IGEN Signs Master Distribution Agreement with REMCOOP for Major Auto Groups and Credit Unions (Cooperativas) for the Territory of Puerto Rico
MURRIETA, CA / ACCESSWIRE / November 13, 2019 / IGEN Networks Corporation (OTCQB:IGEN)(CSE:IGN), a leading innovator of cloud-based and Internet of Things (IoT) automotive solutions for the protection and management of mobile assets, today announced the signing of a Master Distribution Agreement with REMCOOP, a jointly owned enterprise represented by Puerto Rico’s business leaders and operated by its members for the mutual benefit of Puerto Rico and it’s community.
REMCOOP through its extensive network will market IGEN product brands across multiple verticals that include franchise auto dealerships, automotive body shops and detailing outlets, automotive parts suppliers, Credit Unions (Cooperativas), and commercial assets through the Chambers of Commerce. The opportunities include the five largest automotive groups in Puerto Rico: AutoGrupo, Hyundai of San Sebastian, Triangle Auto Group, Villa Victoria Auto Group, and the Caribbean Auto Group. REMCOOP also provides direct access to 112 Credit Unions (Cooperativas) that provide the membership with support and financing for their automotive assets and IGEN product services.
Under IGEN’s industry leading dealer pre-load model, IGEN devices are pre-installed into all vehicles on the dealership lot, providing a unique and value-added inventory and lot management capability. Upon sale of the vehicle, the customer has the option to purchase the IGEN device and prepay for multiple years of service on IGEN’s customer application platform, providing valuable security, vehicle tracking, systems status and driver behavior services to vehicle owners. Doing so provides a high value service to the consumers and members along with an added profit center for the automotive dealerships.
“More and more credit unions around the country are offering “Fresh Start” programs directed toward members with credit challenges who need to obtain a vehicle loan at fair and reasonable interest rates, said Abel Sierra, VP Business Development. IGEN product services provides a valuable win-win situation for the lender and the consumer, as part of the underwriting process whereby credit unions may be able to finance more of their members with low credit scores while offering lower down payments and improved overall loan performance. This allows more credit union members to get the vehicle loans they need for work and mobility while enjoying the benefits of user-friendly mobile apps to monitor their vehicle, such as real-time speed alerts, location reports, stolen-vehicle protection and driver behavior data, as part of the ongoing services package.”
About IGEN Networks Corporation
IGEN Networks Corporation provides peace-of-mind to automotive consumers and their families through direct access to Internet-of-Things (IoT) cloud-based services that include Stolen Vehicle Protection, Real-time updates on Asset Health and Driver Behavior.
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.igennetworks.net or contact Abel Sierra at 1-844-332-5699.
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”, “outlook”, “forecasts”, “intend”, 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.sec.gov. 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.
SOURCE: IGEN Networks Corp.
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