INEO Announces Contract Expansion with Fields and McFrugal's Retail Stores
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SURREY, BC, Oct. 4, 2021 /PRNewswire/ - INEO Tech Corp. (TSXV: INEO) (the "Company" or "INEO"), an innovative provider of location-based digital advertising, analytics and loss prevention solutions for retailers, today announced that further to its press release dated June 22, 2021, INEO has successfully completed its three store pilot program with FHC Enterprises (or "FHC"), and the Company has entered into an agreement with FHC for expansion to over 60 store locations. FHC is the owner-operator of both FIELDS and McFrugal's Discount Outlet Stores, including over 60 FIELDS store locations and three McFrugal's Discount Outlet locations across Western Canada.
"We are thrilled to be partnering with FHC and to be expanding the Welcoming Network across all FIELDS and McFrugal's locations," said Kyle Hall, CEO of INEO. "Our initial pilot locations were successful and demonstrated our unique multi-dimensional ability to provide loss prevention, digital display advertising, customer demographic data and store traffic data all in one system."
Jason McDougall, CEO of FHC commented, "We were pleased with the initial pilot of INEO's Welcoming Systems and are excited to expand our relationship with INEO. We plan to continue rolling out and implementing more systems to all of our FIELDS and McFrugal's store locations. Serving our customers better is always our number one priority and INEO's technology will help us do that."
The expanded roll-out to all the FHC locations will also includes INEO Uplink, INEO's new point of sale integration module. INEO Uplink integrates the retailers' cash register data with INEO's analytics dashboard, which houses INEO's unique store traffic data to provide analytics which were previously unattainable. INEO has already started executing on its roll-out plan with the first stores installed. INEO and FHC are actively collaborating on a roll-out plan to expand to the remaining FIELDS and McFrugal's locations over the next two quarters.
Greg Watkin, Chairman and President of INEO added, "We are glad to have FHC as our first retail chain customer. FHC is a solid operator and respected retailer with a large network of FIELDS and McFrugal's stores in Canada. FHC is the perfect partner to showcase how our artificial intelligence-driven traffic data can enhance the information retailers' have within their POS systems."
INEO Tech Corp. Per: "Kyle Hall" Kyle Hall Chief Executive Officer
About INEO Tech Corp. INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., is a provider of location based digital advertising, analytics and loss prevention solutions 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 delivers customized digital advertising to each retail location based on the demographic mix, such as age and gender, of customer traffic at each location which it acquires by using IoT (Internet of Things) and AI (Artificial Intelligence) technology. The Company owns and operates its INEO Welcoming Network and also offers its 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: www.ineosolutionsinc.com.
About FHC Enterprises
FHC Enterprises is the owner-operator of both FIELDS and McFrugal's Discount Outlet Stores. FIELDS stores have been owned and operated by FHC Enterprises Ltd. since May 2012, but have dotted the Canadian landscape for many years. For over 70 years, FIELDS has been a central part for many rural Canadians communities and we're proud to share in such a long and rich history. From house and home to footwear, basic grocery and fashion, you will find it at FIELDS. FIELDS has over 60 store locations across Western Canada. Meanwhile, McFrugal's Discount Outlet has 3 store locations across Western Canada.
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, 2020 filed on SEDAR December 3, 2020. 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.
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SOURCE INEO Tech Corp.
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