- INEO’s direct sales efforts have resulted in expanding its footprint with large US retailers and leading Canadian retailers, which combined represent over 1,500 store locations.
- INEO’s sales efforts with distribution partner Prosegur has resulted in commitments for pilot store installations with several large retailers representing over 8,000 store locations across the United States.
INEO Tech Corp. (TSXV: INEO) ( OTCQB: INEOF) (the “Company” or “INEO“), the innovative developer and operator of the INEO Media Network, a digital advertising and analytics solution for retailers, is pleased to provide the following update on its recent progress with retailers across the globe.
INEO continues to make significant progress by executing on its direct sales pipeline. The Company has expanded its footprint with a major retail client and is starting the next phase of its roll-out by deploying the INEO Welcoming System into large groups of stores in concentrated geographic regions. Combined with another retailer, which is just starting to deploy, INEO Welcoming Systems will be installed in over 30 locations within the next few weeks. The Company is well positioned to deploy more than 1,000 retail locations in the United States under the terms of its signed agreements.
Further to the Company’s announcement on May 30, 2022, INEO’s agreement with a Canadian retailer consisting of approximately 500 locations has resulted in the successful pilot installation at one store in the greater Vancouver area and the Company has commitments to install systems in additional stores in the coming weeks. INEO remains on track to roll-out all of the committed locations with INEO Welcoming Systems this year.
Kyle Hall, CEO of INEO, commented, “We are very excited with the significant progress and momentum INEO is building with large retail chains. Retailers are quickly becoming aware of INEO and are captivated by our ability to provide digital display screens inside of a loss prevention system. More importantly, our patented product generates revenue for the retailer with our integrations to the retailer’s Retail Media Network. Having display screens at the front entrance of retail stores is proving to be an in-demand location for advertisers. Furthermore, we are very pleased with our partner Prosegur’s success in achieving pilot installations with several large retailers across the globe. We are witnessing increasing numbers of pilot systems and strong levels of interest to convert pilot system installations into full scale deployments and roll outs.”
The Company’s sales pipeline has increased to over $40 million in annual recurring revenue with increasing traction through the global distribution partnership with Prosegur, a multi-national security solutions company based in Spain. Through this partnership with Prosegur, INEO has installed or secured commitments for pilots with several retail chains in the United States across various industries including pharmacy, agriculture supplies, department store, clothing retailer, global sports franchise, supermarket and luxury department store chain. Combined, these retail chains represent over 8,000 potential store location installation sites for INEO in the United States alone. In addition, Prosegur has been instrumental in landing a South American supermarket chain which is now completing its pilot stage and is committing to roll-out many more locations in early 2023.
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