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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 | 0.105 | 0.10 | 0.10 | 0.10 | 51,550 | 18:39:26 |
SURREY, BC, Nov. 29, 2023 /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, 2023.
Greg Watkin, Chairman and Founder of INEO, commented, "We are excited to end the calendar year on a strong note heading into 2024, as we continue to make advancements on multiple fronts. We are well into the planning for next year's deployments and installations with our large retail partners and our direct sales pipeline remains promising with several new opportunities. In addition, our global distribution partnership with Prosegur is moving forward as we completed our first shipment of Welcoming Systems to Jumbo Cencosud. Cencosud represents our first entry into the South American market, and we look forward to continuing our work with Prosegur to expand Cencosud's retail media network into more retail locations. We also have multiple other pilot systems installed with Prosegurs' clients and will look to convert those pilot trials into full scale roll-outs heading into the new year. Finally, our recently updated key contracts have positioned the Company for increased revenue generation opportunities as well as reducing our cash needs. We expect to capitalize on these updated agreements by working with third-party media partners in 2024."
Fiscal First Quarter 2024 Financial Highlights:
Fiscal First Quarter 2024 Business Highlights:
Events Subsequent to September 30, 2023:
Kyle Hall, CEO of INEO commented on the Company's progress, "We continue to have a positive outlook as we head into the final months of the year. Our partners continue to have trust in our capabilities and would like us to move even quicker next year in installing the network across all their retail locations. Furthermore, our focus on expanding the INEO Media Network has led to de-emphasizing the sale of our legacy loss prevention products and increasing our advertising sales. As a result, we saw our advertising sales grow by over 50% year over year in the quarter and we expect this revenue segment to continue growing into a larger segment for us in the future."
Outlook:
INEO is now actively deploying systems and ramping up its installation locations with contracted customers across North and South America. INEO is landing pilot wins and receiving orders with large retailers, expanding its location footprint, and ramping up its revenues. In particular, the Company is making significant progress with a major retail partner who has over 1,000 store locations across the United States.
INEO's key objectives for fiscal 2024 are as follows:
INEO's technology has been proven out and has been validated by large retailers and 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 hardware, apparel and wholesale club retail chains from North America, South America and Europe. INEO has seeded the market with trial systems and is converting these trials into full scale roll-outs with the goal of creating a critical mass of systems.
Advertising and AI driven analytics are becoming increasingly important in the modern retail environment as retailers continue to invest in retail technology to improve the customer experience. INEO is well positioned to take advantage of these trends with its restructured key contract agreements. INEO expects its new customer agreements to fuel the monetization of its customer contracts as well as provide the framework for significantly reducing the Company's cash needs and expenditures.
Webinar Details:
The Company will hold a webinar to discuss its results and provide an outlook on the business, on Thursday, November 30, 2023 at 9:00 am PT (12:00 pm ET).
Webinar Registration: | https://bit.ly/INEO-Q1-2024 |
Date: | November 30, 2023 |
Time: | 9:00 am PT (12:00 pm ET) |
Dial-in: | 778-907-2071 (Vancouver local) |
647-374-4685 (Toronto local) | |
Confirmation #: | 861 3022 6874 |
Select Financial Highlights:
The following table highlights operational information for the three months ended September 30, 2023, and 2022. It has been derived from the unaudited interim condensed consolidated financial statements and should be read in conjunction with these statements and related notes.
1 See the section Reconciliation of Net Loss to Adjusted EBITDA |
Footnotes:
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-announces-fiscal-first-quarter-2024-financial-results-302000496.html
SOURCE INEO Tech Corp.
Copyright 2023 Canada NewsWire
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