INEO announces LOI with Prosegur
Prosegur to fund, manufacture and install pilot systems in some of the world's largest retailers.
SURREY — INEO Tech Corp., a provider of location based digital advertising, data analytics and loss prevention solutions for retailers, announces it has entered into a Letter of Intent with Prosegur EAS USA Inc., a wholly owned subsidiary of Prosegur Compania de Seguridad, to distribute and install INEO’s Welcoming Systems in Prosegur’s retail customers in North America, Latin America and Europe. Headquartered in Madrid, Spain, Prosegur is a multi-national company who reported sales of approximately 4.2 billion Euros in 2019 while operating in 26 countries with over 160,000 employees offering global and comprehensive security solutions.
Under the terms of the LOI, INEO grants Prosegur non-exclusive global distribution rights to secure, place and install the INEO Welcoming System within Prosegur’s retail customers. Prosegur will be responsible for the funding, manufacturing, distribution, in-store setup and in-store maintenance of INEO’s Welcoming Systems. INEO will be responsible for online provisioning, operating, and managing of the INEO Welcoming Network in addition to providing location-based analytics to Prosegur and its retail clients for which INEO will receive a monthly recurring revenue fee.
“Prosegur has enormous reach into some of the largest retailers in the world and we are excited to launch our relationship with them,” said Kyle Hall, CEO of INEO. “Prosegur has a very strong brand name, significant financial means and an enormous distribution network to scale the INEO Welcoming Network. Together our aim is to roll out and expand the INEO Welcoming Network to thousands of retail locations around the globe. This arrangement with Prosegur also shifts INEO on to a Software-as-a-Service (SaaS) business model with high-margin revenue streams and predictable cash flows.”
INEO and Prosegur are expected to enter into a Definitive Agreement in the first quarter of 2021. Both parties are currently actively working on securing and installing INEO’s Welcoming Systems in several pilot locations within some of the world’s largest retailers. Under the terms of the LOI, Prosegur is also granted the right to fund and prosecute intellectual property rights and protection, on INEO’s behalf, for the Company’s proprietary patented technology.