SURREY, BC, March 23, 2020 /CNW/ - INEO Tech Corp. (TSX-V: INEO) (the "Company" or "INEO"), the developer of The Welcoming System for retailers, has reassigned all capacity at its manufacturing subsidiary, FG Manufacturing, to produce clear acrylic barriers to provide separation between cashiers and customers and keep retail businesses open. By putting a clear acrylic barrier between the cashier and the customer, the cashier is provided with some protection from inadvertent contact with the COVID-19 virus. In the normal course of business, INEO uses on-demand lean manufacturing techniques to produce INEO's Welcoming System as well as its Clarity loss prevention system. INEO has re-directed its manufacturing capacity to create protective barriers for retail cashiers using its Computer Numerical Control ("CNC") machinery.
"In this difficult time, we all need to do everything we can to help keep our economy running and INEO is pleased to help our retail customers keep their staff safe and stay open," stated Kyle Hall, CEO of INEO. "Retail workers are on the front lines everyday and it's vital we work to keep essential services and stores open."
INEO has already received initial orders for acrylic barriers from several existing retail customers. INEO has acrylic stock on-hand and is working to secure further sources of supply for acrylic materials. The Company plans to dedicate all of its machining capabilities as additional materials become available.
Greg Watkin, Founder and President of INEO, commented, "We are offering our services to any retailer or healthcare facility who needs it as we have the manufacturing capacity to fabricate this product in large quantities. INEO is pleased to play a small part in protecting workers during this challenging time."
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.
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.
For further information: Pardeep S. Sangha, Investor Relations, INEO Tech Corp., [email protected], (604) 283-2974 Ext 102