Cision PR Newswire
INEO Announces Updated Contracts with Key Customers
News provided byINEO Tech Corp.
Sep 19, 2023, 7:00 AM ET
- INEO has executed updated contracts with its large national retail and regional liquor store network locations.
SURREY, BC, Sept. 19, 2023 /PRNewswire/ - INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF) (the "Company" or "INEO"), the developer and operator of the INEO Media Network, a digital advertising and analytics solution for retailers, is pleased to announce it has entered into updated commercial agreements with its large national retail and regional liquor-store network locations. The updated contracts feature 5-year and 6-year contract lengths, exclusive in-store advertising rights, deployment of additional in-store media screens, the right to assign the ownership of the INEO Welcoming System hardware deployed in the retail stores and the right to assign ownership of INEO's exclusive advertising contracts to a third-party media partner. The updated agreements are expected to position the Company for rapid growth and improved margins.
"We expect these contracts to accelerate our revenue growth on our in-store Retail Media Networks and provide the framework to significantly reduce our cash needs and expenditures," said Kyle Hall, CEO of INEO. "INEO's patented Welcoming System technology generates demand from retailers and strategically restructuring our customer agreements provides us with the opportunity to bring in the right media partner to fuel the monetization of our customer contracts. As a result, we expect to be able to expand the business faster while optimizing capital allocation, with the ultimate goal of reaching a cash flow positive position much sooner."
The key aspects of INEO's restructured retailer agreements are:
- terms of 5 years and 6 years;
- the right to deploy additional media screens elsewhere in the store;
- the exclusive right to sell in-store advertising on the network;
- the right to assign ownership of the in-store advertising agreement to a third-party media partner; and
- The right to assign the ownership of the INEO Welcoming System hardware deployed in the retail stores.
"This updated contract structure should allow us to match the strong demand for INEO Welcoming Systems from our retail customers with the demand for access to the INEO Media Network display screens from media companies," stated Greg Watkin, Chairman and Founder of INEO. "We expect this new contract structure to increase our flexibility in marketing, distributing and expanding our INEO Media Network and ultimately driving revenues."
The Company will hold a webinar to discuss the new contracts and provide an outlook on the business on Thursday, September 28, 2023 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 Relations.
Webinar Registration: https://bit.ly/INEO-webinar
Date: Thursday, September 28, 2023
Time: 10:00 am PT (1:00 pm ET)
Dial-in: 778-907-2071 (Vancouver local), 647-374-4685 (Toronto local)
Confirmation #: 811 8324 5173
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".
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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 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, 2022 filed on SEDAR on November 4, 2022. 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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