INEO strengthens its patent portfolio with new patent filing broadening its proprietary Welcoming System technology
SURREY, BC, Nov. 16, 2021 /PRNewswire/ - INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF) (the "Company" or "INEO"), an innovative provider of location-based digital advertising, analytics and loss prevention solutions for retailers is pleased to announce the filing of an additional patent related to its Welcoming System technology. The latest INEO patent will deliver better detection range for the INEO Welcoming System to detect loss prevention tags and labels, in excess of industry standards, while also making it less prone to interference from ambient radio noise. The design and materials aspect of the patent also make the system lighter which will decrease shipping costs. The patent covers all Electronic Article Surveillance (EAS) radio frequencies including RF 8.2MHz and AM 58KHz, the most popular EAS frequencies worldwide.
The patent application was filed in Canada on November 12, 2021. In total, more than 30 claims are being made as part of the new patent application, entitled "ELECTRONIC ARTICLE SURVEILLANCE PEDESTAL WITH EXTRUDED FRAMEWORK". The application, initially filed with the Canadian Intellectual Trademark Office, is expected to be registered as a Patent Cooperation Treaty (or "PCT") filing within the next 12 months. The PCT filing will provide priority in other jurisdictions around the world, including the United States and Europe.
"This patent increases the scope of our patent portfolio and provides INEO with an even more defensible position to protect the INEO Welcoming System product line," stated Greg Watkin President, Chairman and Founder of INEO. "The latest patent involves technology INEO will use for the production of our revolutionary INEO Welcoming System plus it will be used in an all-new portfolio of detection pedestals which work as companion products to the INEO Welcoming System. The new detection pedestals will extend INEO's ability to deliver the right solution for the right retail situation, creating wider use cases for the INEO Welcoming System. I am also pleased to report we have three inventors listed on this patent in addition to myself, which reflects on the depth of the technology team and expertise which we have developed."
The latest INEO patent filing demonstrates INEO's commitment to delivering leading edge technology to support the loss prevention function which is paramount to the INEO Welcoming System securing space at the front entrance of retail stores. As INEO adds more edge processing and AI abilities within the INEO Welcoming System the Company will continue to innovate to ensure the EAS detection capabilities are also enhanced.
INEO Tech Corp.
Per: "Kyle Hall"
Kyle Hall, Chief Executive Officer and Director
About INEO Tech Corp.
INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., is a provider of location based digital advertising, analytics and loss prevention solutions 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, such as age and gender, of customer traffic at each location. The Company owns and operates its INEO Welcoming Network and also offers its 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 OTC-QB Venture Market under the symbol "INEOF".
For more information please visit: www.ineosolutionsinc.com.
Forward-Looking Information
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, 2020 filed on SEDAR December 3, 2020. 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.
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SOURCE INEO Tech Corp.
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