A new name has joined the TSX Venture Exchange. INEO Tech (INEO Tech Stock Quote, Chart, News TSXV:INEO), a digital display technology company whose in-store and online advertising platform, The Welcoming System, combines advertising, data analytics and theft detection in one unit.
Formerly known as to the capital markets as Metron Capital, Vancouver-based INEO was founded in 2016 by current chair and president Greg Watkin. Last month, Metron closed on the second and final tranche of a private placement for gross proceeds of $2.8 million.
“We are very excited to be listing on the TSX Venture Exchange,” said Watkin in a press release on Wednesday. “Being publicly listed significantly increases our profile and provides us access to capital to accelerate the growth of our business. Our recently closed financing of over $2.8-million provides us with sufficient capital to execute on our current business opportunities. We look forward to providing investors an update on our expansion plans in the coming months.”
INEO will be led by CEO Kyle Hall who has been with the company since 2016, prior to which Hall was CEO of e-commerce and photo kiosk services company PNI Digital Media, which was sold to Staples in 2014 for $75 million. Hall is a former pro footballer who played in the Canadian Football League for the Winnipeg Blue Bombers and Ottawa Rough Riders.
The Welcoming System combines cloud-based digital advertising and data analytics by sending customized advertising to digital screens at store fronts, effectively “connecting and directing customers to the products and experiences they want,” while also serving as theft detection sensors gates and at the same time collecting customer data for retailers, ultimately serving to monetize storefront entrances while protecting against theft.
Last September, former Metron Capital acquired all the shares of INEO Solutions in a reverse takeover, making INEO Solutions a subsidiary of Metron. Along with Watkin and Hall, INEO’s board includes Steve Matyas, Gurminder Sangha and Jurgen Wolf.
Shares of INEO today closed at $0.37, as 54,386 shares changed hands.