IRVINE, CA--(Marketwired - Aug 16, 2017) - Signature Devices, Inc. (OTC PINK: SDVI) today announced revenue for Q2 2017 for all of its subsidiaries including Graffiti Entertainment and Innovo Technologies.
- Second Quarter net revenue of $16,077 vs net loss of $40,301 for the first quarter of 2017
The primary driver for revenue growth is the brisk sales of Innovo Technologies media server, Morpheus. All sales of Morpheus servers and players are currently primarily through distributors and their dealer networks in Australia, Europe, Asia, and the Middle East.
Since late 2016 and through the first part of 2017, the company focused a significant portion of its R&D investment on developing the Morpheus One, an all-in-one unit. This device combines the server and player into one unit that is half the physical size of the existing player. The objective is to expand the current offering to the pro consumer and dealer markets with a simple setup at a fraction of the cost of the Morpheus Pro system. The new product went into production in Q2 of 2017 and is now available for shipment internationally. A U.S. version will be available for purchase during the CEDIA trade show where the company will be showcasing its product lineup.
"Our market research and dealer network showed a great appetite for a server-player combo. After a tireless R&D effort not only did we deliver the product, but we delivered it at half the physical size and at a fraction of the cost," said Inas Azzam, President of Innovo. "The management team believed that we should make the investment in order to bring this product to market in the U.S. and internationally," he continued. "We now have a very well designed entry product that dealers feel excited about selling to their customers. The Morpheus One is not only selling at a fraction of the price of our earlier professional line prices but also at an extremely competitive price point compared to our leading competitor's prices, while at the same time offering better design, reliability, and superior specifications. This has resulted in a faster adoption rate of the Morpheus One in our existing channels than any of our other products. We are also seeing an uptick in demand for our Professional line. In this quarter and the next we will be steadily increasing our production to meet the growing demand."
The Morpheus Pro devices that are designed for larger homes and more demanding consumers have also been relaunched with new capabilities including 4K. The Innovo suite of products will be on full display during the largest home automation show CEDIA in San Diego from September 5th through the 9th.
The company will also be holding a Google hangout video conference call to go over the financial results on Thursday August 17th at 1:30 pm PST. The link to the meeting will be made available on the company website.
You can also follow the company on Twitter for small updates and announcements, https://twitter.com/SignatureDevice
Based in Irvine, California, Innovo Technology combines the best of the technologies underpinning the popular Morpheus media server, Tazerwear's AI Software, Truck IT's beacon platform with Knoton's hardware, infrastructure and software. The result is a company that blends custom software and powerful hardware IoT-interconnected devices. Learn more by visiting: http://innovotech.io/about/
About Signature Devices, Inc.
Based in Sheridan, Wyoming, Signature Devices, Inc. (www.signaturedevices.com) (OTC PINK: SDVI) is a holding company with subsidiaries that develop Internet of Things (IOT) products through its subsidiary Innovo Technologies, Inc., and publishes diverse media products including video games and mobile applications through its subsidiary Graffiti Entertainment, Inc.
The information in this press release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.