INEO Announces Fiscal Third Quarter Financial Results
- First revenue generated from strategic partnership with Sensormatic Solutions
- Increased revenue due to improved inventory levels of Welcoming Systems and loss prevention products
- International expansion through partnership with Bon Intelligence in Turkey
- Secured deployment agreement with Bambi, a 61-store Turkish retailer
- Successfully resolved shareholder dispute with Coenda, including new licensing agreement
- Additional 20 million shares issued, potentially diluting existing shareholders
- Board member resignation and management restructuring indicating organizational changes
- Shareholder dispute requiring settlement agreement suggests internal governance challenges
- Escrow agreement for software indicates potential business continuity risks
Surrey, British Columbia--(Newsfile Corp. - May 30, 2025) - INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF) (the "Company" or "INEO"), a leading provider of loss prevention and in-store retail media solutions for retailers, today announced it has filed its Consolidated Financial Statements and Management's Discussion and Analysis on sedarplus.ca for the Company's Fiscal 2025 Third Quarter, ended March 31, 2025.
"Our Third Quarter saw our first revenue from the technology partnership we signed with our new partner Sensormatic Solutions," said Greg Watkin, Chairman and Founder of INEO. "Additionally, for the first time in a few months we had well stocked inventories of parts and sub-assemblies for our Welcoming Systems and other loss prevention products including the loss prevention consumables, tags and labels. As a result, our revenue was up substantially in this quarter. The new business coupled with our ability to execute on existing business will make a positive difference for INEO in the coming quarters."
Notable Events of the Third Quarter:
On January 13, 2025, the Company revealed a strategic technology partnership with Sensormatic Solutions, a global leader in retail solutions and part of Johnson Controls. This collaboration will integrate INEO's patented Welcoming System technology with Sensormatic Solutions' industry-leading loss prevention tools.
On January 14, 2025, the Company issued an additional 20 million shares with total proceeds of
On January 31, 2025, the Company announced it signed a reseller agreement with Bon Intelligence Inc., a leading provider of AI driven retail analytics in Turkey. This agreement marked a significant milestone in INEO's international expansion strategy, bringing its advanced technology to one of the most dynamic retail markets in the world.
On February 11, 2025, the Company announced that its reseller partner in Turkey, Bon Intelligence Inc., reached an agreement with Bambi, a leading high fashion shoe retailer with 61 stores based in Turkey, to deploy INEO's in-store retail media technology across Bambi's stores.
On February 26, 2025, the Company announced that one insider and five arm's length parties had acquired an aggregate of 6,201,975 Common shares in the capital of the Company pursuant to the conversion of the principal and accrued interest of convertible debentures issued in January and February 2024 (see press releases dated January 31, 2024 and February 16, 2024).
Events subsequent to March 31, 2025
On April 9, 2025, INEO announced that Cameron Lawrence had joined the INEO Board of Directors and was also nominated and confirmed as the Chair of the Company's Audit Committee. The Company also announced that Dave Jaworski had resigned from the Board for professional reasons.
On May 27, 2025 INEO entered into a settlement agreement with Coenda Investment Holdings Corp. to resolve the matters set out in a notice of requisition of general meeting of shareholders dated April 7, 2025, received by the Company on April 8, 2025, and announced on April 11, 2025.
Under the terms of the agreement, the Company, Coenda, and Coenda's controlling shareholder agreed to a mutual release of claims and Coenda agreed to withdraw the requisition. The Company agreed to: (i) appoint a new Coenda nominated board member and (ii) commence a search for a new Chief Financial Officer. In addition, for the next two years, Coenda will have the right to participate in any future equity financing to maintain its then current ownership interest in the Company, and Coenda has agreed that it will support management with ordinary business at shareholder meetings, including the election of directors.
As part of the settlement, the Company also entered into a license agreement with BON Intelligence ("BON"), a company affiliated with Coenda. The license agreement grants BON a license to produce and sell, and receive support from INEO for, the INEO Welcoming System, in consideration for an initial royalty payment, licensing fees royalty for each unit sold and monthly fees for each unit that is connected to the INEO network. The Company has agreed to escrow software for the next 18 months for the INEO Welcoming System, to be released to BON in the event of insolvency or a change of control. As a related party transaction, the license agreement was approved by the independent members of the Board with the related party recused.
Kyle Hall, CEO of INEO, commented, "The settlement of the shareholder action allows INEO to focus fully on its strategic objectives without the distraction or potential cost of ongoing proceedings. The INEO team has worked diligently to position the Company for success, and we're now poised to realize the full potential of our patented technology. With direct deployments underway with our key customers and exciting new partnerships taking shape, we're enthusiastic about the opportunities ahead."
On behalf of the Board of Directors.
Kyle Hall, CEO,
INEO Tech Corp.
About INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF)
INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., operates the INEO Media Network, a digital advertising and analytics solution for retailers. INEO's patented technology integrates and monetizes digital screens with theft detection sensor gates at the entrance of retail stores. The Company's cloud-based platform uses IoT (Internet of Things) and AI (Artificial Intelligence) technology to deliver customized digital advertising to each retail location based on the demographic mix of customer traffic at each location. The Company also deploys the INEO Welcoming Network technology through a SaaS-based solution to larger retail chains. INEO is headquartered in Surrey, Canada and publicly traded on the TSX-Venture Exchange under the symbol "INEO" and on the OTCQB-Venture Market under the symbol "INEOF".
For more information, please visit:
Websites: www.ineosolutionsinc.com
www.ineoretailmedia.com
LinkedIn: www.linkedin.com/company/ineosolutions
Future-Oriented Financial Information
To the extent any forward-looking statements in this press release may constitute future-oriented financial information or financial outlooks within the meaning of securities laws, such information is being provided to demonstrate the potential financial performance of INEO and readers are cautioned that this information may not be appropriate for and should not be used for any other purpose and that they should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to the risks set out below under "Forward-Looking Statements".
Forward-Looking Statements
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 Annual Information Form for the year ended June 30, 2022 filed on SEDAR+ on November 4, 2022. 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.
For further information:
Kyle Hall
CEO, INEO Tech Corp.
investor@ineosolutionsinc.com
(604) 244-1895
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/253941
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