March foot traffic totals over 1.1 million individuals across its network of retail liquor stores
SURREY, BC, April 23, 2020 /CNW/ - INEO Tech Corp. (TSX-V: INEO) (the "Company" or "INEO"), the developer of The Welcoming System for retailers, is providing this corporate update in response to the COVID-19 pandemic. INEO's network of thirty Welcoming Systems deployed across BC and Alberta continue to be operational as they are located in independent liquor stores which have remained open through the current crisis. This has resulted in a recorded aggregate traffic increase to over 1.1 million individuals across its network for the month of March. INEO's Welcoming Systems have been delivering advertisements and public service announcements to customers and collecting valuable foot traffic data metrics while also protecting retailers against theft. Social distancing restrictions have caused a major decline in most other Out-Of-Home advertising locations however INEO's focus on essential retail has positioned INEO to be one of the few Digital-Out-Of-Home advertising options available that allows brands to display their messaging in an impactful way.
In addition, INEO continues to have a healthy balance sheet with sufficient cash to support its operations well into 2021. As result of the stay at home order issued by the Provincial Health Officer of British Columbia, INEO has implemented its business continuity plan whereby the Company's employees are continuing to work from home. As such, the Company suspended installations of its patented Welcoming System for the last thirty days and has focused on finalizing the development and commercialization of the industry's first Wireless Welcoming System, which significantly reduces installation time from over four hours down to one hour. New locations, consisting of primarily liquor stores, will start to be installed again in early May, outside of retail hours. INEO has a healthy pipeline of over 40 retail locations where the Company will be installing its new Wireless Welcoming System in the coming months.
INEO is also pleased to announce, that the United States Patent and Trademark Office ("USPTO") has issued Patent No. US 10,614,691, entitled "COMBINATION MEDIA DISPLAY AND ELECTRONIC ARTICLE SURVEILLANCE PEDESTAL". The granting of this patent follows upon the USPTO's Notice of Allowance announced in the Company's press release dated April 7, 2020. The combination of a media display such as an LED screen with an Electronic Article Surveillance (EAS) Pedestal is a unique invention due to the complexity in designing and housing an RF security tag system in close proximity to an LED screen without degradation of the RF signal required for the operation of the EAS system. The Company has already been granted Canadian patent 2,936,044 and has also filed for protection of this subject matter under the Patent Cooperation Treaty (PCT), which may lead to the granting of corresponding claims in additional treaty countries.
Further to the Company's press release dated March 23, 2020, INEO has now installed over forty-five locations with its clear acrylic cashier protection barriers and is manufacturing additional units for retailers and healthcare facilities. A clear acrylic barrier provides the cashier with some 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.
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