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Ineo digital advertising raises sales by 61%

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November 30, 2021

Ineo Tech Corp., developer of the INEO Media Network, a digital advertising and analytics solution for retailers, increased sales by 61%, based on reports from the company's fiscal first quarter ended Sept. 30, according to a press release.

"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," Greg Watkin, chairman and founder of Ineo, said in the release. "Subsequent to the end of the quarter we signed a definitive agreement with one of the world's 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 revenue model."

Fiscal first quarter highlights included:

• Ineo generated $238,671 of revenue for the three months ended Sept. 30, 2021 as compared to revenue of $148,150 for the three months ended Sept. 30, 2020.
• Ineo generated gross profit for the three months ended Sept. 30, 2021 of $109,119, as compared to gross profit of $56,641 for the quarter ended Sept. 30, 2020, representing an increase of 93%.
• Net loss and comprehensive loss for the three months ended Sept. 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 Sept. 30, 2020.
• EBITDA loss for the three months ended Sept. 30, 2021 was $687,847, compared to EBITDA loss of $319,740 for the three months ended Sept. 30, 2020

As of Sept. 30, 2021, the company had 60,145,768 shares issued and outstanding.