VANCOUVER, BC / ACCESSWIRE / June 1, 2022 / InsuraGuest Technologies, Inc.® (TSXV:ISGI)(OTCQB:ISGIF) ("InsuraGuest" or the "Company"), announces its Company update and business outlook for its first quarter of 2022.
InsuraGuest Technologies Inc. is a publicly-traded Canadian insurtech (insurance + technology) software company ("ISGI") with offices in Vancouver, British Columbia and Salt Lake City, Utah. Our proprietary software platform delivers digitally embedded and opt-in insurance packages directly to our members on a business-to-business and business-to-consumer basis. The Company also provides insurance agents and brokers the ability to sign up instantly online through its automatized agency/broker software platform. These brokers and agents then become channels to sell the Company's products to their own customers, speeding up the process of distributing products through the insurtech platform.
The Company is engaged in generating revenue from hospitality and participant event insurance products delivered through its insurtech software platform along with developing future insurance solutions. The products in combination with our platform deliver specialized Hospitality Liability and Sports & Events Activity coverages to our member properties. With InsuraGuest custom coverages, properties benefit from an additional layer of protection should a guest experience an accident or theft while staying at an InsuraGuest-covered hotel or vacation rental property or participating in a covered event.
During the three and nine months ended March 31, 2022, the Company continued to build on the 2019 launch of its proprietary software products and continued adding vacation rentals; with 185 properties added in the first quarter of 2022. Additionally, in December 2021, the Company began generating revenues in its ISG Active division with event participant insurance for skiers, snowboarders, and other outdoor winter resort activities when tickets for those activities are purchased online in advance. US$433,803 was added in 2022 compared to US$123,477 the previous year, which constitutes a 251% year over year growth in 2021 year, and a 664% year over year growth from the 2020 year.
We did not add any new hotels to our customer list, but as of recent, we have seen activity grow in this sector and are now having qualified conversations with hotel groups and have a positive outlook this part of our business will finally begin to grow.
As of March 31, 2022, the Company had cash of $776,718 and a working capital surplus of $648,564 compared with cash of $870,006 and a working capital surplus of $813,204 as of June 30, 2021. The decrease in cash and working capital is primarily related to cash used in operating activities which was offset by an increase in accounts receivable from vacation rentals and the newly launch ISG Active division.
"We have built a program and technology stack that will allow our future and customer base to grow every day. Additionally. our insurtech technology stack and products are being recognized as an industry leader in the vacation rental, hotels, and sporting events sectors," states Reed Wright InsuraGuest's President.
About InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies (TSX.V:ISGI) (OTCQB:ISGIF) is an insurtech (insurance + technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to embed its short-term rental insurance products to vacation rentals, sports and ticketed events, hotels and resorts.
CA / LIC: 6001686
For more information, visit the company's website at: www.InsuraGuest.com
The Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. There is no assurance that this new business product offering or other planned products will be successful. The insurance industry is intensely competitive, and the Company's competitors have significantly more resources than the Company. Acceptance by potential customers is difficult to predict, particularly in the case of new products and disruptive technologies. If the Company fails to achieve market acceptance, this will significantly impact its results and financial resources. Achieving market acceptance may require advertising budgets that exceed the Company's current resources and require the Company to seek additional debt or equity financing. There is no assurance that such financing will be available at reasonable prices or at all.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Company Contact:
InsuraGuest Technologies, Inc.
Media Relations
Reed Wright
media@InsuraGuest.com
SOURCE: InsuraGuest Technologies Inc.
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