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INEO Announces 61 % Revenue Increase in Fiscal First Quarter Ended September 2021 • INEO continues to execute on its strategy of building out the retailer centric INEO Media Network while developing a large pipeline of opportunities via its global partnership with Prosegur . • INEO's revenue increased 61 % and gross profit increased 93 % year over year for the first quarter ended September 30 , 2021 SURREY , BC , Nov. 29 , 2021 / CNW / - INEO Tech Corp. ( TSXV : INEO ) ( OTCQB : INEOF ) ( the " Company " or " INEO " ) , the innovative developer of the INEO Media Network , a digital advertising and analytics solution for retailers , today announced it has filed its Interim Consolidated Quarterly Financial Statements and Management's Discussion and Analysis on SEDAR.com for the Company's fiscal first quarter ended September 30 , 2021 . INEO operates the INEO Media Network , a digital advertising and analytics solution for retailers . The Company's cloud - based platform uses IoT ( Internet of Things ) and Al ( Artificial Intelligence ) technology to deliver customized digital advertising to each retail location . ( CNW Group / INEO Tech Corp. ) " We are very pleased with our fiscal first quarter in which we reported 61 % increase in revenue , " said Greg Watkin , Chairman and Founder of INEO . " We have been working to expand the INEO Media Network with a focus on utilizing our unique patented technology , the INEO Welcoming System , to deliver data , analytics and advertising solutions to retailers . Subsequent to the end of the quarter we signed a definitive agreement with one of the worlds largest security companies , Prosegur . This agreement will accelerate our growth through the expansion of the number of locations on INEO's Media Network and drive our Software - as - a - Service ( SaaS ) revenue model . " Fiscal First Quarter 2022 Financial Highlights : • INEO generated $ 238,671 of revenue for the three months ended September 30 , 2021 , representing an increase of 61 % as compared to revenue of $ 148,150 for the three months ended September 30 , 2020 . • INEO generated gross profit for the three months ended September 30 , 2021 of $ 109,119 , as compared to gross profit of $ 56,641 for the quarter ended September 30 , 2020 , representing an increase of 93 % . • Net loss and comprehensive loss for the three months ended September 30 , 2021 was $ 731,466 or $ 0.01 per share compared to net loss of $ 354,121 or $ 0.01 per share for the three months ended September 30 , 2020 . ⚫ EBITDA loss for the three months ended September 30 , 2021 was $ 687,847 , compared to EBITDA loss of $ 319,740 for the three months ended September 30. 2020 • INEO had $ 4,374,126 of cash and cash equivalents at September 30 , 2021 , compared to $ 5,199,328 of cash and cash equivalents at June 30 , 2021 . • As of September 30 , 2021 , the Company had 60,145,768 shares issued and outstanding . Fiscal First Quarter 2022 Business Highlights : On August 11 , 2021 INEO added advertising veteran Frank Halbach to its management team . In Halbach's new role , he will oversee all aspects of INEO's advertising related sales and partnerships , aiding in the continued growth of the Company . Halbach has been a trailblazer in the advertising industry leading global teams for DDB and a variety of other agencies over the past 30 years . On September 16 , 2021 INEO began trading on the OTCQB Venture Market ( " OTCQB " ) under the ticker symbol " INEOF " . Trading on the OTCQB is expected to enhance the visibility and availability of the Company's shares to U.S. investors . The Company's common shares continue to trade with no change on the TSX Venture Exchange ( " TSX - V " ) , under the symbol " INEO " . Events Subsequent to September 30 , 2021 : On October 4 , 2021 INEO announced the expansion of the agreement with FIELDS and McFrugal's retail stores . Further to its press release dated June 22 , 2021 , INEO has successfully completed its three store pilot program with FHC Enterprises or ( FHC ) , the owner - operator of both FIELDS and McFrugal's Discount Stores , and is now expanding its installations to over 60 locations across Western Canada . On October 15 , 2021 , INEO announced a new partnership with MADD Canada ( Mothers Against Drunk Driving ) , to leverage the unique consumer messaging ability of the INEO Media Network to help raise awareness for not drinking and driving . Leading up to Halloween , MADD ran its advertising campaigns on INEO's storefront digital signage . On November 2 , 2021 , INEO announced a global agreement with Prosegur EAS ( " Prosegur " ) , a wholly owned subsidiary of Prosegur , to manufacture , distribute and expand INEO's Media Network . Under the terms of the Agreement , Prosegur is granted distribution rights to sell , secure , place and expand the patented INEO Welcoming System under their own brand , Prosegur EVO ( " EVO " ) . Prosegur will be responsible