IGEN Makes Further Investment in Cloud-Based Services Company
WASHINGTON, DISTRICT OF COLUMBIA--(Marketwire - Oct. 25, 2012) - IGEN Networks Corporation (OTCQB:IGEN) the industry-leading technology accelerator, is pleased to announce it has exercised its option to purchase a further 200,000 shares of the Gogiro Internet Group, at CAD$0.25 per share. This investment is consistent with an option agreement previously signed between iGen and Gogiro in November 2011.
"With this increased investment in Gogiro, iGen is demonstrating its belief in both the growth of cloud-based services for small and medium businesses, and the ability of Gogiro to continue to grow its services and revenues to address the needs of these markets," comments Neil Chan, chief executive officer of IGEN Networks. "Further, with new research supporting the accelerated adoption of cloud-based services into businesses' daily operations, our investment in Gogiro's thriving business model is strategically aligned with the broader opportunities presented by the cloud-based services and IT industry's forecasted growth."
According to the IDC report in September 2012, this year's global IT expenditure is already set to exceed $40 billion, shattering predicted levels that spending on cloud services will reach $100 billion by 2016.
About IGEN Networks Corporation
IGEN invests capital and management expertise in technology companies in complementary business areas. IGEN drives growth and optimizes profitability for technology companies that are providing products and services in industries that are experiencing large global growth: specialized wireless broadband infrastructure, cloud-based Software-as-a-Service (SaaS), and Machine-to-Machine (M2M). With a focus on accelerating companies to the next level through a combination of capital and hands-on management, IGEN is not just an investor in companies: it is a builder.
IGEN is a fully reporting company in both Canada and the United States, where it is publicly traded on the OTC market and quoted on the OTCQB. For more information, visit www.igen-networks.com. For recent industry news from IGEN, visit http://www.igen-networks.com/june-2012-issue/.
This news release may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities law. The terms and phrases "goal", "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "believes", "indicate", "look forward", "grow", "outlook", "forecasts", and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by IGEN in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that IGEN believes are appropriate in the circumstances, including but not limited to general economic conditions, IGEN's expectations regarding its business, strategy and prospects, and IGEN's confidence in the cash flow generation of its business. Many factors could cause IGEN's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; IGEN's reliance on key personnel; IGEN's ability to maintain and enhance its brand; and difficulties in forecasting IGEN's financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry. These risk factors and others relating to IGEN that may cause actual results to differ are set forth IGEN's periodic filings with the U.S. Securities and Exchange Commission. (copies of which filings may be obtained at www.sedar.com or www.sec.gov). These factors should be considered carefully, and readers should not place undue reliance on IGEN's forward-looking statements. IGEN has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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