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 to 31.5%.
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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