- 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.
BC, July 21, 2022 /CNW/ - 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
10:00 am PT (1:00 pm
INEO Tech Corp.
Per: "Kyle Hall"
Kyle Hall, Chief Executive Officer
About INEO Tech
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:
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
View original content to download
SOURCE INEO Tech Corp.