WASHINGTON, DISTRICT OF COLUMBIA — (Marketwired) — 11/27/13 — (OTCQB: IGEN) announced details today of an exciting development of the iGen cloud platform – development of Machine-to-Machine (M2M) solutions that provide a compelling return on investment for managing small commercial fleets and protecting mobile assets. By leveraging its cloud-based infrastructure designed to support large scale deployments, iGen is positioned to join the M2M ecosystem.
M2M Connections Continue to Grow
According to the , there are 190 million M2M connections today. These connections, made via cellular and other WAN wireless technologies, are projected to nearly triple by 2017, becoming the largest growth engine for operator revenue.
M2M Solutions for Small Fleets Gains Momentum
With recent developments in hardware and cloud delivery technologies, M2M solutions for fleets can now take advantage of retail and e-commerce solutions that permit fleet managers to buy and provision mobile hardware online, all from their smart phone. Solutions that were previously enjoyed primarily by big fleet corporations are now available to small fleets, which represent 70% of the 13 million commercial trucking fleets in the US, and an even greater percentage of the 6 million commercial trucking fleets in Latin America. Of the close to 26 million commercial fleet light vehicles in the US, and the 16 million similar vehicles in Latin America, M2M solution penetration is low, estimated at only 2.8 million and 1.3 million vehicles in the US and Latin America respectively – with estimates of fleet management solutions doubling during the next three years. Fleet management solutions for small fleets are poised for significant growth.
M2M Solutions Provides Vehicle Owners with the Latest Vehicle Recovery and Security Options
In the US, 1 car is stolen every 33 seconds, and vehicle owners are faced with limited choices and high insurance premiums for recovery and protection. Current M2M solutions enable not only the tracking of automotive and commercial vehicles, but also the monitoring and recording of driver behavior, vehicle health, as well as access to internet services – all at compelling costs to the consumer.
“I-m pleased to say that our investment in building our cloud infrastructure combined with our experience in these targeted market segments position us like no other company to achieve great milestones and innovation,” says iGen Networks Chief Executive Officer Neil Chan. “Through the innovative iGen Cloud Platform, we will be developing and offering solutions that can help make great impact in the M2M space. From tracking vehicles for faster and more efficient fleet management, to vehicle location and auto-recovery of stolen vehicles, M2M solutions through iGen will minimize costs and improve productivity.”
About iGen Networks Corporation
iGen Networks Corporation applies capital and proven management experience to accelerate growth of private and secure cloud-based services that serve small to medium size businesses, government agencies, and commercial enterprise.
iGen Networks Corporation is a fully reporting company in both Canada and the United States, where it is publicly traded on the OTC market and quoted on the OTCQB. For more information, please visit .
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 or ). 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 Media Inquiries:
Magnolia Communications
Phoebe Yong
604.760.3085
For Investor Inquiries:
iGen Networks Corporation
Richard Freeman
1.888.244.3650
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