New 10 Minute Video Interview Explains How IGEN Networks Aims To Become the Leader in Stolen Vehicle Recovery and Vehicle Tracking Software Solutions
SAN DIEGO, CA / ACCESSWIRE / April 21, 2016 / IGEN Networks Corp. (OTCQB: IGEN, CSE: IGN): Location based software has helped make old business models new and more efficient. The most obvious example is Uber. Over the past few years, Uber has reinvented the taxi business without owning one taxi by creating an efficient way for consumers to connect with drivers.
Uber works because the driver's location can be found through the GPS tracking software in a smart phone. The proliferation of smart phones, location based software, and the Internet of Things (IoT) have combined to provide solutions real life needs and concerns. In particular, there is a growing need to locate a vehicle when the driver may not want to be found, or even if the car is not being operated. This need is just as important for car dealerships as it is for consumers.
The questions:
As a car owner, one might ask: What happens if my car is stolen? Can I be notified immediately if my vehicle is moved without my knowledge? If stolen, can my vehicle actually be recovered quickly? Can I monitor my vehicle if its loaned out to a friend or family member? Is my son driving my car too fast? Has my daughter driven outside of an area she told me she was going? Is there a service that does all this and provides roadside assistance?
A car dealership owner has related but different needs and might ask: How many vehicles am I now holding in inventory? Where exactly are my vehicles? Is a sales manager having a particular car washed, on a test drive, or take it home that day? Why can't I find the exact car a buyer wants when my paperwork shows it's in my inventory? How can I provide a buyer with the same service and peace of mind now available to me?
Who has the answers?
The race appears to be on to "uberize" vehicles. Although there is no known word, it seems everyone knows what it means. To "uberize" a vehicle essentially is to enable it so that one knows where that vehicle is at all times. By adding additional features, the potential market is huge.
CalAmp Corp. certainly recognizes the opportunity. On March 18, 2016, it closed an all cash $134 million purchase of LoJack Corporation buying its shares at $6.45 per share. LoJack was the leader in providing Stolen Vehicle Recovery (SVR) systems.
IGEN Networks Corp. (OTCQB: IGEN, CSE: IGN) claims it can answer all the questions posed above right now, and is aggressively targeting markets led by LoJack and AAA. Through its wholly owned subsidiary Nimbo, LLC based in Murrieta, California, the company has bundled a vehicle recovery, inventory management, and roadside assistance program that is beginning to take off. Its dealership tracking device is interfaced with GPS satellite tracking and a GPRS cellular data transfer system to provide what it calls the most advanced tracking and recovery system on the market.
The new 10 minute interview with CEO Neil Chan provides more insight and explanation behind the products and the strategy: IGEN CEO Interview
Strategic partnership with Verizon Wireless helps win new orders
On March 10, 2016, IGEN announced it received its largest single order. The Master Purchase Order (MSO) for 12,000 vehicle activations is to be deployed across several major states on the Verizon Wireless Network. Late last year, IGEN's subsidiary achieved PRM status within the Verizon Partner Program, Verizon Wireless' lead share program. This includes Nimbo's product and service offerings being fully integrated into Verizon's Partner Relationship Management (PRM) portal, providing deeper direct engagement with the Verizon salesforce.
This MSO for 12,000 activations trumps the Company's previous largest order announced in January involving 3600 activations. It appears the relationship with Verizon Wireless and other partners is starting to pay off.
IGEN CEO Neil Chan states, "We recognized the opportunities years ago, and we are now positioned to take advantage of them. We are lean and mean with next to no debt, experienced management, recognized partners, and a massive potential market." He added, "The most exciting part is that we are building a recurring revenue model that should provide us high margin cash flow for years to come."
by Kyle Landeck, Journal Transcript staff writer
SOURCE: IGEN Networks Corp.