ALEXANDRIA, Va., Nov. 12, 2015 (GLOBE NEWSWIRE) -- IGEN Networks Corp (the "Company" or "IGEN") (OTCQB:IGEN) (CSE:IGN) announces it has signed a non-binding Memorandum of Understanding to acquire Webtrack S.A. de C.V. ("Webtrack"), a Mexican private corporation that provides end-to-end GPS-based vehicle telematics and analytics services in Mexico. The parties have agreed to a purchase price of US$5 million and to proceed toward completion of a definitive agreement subject to due diligence.
Founded in 2008, Webtrack serves both the consumer automotive and commercial fleet industry in Mexico supporting over 15,000 mobile assets and 300 customers that include The AXA Group, GNP Seguros, Autofin México, Ford, Ford Credit, and Lincoln. Webtrack, an early pioneer of telematics and Stolen Vehicle Recovery (SVR) in Mexico, has developed sophisticated analytics tools for analyzing and reporting driver behavior, and has provided solutions for several of the largest insurance companies in the country. Through its partner company Prolog S.A. de C.V., Webtrack is a Ford Motor Co Tier 1 supplier.
"We believe the proposed acquisition of Webtrack will provide us with increased North American presence and expanded service offerings," said Neil Chan, President and CEO of IGEN. "Mexico and the U.S. are the largest new car markets in the Western Hemisphere, and it is projected that during the next five years they will account for a large part of the US$1.6T industry."
CEO Chan added, "The combination of Webtrack's offerings with those of our growing subsidiary Nimbo LLC will provide us with a broad platform of service offerings to address this growing market. It's also consistent with the strategy we have been communicating to our investors of creating shareholder value through growth of our existing business combined with creating or acquiring best-in-class solutions that will help us grow globally."
About IGEN Networks Corporation:
IGEN Networks Corporation invests in and manages companies that deliver cloud-based services through Machine-to-Machine (M2M) device technologies for the protection and management of mobile assets and commercial fleets. The Company offers a range of self-provisioning applications which are used to manage and recover stolen assets, provide access to roadside assistance programs, and improve productivity of commercial fleets.
IGEN is a fully reporting company in both 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. 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, Fleet Vehicles, Emergency Vehicles, and Law Enforcement. For more information, visit www.nimbollc.com.
For more about the Nimbo's Stolen Vehicle Recovery platform, please view the video at: https://vimeo.com/103187377
This news release may contain forward-looking statements or forward looking information 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"," increase", "expand", "outlook", "projected", "forecasts", "intend", "potential", 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 statements regarding investment liquidity, financing options and long term goals of the Company, general economic conditions, IGEN's expectations regarding its business, customer base, 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 in the under the heading "Risk Factors" in IGEN's periodic filings with the British Columbia Securities Commission and the U.S. Securities and Exchange Commission (copies of which filings may be obtained at www.sedar.com or www.edgar.com). 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.
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