INEO to expand the INEO Media Network through its partnership with Prosegur
SURREY, BC, Nov. 2, 2021 /CNW/ - INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF) ("INEO" or the "Company"), an innovative provider of location-based digital advertising, data analytics and loss prevention solutions for retailers, is pleased to announce it has entered into a global agreement with Prosegur EAS, a wholly owned subsidiary of Prosegur, to manufacture, distribute and install INEO's Welcoming Systems. Headquartered in Madrid, Spain, Prosegur is a global company offering comprehensive security solutions to some of the world's largest retailers.
"This is a monumental partnership for INEO," said Kyle Hall, CEO of INEO. "We are very pleased to be working with Prosegur, which operates globally and has established relationships with some of the largest retailers in the world. Our partnership with Prosegur is a significant validation of INEO's technology and positions the Company for substantial future growth."
Under the terms of the Agreement, Prosegur is granted distribution rights to sell, secure, place and install the patented INEO Welcoming System under their own brand, "Prosegur EVO". Prosegur will be responsible for the funding, manufacturing, distribution, in-store setup and in-store maintenance of the systems. Meanwhile, INEO will be responsible for online provisioning, operating, and managing of the Media Network which powers the screens inside of EVO. INEO will also provide AI powered, location-based analytics to Prosegur and its retail clients which can provide store traffic count as well as certain demographic info, such as gender, age, and even customer satisfaction rating. All of the data is easily accessible to the retailer through a cloud-based dashboard or emailed to their inbox daily.
Working with Prosegur is expected to boost INEO's sales, manufacturing, distribution and installation capabilities and substantially grow INEO's Media Network. INEO expects to continue to sell to certain customers and markets on its own but will now also be able to concentrate more resources on advancing its technology and intellectual property. In addition, Prosegur is also granted, under the terms of the agreement, the right to fund and prosecute intellectual property rights and protection, on INEO's behalf.
"We are delighted to have finalized the agreement with INEO and have now launched our marketing program to introduce Prosegur EVO globally," stated Tony D'Onofrio, CEO of Prosegur's global retail business unit. "Prosegur and INEO are evolving retail loss prevention into a powerful AI cloud-supported advertising platform with increased security and operational features. We are looking forward to working with INEO to take their technology worldwide."
Greg Watkin, Chairman and President of INEO commented, "Prosegur is an ideal partner for INEO as it has a very strong brand name, significant financial means and an enormous distribution network. We've already shipped several Welcoming System units to Prosegur, created a healthy sales pipeline with Prosegur's retail customers and we've been assisting Prosegur with establishing the production of EVO at its manufacturing facilities in Europe. We look forward to working together with Prosegur to digitize and monetize retail entrances worldwide."
For more information on Prosegur EVO, visit: https://www.prosegur.us/prosegur-usa/solutions/electronic-article-surveillance/evo-eas-system.html
INEO Tech Corp.
Per: "Kyle Hall"
Kyle Hall, Chief Executive Officer and Director
INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., is a provider of location based digital advertising, analytics and loss prevention solutions 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 owns and operates its INEO Welcoming Network and also offers its 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, visit www.ineosolutionsinc.com.
About Prosegur Security USA
Prosegur makes the world safer by taking care of people and businesses while remaining at the forefront of innovation. The company is a global security leader operating in 26 countries, with over 165,000 employees and 26 command centers spread around the globe. In the U.S., the company offers a range of security services, including surveillance video systems, EAS and RFID tags and systems, guarding services, remote monitoring and cybersecurity services. Prosegur prides itself on helping organizations large and small solve their security challenges through technology, teamwork, innovation and relentless customer focus.
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 Annual Information Form dated December 3, 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.
For further information: Pardeep S. Sangha, Investor Relations, INEO Tech Corp., [email protected], (604) 572-6392