
IGEN Networks Corporation, a leading innovator of cloud-based and Internet of Things (IoT) automotive solutions for the protection and management of mobile assets, announced the successful completion of S1 registration of common shares and Notice of Effectiveness received from the SEC as of September 23, 2020. Completion of these milestones puts in effect an Equity-Line for up to $2,500,000 accessible for IGEN capital needs during the next three years with Crown Bridge Partners, LLC, a New York limited liability company, and J.H.Darbie and Company Inc., as the Placement Agent and Investment Bank. The draw from the Equity-Line will be at the sole discretion of IGEN’s Board of Directors per the terms outlined in the Prospectus filed on September 24, 2020.
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CEO Neil G. Chan stated, “This Equity-Line was structured with favorable terms for IGEN, with sole discretion on timing and share price. It’s the least dilutive and most flexible mechanism for raising capital over the long-term. We are now well capitalized to fund our key initiatives for both the automotive consumer and commercial fleet markets. Along with increasing our sales channels with our Resellers and Key Channel Partners that include the Michigan Credit Union League Service Corporation (MCULSC) and County Executives of America, IGEN will further invest in the development of our driver behavior algorithms and platforms.”
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The Company is seeing growth opportunities in the second half of 2020. Despite the persistence of the Corona Virus and its effects on the economy, the revenue growth opportunities for the Company continues to be weighted towards Credit Unions and the Counties. Presently the Company has secured order commitments from seven Regional Credit Unions with a goal of securing up to 50 by year-end. The macro-environment of reduced credit scores and Federal Government funding has created a dual need for the Credit Unions to secure automotive assets while providing compelling services to the Credit Union membership. The County Executives of America have identified and confirmed commercial trials with three Counties with an average population base of 1M people. Along with Medallion GPS PRO Fleet Management functionality, IGEN’s driver behavior features will be tested and applied against County actuarial metrics for insuring of County vehicles and assets.
With the launch of IGEN’s Next-Generation Platform, a direct-to-consumer brand is being created and targeted exclusively as an Ecommerce offering. Families will be able to purchase IGEN’s products and services directly online with emphasis on ease-of-use. Peace-of-mind features for families and their teenage drivers will include IGEN’s Universal Scoring of Driver Performance as a standard service offering. Targeted launch is for late 2020 in time for the holiday season.
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