INEO PROVIDES CORPORATE UPDATE DEMONSTRATING RECORD QUARTERLY REVENUES AND INCREASING SALES PIPELINE
· Based on preliminary results, INEO expects to achieve record revenue for Q4-2022 and for its fiscal year 2022, ending June 30, 2022.
· INEO’s sales activities are accelerating with the Company’s sales pipeline climbing to approximately $40 million in annual recurring revenue.
Surrey, BC – July 21, 2022 – 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 the following business update following its fiscal fourth quarter and fiscal year ending June 30, 2022.
INEO continues to show impressive growth as the Company is poised to deliver another quarter of record revenues in Q4-2022 with growth approaching 90% over Q4-2021. The Company is also on track for achieving record financial performance for the full fiscal year and is continuing to execute on its direct sales and channel sales opportunities.
INEO’s sales pipeline has grown from $20 million annual recurring revenue to now over $40 million annual recurring revenue, based on the potential full contract value with retail chains who have currently installed or committed pilot installations. INEO has active pilots and commitments with large retail chains through its direct sales efforts as well as the Prosegur global distribution partnership channel. These retailers represent a broad spectrum of industries including grocery, apparel, wholesale club, hardware, department store and pharmacy chains.
“INEO is performing better than ever and is on track to exceed our previous quarter’s performance with another record high in revenue for Q4-2022,” said Kyle Hall, CEO of INEO. “Growth in the fourth quarter is approaching 90% year-over-year despite the increasing interest rates, significant supply chain disruptions, inflationary concerns and other macroeconomic challenges currently affecting other companies around the globe. The Company has not felt any recessionary impacts and is instead experiencing accelerated growth with new pilot systems being installed with new retailers and advertising fill rates increasing with the growth of the INEO Media Network. Furthermore, our ramping revenue and improving gross margins are assisting our cash flow profile and we will continue to control our operating expenses.”
INEO’s advertising fill rates have increased tremendously on the INEO Media Network. INEO has had over 30 brands or advertisers who have utilized the power of the INEO Media Network and INEO recently launched its largest advertising campaign to date. Brands are choosing to add the INEO Media Network to their advertising mix, due to the company’s unique ability to give advertisers access to retail customer across both online and in-store channels. INEO is continuing to capitalize on this opportunity and as the Company expands the footprint of the retail Media Network, INEO is expecting to generate increasing revenues throughout the second half of 2022.
INEO will be holding a webinar to provide an update on the business and the Company’s future outlook, on Wednesday, July 27, 2022 at 10:00 am PT (1:00 pm ET). The call will be hosted by: Kyle Hall, Chief Executive Officer; Greg Watkin, Chairman and President, and Pardeep S. Sangha, Head of Investor Relations.
Webinar Registration: https://bit.ly/INEO-Update-2022
Date: July 27, 2022
Time: 10:00 am PT (1:00 pm ET)
Dial-in: 778-907-2071 (Vancouver local)
647-374-4685 (Toronto local)
Confirmation #: 825 0683 1811
INEO Tech Corp.
Per: “Kyle Hall”
Kyle Hall, Chief Executive Officer and Director
About INEO Tech Corp.
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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Future-Oriented Financial Information
To the extent any forward-looking statements in this press release may constitute future-oriented financial information or financial outlooks within the meaning of securities laws, such information is being provided to demonstrate the potential financial performance of INEO and readers are cautioned that this information may not be appropriate for and should not be used for any other purpose and that they should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to the risks set out below under “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 statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives or economic performance, or the assumption underlying any of the foregoing. This news release uses words such as “may”, “would”, “could”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, and other similar expressions to identify forward-looking information. Forward-looking information involves significant risks, assumptions, uncertainties and other factors that may cause actual future results or anticipated events to differ materially from those expressed or implied in any forward-looking statements and accordingly, should not be read as guarantees of future performance or results. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Other factors 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 most recent annual and interim Management Discussion and Analysis and Financial Statements. 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 to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except to the extent required by law.
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.
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Investor Relations, INEO Tech Corp.