IGEN Networks Corp. (OTC Pink: IGEN) is engaged as an asset monitoring and protection company, which utilizes cloud-based and Internet of Things (IoT) solutions to track fleet vehicles for stolen vehicle protection, asset health, and driver behavior. Shares of the IoT asset protection company are surging 83% through early trading on Friday, December 3, 2021. Over the past thirty days, IGEN Networks has seen average daily volume of 6.28 million shares. However, volume of 105.16 million shares or dollar volume of around $630,960, has already exchanged hands through early trading Friday.
Shares of IGEN Networks are soaring after the company announced that it has secured the U.S. GSA Multiple Award Schedule Contract with federal and state governments. This will allow the company to market and sell its products and services directly to the United States government at the federal, state, and county levels. The announcement gives IGEN Networks “preferred vendor status,” which is held by only .003% of companies in the United States.
The company will initially leverage its Medallion GPS Feet platform to government clients. The platform will help government agencies better track their vehicle assets, while monitoring driver safety and well-being. In addition, the platform also has dispatch capabilities, automated reporting, maintenance scheduling, diagnostics, behavior scoring and more.
Management says the company will initially market its Medallion GPS Fleet platform to counties in five states: Pennsylvania, Michigan, New York, Tennessee, and California. IGEN Networks says additional states will be added as expansion opportunities present themselves.
“Combined with our GSA/VA contract status, we now have the process to facilitate transactions with the Counties across all US government markets. In preparation we have increased our inventory levels to 2500 hardware activation units for the next quartile period,” said Neil G Chan, CEO of IGEN Networks Corp. The diversity of government assets along with the self-insurance of these assets creates an excellent fit with the capabilities of our Medallion GPS Fleet Platform.”
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