We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
INEO Tech Corp | TSXV:INEO | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.10 | 0.10 | 0.11 | 0.10 | 0.10 | 0.10 | 2,000 | 20:08:02 |
SURREY, BC, Nov. 29, 2022 /CNW/ - INEO Tech Corp. (TSXV: 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, today announced it has filed its Interim Consolidated Quarterly Financial Statements and Management's Discussion and Analysis on SEDAR.com for the Company's fiscal first quarter ended September 30, 2022.
"We are thrilled with our record fiscal first quarter results in which we reported a 74% increase in revenue and a 90% increase in gross profit," said Greg Watkin, Chairman and Founder of INEO. "We are extremely excited for fiscal 2023 as we continue to diligently roll-out additional systems to our large retail customers. The Company recently completed full-scale rollouts in select geographic areas within the United States and we are continuing to remain active in installing more systems in new regions. INEO is also progressing with its strategic partnership with Prosegur and is currently involved in assisting Prosegur to convert individual pilot stores into full-scale roll outs with new retailers. We remain extremely confident in Prosegur's ability to land these large international retailers and look forward to sharing those customer wins in the future."
Greg Watkin added, "Furthermore, we are also pleased to see our revenues continuing to ramp up, despite the current challenging macroeconomic environment. INEO has not experienced any recessionary impacts and I am pleased to report that the Company is growing faster than ever as we begin to see new retail customers join the INEO Media Network. INEO is experiencing an increase in its sales activity with our sales pipeline increasing to over 1,500 store locations through our direct sales efforts and over 8,000 store locations through our partner Prosegur. Combined, the Company's total sales pipeline from direct sales and Prosegur partnership now represents over $40 million in annual recurring revenue, once fully deployed."
Fiscal First Quarter 2023 Financial Highlights:
Fiscal First Quarter 2023 Business Highlights:
Events Subsequent to September 30, 2022:
Kyle Hall, CEO of INEO commented on this financing, "We are very appreciative of our shareholders who supported us in our recent financing, and we welcome new investors to the INEO family. This funding will strengthen our balance sheet, thereby allowing us to continue to execute on our existing commitments with our large retail chain customers and accomplish our growth plans for 2023. This financing represents a key component of INEO's roll-out and expansion plans across the globe."
Outlook:
The overall outlook for INEO remains positive. The Company is now actively deploying systems and ramping up its installation locations with contracted customers across North and South America. INEO has entered into the next phase of the Company's development with commercialization of its technology, landing wins with large retailers, expanding its location footprint and ramping up revenues. INEO's current focus is to accelerate its customer deployments to create a critical mass of systems on the INEO Media Network.
INEO's key objectives for fiscal 2023 are as follows:
INEO's technology has been proven out and has been validated by a global partnership with Prosegur. INEO has created a healthy sales pipeline consisting of both direct sales customers and Prosegur's customers, including grocery, home improvement, apparel and wholesale club retail chains from North America, South America and Europe. INEO has seeded the market with trial systems and expects to convert these trials into full scale roll-outs in the coming quarters.
As retailers continue to invest in retail tech for improving the customer experience, advertising and analytics are becoming increasingly important in the modern retail environment. INEO is well positioned to take advantage of these trends with market leading technology and programmatic advertising partners which will enhance the Company's future growth.
Webinar Details:
The Company will hold a webinar to discuss its results and provide an outlook on the business, on Wednesday December 7, 2022 at 10:00 am PT (1:00 pm ET).
Webinar Details:
Webinar Registration: | https://bit.ly/INEO-Investor-Webinar |
Date: | Wednesday, December 7, 2022 |
Time: | 10:00 am PT (1:00 pm ET) |
Dial-in: | 778-907-2071 (Vancouver local) |
647-374-4685 (Toronto local) | |
Confirmation #: | 874 9960 5347 |
Select Financial Highlights:
OPERATIONAL HIGHLIGHTS | For the three months ended | ||||
30-Sep-22 | 30-Sep-21 | ||||
Sales | $ | 416,086 | $ | 238,671 | |
Cost of Sales | (208,440) | (129,552) | |||
Gross Profit | 207,646 | 109,119 | |||
Profit Margin | 50.13 % | 45.72 % | |||
Total Expenses | (804,824) | (844,675) | |||
Other Income (Expenses) | 6,564 | 4,090 | |||
Loss and comprehensive loss | (590,614) | (731,466) | |||
Basic and diluted loss per share | (0.01) | (0.01) | |||
Weighted average number of common shares outstanding (basic and diluted) | 60,190,138 | 51,559,652 | |||
Adjusted EBITDA (1) | $ | (512,285) | $ | (629,651) |
1 See section below Reconciliation of Net Loss to Adjusted EBITDA |
Footnotes:
1. | Readers are cautioned that Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization and Stock Compensation), does not have standardized meanings prescribed by IFRS and is considered a non-IFRS measure. Adjusted EBITDA is a useful supplemental measure of the Company's performance prior to consideration of how operations are financed or how results are taxed or how depreciation and amortization affects results. Adjusted EBITDA is not intended to represent net earnings calculated in accordance with IFRS. |
On behalf of the Board of Directors
Kyle Hall, CEO,
INEO Tech Corp.
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".
For more information please visit:
Website: | www.ineosolutionsinc.com |
LinkedIn: | www.linkedin.com/company/ineosolutions |
Facebook: | www.facebook.com/ineosolutionsinc |
Instagram: | www.instagram.com/ineosolutionsinc |
Twitter: | www.twitter.com/INEOsolutions |
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 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.
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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/ineo-achieves-74-growth-with-record-quarterly-revenue-in-fiscal-first-quarter-301688786.html
SOURCE INEO Tech Corp.
Copyright 2022 Canada NewsWire
1 Year INEO Tech Chart |
1 Month INEO Tech Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions