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CU Trak Platform Designed to Enable Credit Unions to Finance More Members, Improve Loan Performance
MURRIETA, Calif., Sept. 16, 2019 (GLOBE NEWSWIRE) -- IGEN Networks Corporation (OTCQB: IGEN, CSE: IGN), a leading innovator of cloud-based and Internet of Things (IoT) automotive solutions for the protection and management of mobile assets, today announced its participation at the Inclusiv Annual Conference to be held in Los Angeles, California, September 16th to 19th, as one of the largest gathering of credit unions from continental US. IGEN’s participation will include the launch of its newest product line CU Trak, a white-labelled version of IGEN’s industry leading mobile asset tracking and security solution sold exclusively on Sprint’s IoT Factory platform to credit union customers. Sprint’s IoT Factory enables commercial and enterprise customers to explore, select and rapidly implement innovative, finished IoT solutions according to their unique needs.
“IGEN is delighted to have been invited to participate at the Inclusiv Annual Conference as it brings together over 300 Credit Unions from the continental US, many of them to be introduced to IGEN’s CU Trak product sold exclusively through Sprint’s IoT Factory platform,” said Abel Sierra, VP Business Development. “More and more credit unions around the country are offering “Fresh Start” programs directed toward members with credit challenges who need to obtain a vehicle loan at fair and reasonable interest rates, CU Trak provides a valuable win-win situation for the lender and the consumer. By deploying CU Trak as part of the underwriting process, credit unions may be able to finance more of their members with low credit scores while offering lower down payments and improved overall loan performance. This allows more credit union members to get the vehicle loans they need for work and mobility while enjoying the benefits of user-friendly mobile apps to monitor their vehicle, such as real-time speed alerts, location reports, stolen-vehicle protection and driver behavior data, as part of the ongoing services package.”
CU Trak will be sold as a three-year hardware and monitoring services bundle through Sprint’s 2,000-plus SMB representatives located in eight regions across the United States and Puerto Rico. The product will initially target approximately 2,500 credit unions in key markets out of more than 6,500 credit unions nationwide.
Inclusiv’s mission is to help low-and-moderate-income people and communities achieve financial independence through credit unions. Inclusiv is a certified CDFI intermediary that transforms local progress into lasting national change as a provider of capital and developer of innovative products and services. Inclusiv members serve nearly 10 million residents of low-income urban, rural and reservation-based communities across the US and hold over $99 billion in community-controlled assets. Founded in 1974, Inclusiv is headquartered in New York, NY, with offices in Madison, WI and Atlanta, GA.
The Sprint IoT Factory platform is enabled through a strategic relationship with myDevices, the Internet of Things (IoT) solutions company that “simplifies the connected world” to accelerate the development and sales of finished IoT solutions. Sprint’s converged business solutions in the IoT Factory offer customers a number of advantages, including superior network spectrum holdings, powerful worldwide wireline and wireless connectivity to an incredible influx of technological innovation and resources from Sprint’s parent company, SoftBank.
About IGEN Networks Corporation
IGEN Networks Corporation provides peace-of-mind to automotive consumers and their families through direct access to Internet-of-Things (IoT) cloud-based services that include Stolen Vehicle Protection, Real-time alerts, and Driver Behavior.
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.igennetworks.net
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.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.
IGEN Networks Corporation