Surrey, BC – April 7, 2020 – INEO Tech Corp. (TSX-V: INEO) (the “Company” or “INEO”), the developer of The Welcoming System for retailers, is pleased to announce it has received a Notice of Allowance from the United States Patent and Trademark Office (“USPTO”) for U.S. patent application 16/317,084, entitled “COMBINATION MEDIA DISPLAY AND ELECTRONIC ARTICLE SURVEILLANCE PEDESTAL”. The combination of a media display such as an LED screen with an Electronic Article Surveillance (EAS) Pedestal is a unique invention do to the complexity in designing and housing an RF security tag system in close proximity to an LED screen without degradation of the RF signal required for the operation of the EAS system. EAS systems are theft prevention devices which are typically found at the entrance/exit of a retail establishment. EAS systems incorporate security tags or labels which are attached to merchandise and must be removed or deactivated prior to leaving the retail store.
“This Notice of Allowance is a significant milestone for INEO,” stated Greg Watkin, Chairman and President of INEO. “This patent is very important to us because it provides a significant level of protection against possible competitors as we expand our footprint into the U.S. market.”
INEO first filed this patent on July 11, 2016 with the Canadian Intellectual Patent Office, resulting in INEO being granted Canadian patent 2,936,044, on January 15, 2018. The USPTO issued this most recent Notice of Allowance after a substantive examination of the patent application and is expected to result in the issuance of a U.S. patent to INEO in the coming months. The term on the patent is expected to extend to 2040. The Company has also filed for protection of this subject matter under the Patent Cooperation Treaty (PCT), which may lead to the granting of corresponding claims in additional treaty countries.
About INEO Tech Corp.
INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., provides retailers with The Welcoming System, a patented in-store and online advertising platform that enhances the customer experience, monetizes the entrances of retail stores and protects against retail theft.
The Welcoming System 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 publicly traded on the TSX-Venture Exchange under the symbol “INEO-V”. INEO Solutions Inc. is a registered trademark of INEO Tech Corp. For more information please visit www.ineosolutionsinc.com.
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.
For further information:Kyle Hall, CEO
INEO Tech Corp. [email protected]