INEO Experiences 41% Increase in Fiscal 2021 Annual Revenue
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- INEO provides positive outlook for fiscal 2022 based on its healthy pipeline of opportunities with large retail chains, global partnership with Prosegur and the Company's strong cash position
SURREY, BC, Oct. 28, 2021 /PRNewswire/ - INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF) (the "Company" or "INEO"), an innovative provider of location-based digital advertising, analytics and loss prevention solutions for retailers, is pleased to announce it has filed its Annual Audited Consolidated Financial Statements and Management's Discussion and Analysis on SEDAR.com for the Company's fiscal year and fourth quarter ended June 30, 2021.
Greg Watkin, Chairman and Founder of INEO, commented, "Fiscal 2021 was a tremendous year for INEO as we achieved record annual revenue with 41% year-over-year growth. We are very pleased with the progress we made with our independent retailer based Welcoming Network, which now exceeds over 125 locations and we're experiencing an increasing number of advertisers at these locations from our direct sales efforts as well as our programmatic advertising partnership with Hivestack. During the past year we also began working with Prosegur, a global security solutions company, for the manufacturing, distribution and installation of Welcoming System Pedestals in large retail chains across North America and Europe, with each retail chain representing thousands of locations. I am pleased to report we are making good progress with Prosegur on many fronts including technology development, manufacturing, sales and marketing. Our partnership with Prosegur is a significant validation of INEO's technology and positions the Company for substantial future growth."
Fiscal 2021 Financial Highlights:
- INEO generated $745,160 of revenue for the year ended June 30, 2021, representing an increase of 41% as compared to revenue of $526,954 for the year ended June 30, 2020. The increase in revenue is primarily attributable to an increase in the Company's online sales of loss prevention products and the inclusion of revenue from advertising on the INEO Welcoming Network.
- INEO generated gross profit for the year ended June 30, 2021 of $290,196, as compared to gross profit of $285,223 for the year ended June 30, 2020, representing an increase of 2%.
- Net operating loss for the year ended June 30, 2021 was $2,319,087 compared to net loss of $1,110,883 per share for the year ended June 30, 2021. The Company had a greater loss due to higher operating expenses as a result of increased salary costs in the sales, development and operations.
- INEO had $5,199,328 of cash and cash equivalents at June 30, 2021, compared to $1,252,638 of cash and cash equivalents at June 30, 2020. The increase in cash was due to the Public Offering.
- As of June 30, 2021, the Company had 60,145,768 shares issued and outstanding.
Fiscal 2021 Business Highlights:
- INEO made two key additions to its Board of Directors with the appointments of Serge Gattesco on August 18, 2020, and Dave Jaworski on May 19, 2021. Serge Gattesco has immense audit, strategy, profitability and operations experience as the retired Canadian Managing Partner of Strategy and Operations for PwC Canada and as the Canadian Managing Partner for PwC Canada's Audit and Assurance Group. Meanwhile, Dave Jaworski is the Principal Program Manager for Microsoft Teams development and he also held previous roles at Microsoft including Global Digital Advisor and General Manager of US Sales and Operations.
- On October 27, 2020, the Company announced a partnership agreement with Hivestack to connect INEO's network of premium retail advertising screens to Hivestack's digital out-of-home programmatic advertising platform to deliver targeted location-based advertising. This partnership gives brands and advertisers who utilize the Hivestack platform access to ad space on INEO's Network of Welcoming System screens uniquely located at the entrances of retail stores.
- On January 7, 2021, the Company signed a Letter of Intent ("LOI") with Prosegur EAS USA Inc. a wholly owned subsidiary of Prosegur Compania de Seguridad (collectively "Prosegur") to distribute and install INEO's Welcoming Pedestals in Prosegur's retail customers in North America, Latin America and Europe. Under the terms of the LOI, INEO grants Prosegur non-exclusive global distribution rights to secure, place and install the INEO Welcoming System within Prosegur's retail customers. Under the terms of the LOI, Prosegur is also granted the right to fund and prosecute intellectual property rights and protection, on INEO's behalf, for the Company's proprietary patented technology.
- On March 10, 2021, the Company closed its previously announced and upsized brokered short form prospectus offering ("Public Offering") resulting in issuance of 19,454,550 units at a price of $0.36 per unit for aggregate proceeds of $7,003,638. The Company intends to use the net proceeds of the Public Offering to advance the development and commercial deployment of the INEO Welcoming System, working capital and general corporate purposes.
- On June 15, 2021, INEO surpassed 100 retail locations. INEO also announced it had successfully installed its first pilot system in Spain at Prosegur's customer experience center located in its head office in Madrid. This unit is acting as a test and demonstration unit for Prosegur to showcase INEO's technology to its European retail chain customers.
Events Subsequent to June 30, 2021:
- On September 16, 2021, INEO began trading on the OTCQB Venture Market under the ticker symbol "INEOF". The OTCQB Venture Market, operated by OTC Markets Group Inc., is designed for early stage and developing U.S. and international companies to gain exposure to a wider network of investors.
- On October 4, 2021, INEO announced it has successfully completed its three stores 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 Stores, including over 60 FIELDS store locations and three McFrugal's Discount Outlet locations across Western Canada.
"We're excited to provide a positive outlook for Fiscal 2022," said Kyle Hall, CEO of INEO. "The Company has a healthy sales pipeline which consists of several very large retail chains and a strong cash balance. Furthermore, working with Prosegur has considerably boosted INEO's sales, manufacturing, distribution and installation capabilities, thereby allowing the company to expand in a capital efficient manner. In addition, the partnership with Prosegur enables INEO to receive high margin and predictable Software-as-a-Service (SaaS) revenue. INEO's technology has been proven out through the independent liquor store network and has now been validated by Prosegur, a large multi-national company. INEO is well positioned to expand into large national and international retailers in the coming quarters."
Video Conference Call:
INEO will host a video conference call to discuss its fiscal fourth quarter and annual financial results as follows:
October 28, 2021
1:00pm EST (10:00 am PST)
778-907-2071 (Vancouver local)
647-374-4685 (Toronto local)
817 0378 6722
INEO Tech Corp.Per: "Kyle Hall"Kyle Hall, Chief Executive Officer and Director
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 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 owns and operates the 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, visit www.ineosolutionsinc.com.
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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