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InsuraGuest Gives Company Update and Announces a 251% Revenue Growth

InsuraGuest Growth Outlook

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VANCOUVER, British Columbia (June 1, 2022) -- InsuraGuest Technologies, Inc.® (TSX-V: ISGI)(OTCQB: ISGIF) (“InsuraGuest” or the “Company”), announces it’s 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 delivers 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 group 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 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.  

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