iGen Networks Corp Increases Ownership in Gogiro Internet Group
Further investment increases iGen's position in Gogiro to 31.5%
WASHINGTON, DISTRICT OF COLUMBIA -- (Marketwire) -- 03/19/13 -- iGen
Networks Corporation (OTCQB:IGEN), the industry-leading technology
accelerator, is pleased to announce the purchase of 2,078,080 shares
of Gogiro Internet Group Inc., bringing its total ownership in Gogiro
This investment, which follows two previously reported cash
investments, was facilitated through the issuance of 1,731,733 common
shares of iGen. The transaction included the purchase of 2,000,000
shares of Gogiro from Mr. Neil Chan, CEO and Director of both iGen
and Gogiro, through the issuance of 1,666,667 shares of iGen.
"We have been working hard with Gogiro over the past year to
dramatically expand the company's distribution channels, re-tool and
enhance its cloud-based platform and business offerings, and
successfully increase its revenues," comments Richard Freeman, Chief
Operations Officer of iGen Networks Corporation. "Consistent with
iGen's business model, our increased investment is further testament
not only to our confidence in the growth of the online marketing and
cloud-based business services market, but in particular to Gogiro's
ability to successfully capitalize on these markets."
A recent survey(1) of 1,300 US and UK executives revealed that cloud
computing is not only delivering potential savings and flexibility
for existing organizations, but also laying the groundwork for a new
generation of business startups. In fact according to the IDC, by
2015 about 24% of all new business software purchases will be
Software-as-a-Service delivery. These trends only serve to underline
the value of the innovations being developed by Gogiro in the field
of Software-as-a-Service delivery models for small business.
About Gogiro Internet Group Inc.
Gogiro Internet Group combines easy-to-use technology with
personalized local service and support to deliver cloud-based
services to small businesses. Gogiro offers conventional and mobile
website design and hosting, search engine optimization,
traffic-building and lead generation, social media solutions,
ecommerce, email, online billing, contact management, and
state-of-the-art communication tools
for small business to compete,
find and satisfy customers, and be more productive - all through
Gogiro's cloud-based platform, at affordable, pay-as-you-go pricing.
For more information, please visit www.gogiro.com.
About iGen Networks Corporation
iGen Networks Corporation applies capital and proven management
experience to accelerate growth of technology companies. We focus on
specialized broadband infrastructure and Software-as-a-Service
delivery models that serve small to medium size businesses,
government agencies, and commercial enterprises.
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, please visit www.igen-networks.com.
(1) The Economic Impact of Cloud Computing
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.
iGen Networks Corporation
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