IGEN’s CEO Provides Progress Update On Key Initiatives For 2021; Positioned For Growth And Market Leadership

LAKE ELSINORE, CALIFORNIA., July 12, 2021 / PRNewswire / – IGEN Networks Corporation (OTCQB: IGEN, CSE: IGN), a leading innovator of software services for the consumer and commercial vehicle industries, today announced a progress report on key initiatives along with the CEO’s assessment of growth opportunities.

IGEN’s signature patent for driver telematics:

Patent No. 11,037,378 was filed by the U.S. Patent Office on. granted Tuesday June 15th, 2021. This US patent becomes enforceable on the day of issue. The DTS patent is a method and system designed to create a unique signature of driver performance, driver habits and risk assessment of driver maneuvers. The market opportunity for IGEN is to establish a measurement standard for driver risks and behavior regardless of the vehicle type or the data source (e.g. smartphones, vehicle-based GPS systems and artificial intelligence). The DTS patent will reduce what the insurance industry calls “valuation errors,” which translate into loss of revenue for the insurer due to an inaccurate assessment of driver performance and misinformation from policyholders. According to the latest studies published by Insurance Journal, the cost of valuation errors exceeded $ 15Billion in 2010 with approx. $ 8 billion due to a lack of information on driving behavior.

IGEN Networks and T-Mobile for Business Co-branded Medallion GPS for Light Commercial Fleets:

The launch of Medallion GPS over the T-Mobile Business SMB channels is a unique offering based on IGEN’s NextGen platform. Medallion GPS is optimized for light commercial vehicles or vehicles with a gross vehicle weight of no more than 3.5 tons. Lightweight merchant fleets represent the least penetrated market segment that fleet solutions are valued with 6M New cars produced annually in the USA. Medallion GPS offers an easy-to-use fleet solution at a significantly lower cost for the owner of a light commercial fleet. Fully tested and qualified for the T-Mobile business channels, Medallion GPS is expected to generate revenue contributions in the second half of 2021.

County Executives of America markets IGEN’s fleet solution:

County Fleet Management is based on IGEN’s NextGen platform, which is optimized for light commercial fleets. There are over 700 counties partnered with County Executives of America, which represent an estimated 350,000 light trucks and passenger cars in the United States. A key aspect of the County Fleet Management offering is IGEN’s DTS patent, which provides the ability to measure driver habits, driver safety and risk assessment. Many of the counties are self-insured, which makes it mandatory for counties to use County Fleet Management Services made possible by IGEN’s DTS patent. First trials with 3-5 counties are expected in the second half of 2021, as soon as federal funds are made available.

IGEN introduces the industry’s first consumer branded product, FamilyShield, for protection Young drivers:

From the start date in April 2021, 18,000 households in Orange County, Southern California, Dallas, Texas and Tampa Bay, Florida have received direct mail combined with social media campaigns launched on platforms such as Facebook, Google, YouTube and Gmail. The online conversion rate for the first campaigns is expected to reach a penetration rate of 2-3%. Further marketing campaigns and the establishment of a mainstream online shopping channel are planned.

IGEN signs a sales and marketing agreement with Michigan Credit Union League Service Corporation (MCULSC): Michigan Credit Union League Service Corporation (MCULSC) is a Credit Union Service Corporation providing CU Trak products and services from IGEN to Michigan Credit Unions and its members. To date, much of the sales activity is in credit unions State of Michigan and across US markets have been restricted by COVID as many of them operated with restricted access. The post-COVID trends look very promising with the increase in member loans for car purchases supported by federal subsidy programs. Income contributions from the sale of CU Trak to credit unions in both State of Michigan and across the US are expected to grow many times over in the second half of 2021.

In summary, CEO Neil G. Chan stated: “Despite the challenges of the pandemic and its impact on our main markets, we have been able to focus on creating new products and channels in anticipation of new growth opportunities. We’re seeing more auto loans, especially in the used car segment, and an increase in actuarial risk with drivers and autonomous driving technologies, and significant federal government support for counties in the US with the new administration. IGEN is able to participate in these market trends in 2021 and beyond. ”

About IGEN Networks Corporation

IGEN Networks Corporation creates software services for the consumer product automotive and commercial asset management industries that enable their clients to better manage their assets and protect their families. IGEN is a fully reportable company in both cases 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. Further information can be found at: www.igennetworks.net

Forward-Looking Statements

This press release may contain forward-looking statements or forward-looking information within the meaning of the US Private Securities Litigation Reform Act of 1995 and Canadian securities law. The terms “goal”, “commitment”, “guidance”, “expected”, “would”, “will”, “continue”, “drive”, “believe”, “show”, “look ahead”, “grow” “,” Outlook “,” forecasts “,” intend “and similar terms and expressions are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by IGEN in the light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that IGEN deems appropriate in the given circumstances, including, but not limited to, statements about investment liquidity, funding opportunities and Company’s long-term goals, general economic conditions, IGEN’s expectations for its business, customer base, strategy and prospects, and IGEN’s confidence in its business’s cash flow generation. Many factors could cause IGEN’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement, including, but not limited to: competitive risks; IGEN’s reliance on key personnel; IGEN’s ability to maintain and improve its brand; and difficulty forecasting IGEN’s financial results, especially over extended periods of time, given the rapid change in technology, competition, and short product life cycles that characterize the mobile application industry. These and other IGEN-related risk factors that could cause actual results to differ are listed under the heading “Risk Factors” in IGEN’s periodic filings with the British Columbia Securities and Exchange Commission (copies may be obtained) www.sedar.com or www.sec.gov Care should be taken with these factors and readers should not place undue reliance on IGEN’s forward-looking statements and IGEN has no intention or obligation to update or revise any forward-looking statements – statements, whether based on new information, future events or for other reasons, unless required by law.

Contact:
Neil G. Chan
IGEN Networks Corporation
E-mail: [email protected]
Call us: +1 (855) 912-5378

SOURCE iGen Networks Corp.

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