INEO Provides Corporate Update Demonstrating Record Quarterly Revenues and Increasing Sales Pipeline

INEO Tech Corp., the innovative developer and operator of the INEO Media Network, a digital advertising and analytics solution for retailers, is pleased to provide the following business update following its fiscal fourth quarter and fiscal year ending June 30, 2022.

 

INEO continues to show impressive growth as the Company is poised to deliver another quarter of record revenues in Q4-2022 with growth approaching 90% over Q4-2021.  The Company is also on track for achieving record financial performance for the full fiscal year and is continuing to execute on its direct sales and channel sales opportunities. 

 

INEO’s sales pipeline has grown from $20 million annual recurring revenue to now over $40 million annual recurring revenue, based on the potential full contract value with retail chains who have currently installed or committed pilot installations.  INEO has active pilots and commitments with large retail chains through its direct sales efforts as well as the Prosegur global distribution partnership channel. These retailers represent a broad spectrum of industries including grocery, apparel, wholesale club, hardware, department store and pharmacy chains.

“INEO is performing better than ever and is on track to exceed our previous quarter’s performance with another record high in revenue for Q4-2022,” said Kyle Hall, CEO of INEO. “Growth in the fourth quarter is approaching 90% year-over-year despite the increasing interest rates, significant supply chain disruptions, inflationary concerns and other macroeconomic challenges currently affecting other companies around the globe.  The Company has not felt any recessionary impacts and is instead experiencing accelerated growth with new pilot systems being installed with new retailers and advertising fill rates increasing with the growth of the INEO Media Network.  Furthermore, our ramping revenue and improving gross margins are assisting our cash flow profile and we will continue to control our operating expenses.”

INEO’s advertising fill rates have increased tremendously on the INEO Media Network. INEO has had over 30 brands or advertisers who have utilized the power of the INEO Media Network and   INEO recently launched its largest advertising campaign to date.  Brands are choosing to add the INEO Media Network to their advertising mix, due to the company’s unique ability to give advertisers access to retail customer across both online and in-store channels.  INEO is continuing to capitalize on this opportunity and as the Company expands the footprint of the retail Media Network, INEO is expecting to generate increasing revenues throughout the second half of 2022.

INEO will be holding a webinar to provide an update on the business and the Company’s future outlook, on Wednesday, July 27, 2022 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.

Per:      “Kyle Hall”
Kyle Hall, Chief Executive Officer and Director

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“.

For more information please visit:

Website:        www.ineosolutionsinc.com 

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