Elgrande International (OTCBB: EGDI) announced today that the Company has completed the acquisition of Intelligent Living Corp., formerly MCM Integrated Technology Inc. (www.intelligent-living.us). Intelligent Living Corp. (ILC) is a recognized name in home automation and the acquisition provides the Company with immediate access to the US southwest (Phoenix) and western Canadian (Vancouver and southwest BC) home automation markets. The acquisition is a significant step into the growing North American smart home and security technology sectors.
ILC has ongoing contracts and relationships with a number of builders, primarily those developing high-end condominiums and gated communities, and established associations with industry leading technology partners. ILC is expected to contribute up to $4,000,000 of revenue by the end of Calendar 2007 based on the work-in-progress and the typical systems ordered.
Michael Holloran, Chief Executive Officer of Elgrande International, commented, "Our acquisition of Intelligent living Corp. gives us immediate name recognition, market access, critical intellectual property and a backlog of projects in this dynamic and growing market. We are well placed in two of the strongest and most consistent real estate markets with demographics ideally suited to the early adoption of home automation technology and a strong backlog of projects that will play out over the coming months. This is the perfect storm of conditions to allow us to expand from a recognized and respected regional presence to a national player."
About Elgrande International
Elgrande International through its wholly owned subsidiary Intelligent Living Corp. (www.intelligent-living.us, www.intelligent-living.ca) specializes in designing, supplying, installing, upgrading and servicing home automation and commercial presentation center solutions including: structured wiring, security systems, internet access, lighting and HVAC control, and distributed audio/visual. The Company offers both wired and wireless technology for single and multi unit new construction and existing structures, using both discrete component and Windows Media Center configurations. Intelligent Living Corp. has been supplying custom IT solutions since 1994 and home automation solutions since 2003. The Company has offices and demonstration suites in Phoenix and Vancouver and ongoing projects in southwest BC and the greater Phoenix area.
Safe Harbor Provision
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include "ILC is expected to contribute up to $4,000,000 of revenue by the end of Calendar 2007," "This is the perfect storm of conditions to allow us to expand from a recognized regional presence to a national player," and are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements. Risk factors include, lack of inventory financing, foreign currency fluctuations, availability of product, uncertainty concerning market acceptance of its products, competition and other risk factors as outlined in the Company's SEC filings.
Contact Information: FOCUS Partners LLC Alison Hart Email Contact 212-755 4884
SOURCE: Elgrande International, Inc.