Cloud Stock Breaking News: IGEN Networks (IGEN) Subsidiary Nimbo LLC Signs Major Account Agreement With Verizon Wireless (VZ)
MURRIETA, CALIFORNIA - May 21, 2015 (Investorideas.com newswire) IGEN Networks Corp (the "Company" or "IGEN") (IGEN) (CSE:IGN), announces that its wholly owned subsidiary, Nimbo LLC ("Nimbo"), signed a Major Account Agreement ("Agreement" or "Partnership Program") with Verizon Wireless. This agreement establishes Nimbo LLC within Verizon's partner program for the marketing of Nimbo's products and services over Verizon's national wireless services. The Partnership Program includes the sharing of sales leads through the Verizon Wireless (VZ) sales and support organization that covers the major automotive dealer markets across the United States.
Neil Chan, Chief Executive Officer of IGEN Networks, stated, "This Partnership Program with Verizon Wireless is significant for us. It enables our sales team to partner with Verizon, the largest wireless operator in the U.S., to sell into automotive dealer channels and reach large new potential customers. We expect this partnership to not only help us grow our subscriber base but to also allow our customers to benefit from the services offered through Verizon's national support organization."
Mr. Chan added, "Our product and services allow every day car owners to have access to timely information on the status of their vehicles and peace-of-mind that family members are safe and secure."
According to First Research, an estimated 50,000 automotive dealers generated over $700 billion in annual revenues that accounted for 15.6 million new vehicles and 40.5 million used vehicles sold through dealer channels in the US in 2013. These dealer channels are expected to double in revenues over the next five years through to 2018. It is also noted that there are more than 800,000 vehicles stolen in the U.S. each year. The roadside assistance industry generates more than $6B in annual revenues.
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About Verizon Wireless
Verizon Wireless is an innovative wireless communications company that connects people and businesses with the most advanced wireless technology and service available.
Our company launched the nation's first 3G wireless broadband network. We were also the first tier-one wireless provider in the nation to build and operate a 4G LTE network. With 4G LTE, our customers can access the Internet and stream media faster than ever-and experience their mobile world in real-time.
As the nation's largest wireless company, we serve 109 million retail connections and operate more than 1,700 retail locations in the United States. Globally, we offer voice and data services in more than 200 destinations. Verizon Wireless is wholly owned by Verizon Communications Inc. and is headquartered in Basking Ridge, N.J.
About Verizon Communications
Verizon Communications Inc. is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers.
About IGEN Networks Corporation:
IGEN Networks Corporation invests in and manages companies that deliver cloud-based services through Machine-to-Machine (M2M) device technologies for the protection and management of mobile assets and commercial fleets. The Company offers a range of self-provisioning applications which are used to manage and recover stolen assets, provide access to roadside assistance programs, and improve productivity of commercial fleets.
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.igen-networks.com.
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.edgar.com). 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.
IGEN Networks Corporation
Attn: Richard Freeman
Attn: Richard Freeman
Green Chip Investor Relations:
Attn: Matt Chipman
Attn: Matt Chipman
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