SURREY, BC, July 15, 2020 /CNW/ - INEO Tech Corp. (TSX-V: INEO) (the "Company" or "INEO"), an innovative provider of digital advertising, data analytics and loss prevention solutions to retailers, is pleased to announce the launch and commercial availability of the industry's first wireless Welcoming System. The wireless version of the Welcoming System operates on its own secure WiFi network within the retail store, while still maintaining the same patented functionality as the original Welcoming System, combining cloud connected digital signage, customer analytics and integrated loss prevention in one device. More importantly, the wireless version of the Welcoming System significantly simplifies the installation process, reducing in-store installation time from over four hours down to less than one hour. INEO can now swap out retailers' legacy loss prevention systems and replace them with the Welcoming System with minimal disruption to store operations.
With Western Canada now well into Phase 3 of its economic restart plan, INEO has been ramping up its installations of the Welcoming System. The Company expects to double the size of its network to over sixty retail locations within the next two months. Furthermore, INEO has a healthy pipeline of retail locations ready for installation throughout the fall and is now booking advertising on the new systems.
Additionally, the Company is proud to announce aggregate traffic across its store network of digital screens was over 3 million people in its fiscal fourth quarter ended June 30, 2020. While most Out-Of-Home advertising locations have seen major declines in traffic due to social distancing restrictions, INEO's focus on essential retailers has positioned the Company to be one of the few Digital Out-of-Home advertising options available with increasing traffic numbers. INEO's network of Welcoming Systems deployed across BC and Alberta continued to be operational throughout the COVID-19 crisis as they are located in independent liquor stores which have remained open. The tremendous traffic has allowed brands to display their messaging in an impactful way and has given the Company a large dataset to continue to train its proprietary machine learning algorithms for customer traffic detection.
As a further update, INEO has now installed over four hundred clear acrylic (plexiglass) cashier protection barriers which will help offset the decline in sales of traditional loss prevention products due to the COVID-19 pandemic. A clear acrylic barrier provides the cashier with protection from inadvertent contact with customers who may have the COVID-19 virus and allows the retailer to remain open. INEO is honored to have been able to contribute to the safety of front-line workers during the COVID-19 pandemic as the Company rapidly re-engineered its idle manufacturing capacity to create these protective barriers.
About INEO Tech Corp.
INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., provides retailers with The Welcoming System, a patented in-store and online advertising platform that enhances the customer experience, monetizes the entrances of retail stores and protects against retail theft. The Welcoming System is a revolutionary cloud-based digital advertising and data analytics system, which sends customized advertising to digital screens integrated with theft detection sensor gates at the entrance of retail stores. INEO is publicly traded on the TSX-Venture Exchange under the symbol "INEO-V". INEO Solutions Inc. is a registered trademark of INEO Tech Corp. For more information please visit www.ineosolutionsinc.com.
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 Company's Filing Statement dated January 20, 2020 (see www.sedar.com). 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.
SOURCE INEO Tech Corp.
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Pardeep S. Sangha, Investor Relations, INEO Tech Corp., [email protected], (604) 283-2974
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