Friday, June 26, 2015

IGEN Networks Corp. (IGEN) Tapping into Automotive Dealer Channels to Initiate Market Growth

IGEN Networks Corp. (OTCQB: IGEN) invests in and manages businesses that deliver cloud-based services through machine-to-machine (M2M) device technologies for the protection and management of mobile assets and commercial fleets. By taking an active managerial role in these businesses, IGEN allows its technology subsidiaries to mitigate operational risk and realize revenue growth and capital appreciation. In addition to providing management expertise, IGEN utilizes an established network of distribution channels to efficiently negotiate distribution agreements and sell a wide range of products and services.

In recent months, IGEN has leveraged this strategy to great success. In May, the company, through wholly-owned subsidiary Nimbo LLC, signed a major account agreement with Verizon Wireless (NYSE: VZ). Through this agreement, Nimbo will become a member of Verizon’s partner program for the marketing of Nimbo’s M2M and integrated GPS tracking solutions over the mobile giant’s national wireless services. The company will also gain access to Verizon’s established database of sales leads, which encompasses major automotive dealer markets across the United States.

“This partnership program with Verizon Wireless is significant for us,” Neil Chan, chief executive officer of IGEN, stated in a news release. “It enables our sales team to partner with Verizon, the largest wireless operator in the U.S., to sell into automotive dealer channels and reach large new potential customers.”

Earlier this month, the company, through Nimbo, built upon this progress through the announcement of a partnership with Star Shield Solutions LLC and Sky Force Technology, Inc. to launch a pilot program targeted at a high volume automotive dealership store in southern California.

By consistently targeting nationwide dealer channels, IGEN is tapping into a potentially massive source of future revenue. According to First Research, dealer channels accounted for over $700 billion in annual revenue through the sale of 15.6 million new vehicles and 40.5 million used vehicles throughout the U.S. in 2013. By 2018, these figures are expected to double, creating an expansive market for the company’s mobile asset protection services.

In the first quarter of 2015, IGEN recorded a 756 percent year-over-year increase in revenue to go alongside gross profit figures that were consistent with the fourth quarter of 2014. As the company continues to work toward stabilizing its inventory position and product costs, recent results could foreshadow continued market growth moving forward.

For more information, visit www.igen-networks.com

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