News | April 23, 2024

INEO Deploys RFID Within Its INEO Media Network

INEO revolutionizing retail security by combining EAS and RFID in patented Welcoming System, a key component of the INEO Media Network

Surrey, BC /PRNewswire/ - INEO Tech Corp. (TSXV: INEO) (OTCQB: INEOF) (the "Company" or "INEO"), is proud to announce the first retail deployment of its cutting-edge RFID (Radio-Frequency Identification) solution embedded within its INEO Welcoming Pedestal, designed to revolutionize loss prevention in the retail industry with advanced technology and a business model driven by retail media advertising.

With the exponential growth of shoplifting and organized crime at retail, the need for robust security measures has become increasingly paramount. According to recent industry reports, retail shrinkage due to theft amounts to billions of dollars in losses annually. In response to this pressing challenge, INEO has developed a state-of-the-art RFID loss prevention system which offers unprecedented accuracy, efficiency and communication capabilities to mitigate retail loss while also being a prominent in-store digital advertising system.

The deployment of the RFID enabled INEO Welcoming System was at a California location of one of INEO's national retail office supply customers. With this installation, INEO has transformed the landscape of retail security by seamlessly integrating advanced RFID technology into its patented INEO Welcoming System, delivering an unparalleled combination of RFID, traditional Electronic Article Surveillance (EAS) and advertising capabilities in the same device, along with INEO's Retail Media driven business model. With INEO's innovative solution, retailers gain unprecedented real-time visibility into their inventory, enabling precise tracking of merchandise from the moment it enters the supply chain to the point of sale to the store exit. With the INEO Welcoming System and RFID tags embedded in individual items, retailers can monitor their inventory with unparalleled accuracy, helping to drastically reduce theft and shrinkage, and as a result, fortify their bottom line.

"Our RFID solution represents a quantum leap in retail security," stated Greg Watkin, Founder, Chairman, and President of INEO. "In an era where the dynamics of commerce are constantly evolving, it's imperative for retailers to stay ahead of the curve. By harnessing the power of RFID technology within the INEO Welcoming System platform, we're not just offering a security solution we're providing a strategic advantage. Our system isn't merely about safeguarding assets; it's about transforming the way retailers operate. It's about empowering them to anticipate and adapt to the ever-changing demands of the market. With our RFID solution, retailers can proactively protect and manage inventory, streamline operations and deliver exceptional customer experiences. It's not just about preventing losses; it's about maximizing potential. It's about enabling retailers to thrive in a fiercely competitive landscape. We look forward to making our RFID technology a standard feature in our future Welcoming System deployments."

Key features of INEO's RFID solution include:

  • Item-Level Tracking: With RFID tags embedded in the product or the packaging, INEO enables retailers to track individual items which leave the store unpaid for, providing granular visibility into inventory shrink.
  • Real-Time Security Alerts: Instant notifications alert store personnel to suspicious activity at the store exit. When the RFID enabled INEO Welcoming System detects an RFID tag exiting the store on an item which has not been paid for, the Welcoming System sounds an audible alarm, flashes a red LED light, changes the advertising screen to showcase a picture of the product which is leaving the store and captures video from before and after the alarm event. Additionally, real-time text alerts can be sent, the video can be played instantly on handheld devices and the retailer's online dashboard is updated in real-time, enabling swift intervention to prevent loss.
  • Analytics and Insights: Comprehensive data analytics of all alarm events provide retailers with valuable insights into inventory management, consumer behavior and security vulnerabilities, empowering informed decision-making. INEO data is available for the retailer to review in real-time or via daily, weekly and monthly reports.
  • Seamless Integration: Compatible with existing retail infrastructure, INEO's RFID solution seamlessly integrates with point-of-sale systems and inventory management software, ensuring minimal disruption to operations.

As retailers continue to navigate the evolving landscape of commerce, INEO's RFID loss prevention solution offers a robust and scalable security solution which adapts to their needs, safeguarding assets and optimizing operational efficiency.

INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., operates the INEO Media Network, a digital advertising and analytics solution for retailers, and INEO Retail Media, an advertising sales provider for in-store retail media. INEO is headquartered in Surrey, Canada and publicly traded on the TSX-Venture Exchange under the symbol "INEO" and on the OTCQB under the symbol "INEOF".

Forward-Looking Statements
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, 2022 filed on SEDAR on November 4, 2022. 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Source: INEO Tech Corp.

Copyright 2024 PR Newswire. All Rights Reserved