INEO Reports Revenue Increased 24% in Fiscal 2020, Despite the Impact of COVID-19
INEO Reports Revenue Increased 24% in Fiscal 2020, Despite the Impact of COVID-19 |
[20-October-2020] |
SURREY, BC, Oct. 20, 2020 /CNW/ - INEO Tech Corp. (TSXV: INEO) (the "Company" or "INEO"), an innovative provider of location-based digital advertising and analytics and operator of the patented INEO Welcoming Network, is pleased to announce it has filed its Annual Audited Consolidated Financial Statements and Management's Discussion and Analysis on SEDAR.com for the Company's fiscal year and fourth quarter ended June 30, 2020. "We made tremendous progress in commercializing and bringing our patented INEO Welcoming Network to market in Fiscal 2020," said Greg Watkin, Chairman and Founder of INEO. "We are extremely proud of our achievements over the past year including listing on the TSX Venture Exchange and completing a $2.8M RTO financing. We also persevered through the government mandated COVID-19 shutdown and emerged with a healthy balance sheet and a strong pipeline of retailers to add to our INEO Welcoming Network. INEO's focus on essential retail locations has positioned the Company to be one of the few location-based Digital-Out-of-Home advertising options available which allows brands to display their messaging in an impactful way." Fiscal 2020 Financial Highlights:
Fiscal 2020 Business Highlights:
Subsequent Events to June 30, 2020
Outlook Since the re-opening of the retail sector after the initial COVID-19 shutdown, INEO has expanded its INEO Welcoming Network installations and doubled the size of its network from 30 to 60 retail locations. INEO expects to continue on this rapid pace until the end of the calendar year as the Company has a backlog of 40 more retail locations ready to upgrade from traditional Electronic Article Surveillance (EAS) scanners to INEO's industry leading INEO Welcoming Network. The recently announced advertising partnership with CMS will increase INEO's advertising revenue and provide scale without having to add sales and marketing payroll headcount. Meanwhile INEO continues to seek out additional loss prevention resellers for future acquisition targets. Kyle Hall, CEO of INEO commented, "We are working quickly to expand our retail network and product offering. At the same time, we are landing customers, advertisers and deploying systems. We have developed a solid network of independent liquor stores which has given us a large, consistent base for proving our business model while at the same time capturing valuable data, improving our artificial intelligence (AI) technology and enhancing our operational capabilities. Our objective is to turn this base of liquor stores into larger national and international retailers in many retail verticals in the coming years." About INEO Tech Corp. INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., provides retailers with the INEO Welcoming Network, a patented in-store and online location-based advertising network that enhances the customer experience, monetizes the entrances of retail stores and protects against retail theft. The INEO Welcoming Network is a revolutionary cloud-based digital advertising and data analytics system, which sends customized advertising to digital screens integrated with theft detection sensor gates at the entrance of retail stores. INEO is headquartered in Surrey, Canada and publicly traded on the TSX-Venture Exchange under the symbol "INEO". For more information please visit www.ineosolutionsinc.com. Forward-Looking Statements Investors are cautioned that, except as disclosed in the disclosure document, any information released or received with respect to the Company may not be accurate or complete and should not be relied upon. Trading in securities of the Company should be considered highly speculative. This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors – including the availability of funds, acceptance of the Company's products, competition, and general market conditions – that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed on SEDAR, including the Company's Filing Statement dated January 20, 2020 (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE INEO Tech Corp. | ||
Company Codes: TorontoVE:INEO |
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