WASHINGTON, DISTRICT OF COLUMBIA--(Marketwire - July 17, 2012) - IGEN Networks Corporation, ("IGEN" or "the Company") (OTCQB:IGEN), the industry leading technology accelerator, is pleased to announce the expansion and sales results for one of its product portfolio companies, Gogiro Internet Group ("Gogiro"). Gogiro, which provides a full range of cloud-based services to small and medium businesses across North America, has experienced triple-digit sales growth in four out of the last five financial quarters. Details from Gogiro's performance include Q1 sales growth of 162% and Q2 sales growth of 225% from 2011 results. According to sales figures, June 2012 was the best month in Gogiro's history, surpassing sales results in February 2012 by 115%.
Gogiro's range of services, including Business Central (its propriety platform for small businesses), position Gogiro and IGEN to capitalize on the growing conversions for small and medium businesses from traditional services to cloud-based services that reduce costs, improve productivity and enhance customer service. According to research giant Gartner Inc., small and medium businesses are adopting the cloud at rates twice as fast as larger corporations. Further, Gartner recently estimated that global spending on cloud services would reach $207 billion by 2016, about a 90% increase from 2011.1
In addition, Gogiro has recently expanded its corporate presence with three new regional offices in Vancouver, Richmond and Vancouver Island in British Columbia, Canada. With these additional locations, Gogiro's distribution network now covers 25 regional markets in North America.
"We have always been confident in Gogiro's ability to perform and are delighted to see this validation for on demand services for small businesses," said Neil Chan, IGEN's Chief Executive Officer. "There is a wealth of research by experts on the 'cloud revolution' and its tremendous game-changing potential for enterprise as a whole, and particularly the massive opportunity for increased uptake by small and medium businesses. By all accounts, this segment is in the early stages of an estimated 20-year cycle and we're excited to be solidly positioned on the threshold."
About IGEN Networks Corporation
IGEN invests capital and management expertise in technology companies in complementary business areas. IGEN drives growth and optimizes profitability for technology companies that are providing products and services in industries that are experiencing large global growth: specialized wireless broadband infrastructure, cloud-based Software-as-a-Service (Saas), and Machine-to-Machine (M2M). With a focus on accelerating companies to the next level through a combination of capital and hands-on management, IGEN is not just an investor in companies: it is a builder.
IGEN is a fully reporting company in both Canada and the United States, where it is publicly traded on the OTC market and quoted on the OTCQB. For more information, visit www.igen-networks.com. For recent industry news from IGEN, visit http://www.igen-networks.com/newsletters/april-2012.html.
Forward Looking Statements
This news release may contain forward-looking statements 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", 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 general economic conditions, IGEN's expectations regarding its business, 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 IGEN's periodic filings with the U.S. Securities and Exchange Commission. (copies of which filings may be obtained at www.sedar.com or www.sec.gov). 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.
1 Gartner Says Worldwide IT Spending On Pace to Surpass $3.6 Trillion in 2012, July 9, 2012.