|By Marketwired .||
|May 5, 2014 12:32 PM EDT||
ALEXANDRIA, VIRGINIA -- (Marketwired) -- 05/05/14 -- iGen Networks Corporation (OTCQB: IGEN) today announced that it has completed the acquisition of Murrieta-based Nimbo LLC for 2,500,000 shares of common stock.
Nimbo LLC is a market leader in consumer safety solutions for the automotive and power sport industries. Powered by the Nimbo brand through Dealershiptracking.com and Powersporttracking.com, Nimbo offers a Real-Time GPS Tracking and Management System that protects valuable assets and keeps families safe.
iGen and Nimbo together will offer industry leadership with a broad range of M2M applications including stolen asset recovery and fleet management solutions via state-of-the-art device integration and an innovative self-provisioning platform.
During 2013 Nimbo generated an excess of $1,000,000 in revenue with approximately 6,000 new subscriber activations.
About iGen Networks Corporation:
iGen Networks Corporation delivers cloud-based services through Machine-to-Machine (M2M) device technologies for the protection and management of mobile assets and commercial fleets. iGen 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 www.igen-networks.com.
About Nimbo LLC:
Nimbo LLC provides robust wireless M2M solutions that create peace of mind across industries, specializing in providing integrated GPS tracking and vehicle warning solutions for various markets including Automotive, Power Sport, Subprime Automotive and Power Sport Finance, Fire & Rescue, EMS, and Law Enforcement. For more information please visit http://www.nimbollc.com/.
Product or service names mentioned herein may be the trademarks of their respective owners.
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 the future performance of Nimbo LLC and the M2M industry, 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 the integration of Nimbo LLC and IGEN; the completion of the acquisition of Nimbo LLC; 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 www.sedar.com or www.sec.gov). 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.