INEO is ahead of schedule on its 2023 Welcoming System deployment plans with 50 locations installed in retail stores in the United States so far this year.
Surrey, BC – February 22, 2023 – INEO Tech Corp. (TSX-V: INEO; OTCQB: INEOF) (the “Company” or “INEO”), the innovative developer and operator of the INEO Media Network, a digital advertising and analytics solution for retailers, is pleased to provide an update on the progress of its roll out of the patented INEO Welcoming System with major retail partners who together have over 3,000 retail locations across the United States. The INEO Welcoming System is an integrated digital display and Electronic Article Surveillance (EAS) theft protection pedestal located at the entrance of retail stores which works seamlessly with retailers’ Retail Media Networks. The Company has successfully completed installations in over 50 retail stores located in New York City, San Francisco, Los Angeles and cities in nine additional states including Tennessee, New Jersey, Pennsylvania, New Hampshire, Massachusetts, North Carolina, Virginia, Washington and Florida. Furthermore, the Company is ramping up to add additional locations. Within the coming weeks INEO expects to have its INEO Welcoming System installed in stores located across a total of eleven states.
“We started 2023 with an aggressive deployment plan and we are happy to report we are ahead of schedule,” said Kyle Hall, CEO of INEO. “This marks a tremendous milestone for INEO in the process of installing our retail media network in major metropolitan cities of the United States. We have now reached the inflection point to strategically expand and roll-out systems and bring in major national advertisers who desire access to our in-store retail media network. We’re excited to continue working with our partners and customers to bring our technology to even more stores across the United States.”
INEO has made significant progress in expanding its footprint and continues to be well- positioned to deploy more systems for its retail partners in the coming months. The Company remains on track to roll out INEO Welcoming Systems to its committed locations this year under the terms of its signed agreements and is focused on executing on its direct sales pipeline.
Greg Watkin, Chairman and Founder of INEO, commented, “We are thrilled to see our systems in action in some of the largest cities in the world and are tremendously excited to announce this progress. Working with our major retail partners has pushed us to grow our network at a tremendous pace and in response our team has stepped up to rapidly ramp up production. We recognize this is a major step forward in our goal to expand our network and with systems continuing to be installed across the United States, our team is committed to working with our new and existing partners to grow the INEO Media Network with more retailers in other cities and regions.”
About INEO Tech Corp. (TSXV: INEO; OTCQB: INEOF)
INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., operates the INEO Media Network, a digital advertising and analytics solution for retailers. INEO’s patented technology integrates and monetizes digital screens with theft detection sensor gates at the entrance of retail stores. The Company’s cloud-based platform uses IoT (Internet of Things) and AI (Artificial Intelligence) technology to deliver customized digital advertising to each retail location based on the demographic mix, such as age and gender, of customer traffic at each location. The Company also deploys the INEO Welcoming Network technology through a SaaS-based solution to larger retail chains. INEO is headquartered in Surrey, Canada and publicly traded on the TSX-Venture Exchange under the symbol “INEO” and on the OTCQB-Venture Market under the symbol “INEOF“.
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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 Annual Information Form for the year ended June 30, 2022 filed on SEDAR on November 4, 2022. 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.
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