SOURCE: Elgrande International, Inc.

December 05, 2006 13:37 ET

Elgrande Negotiates Definitive Agreement to Acquire Home Automation Company

Elgrande Refocuses on Smart Home Technology Market

VANCOUVER, BC -- (MARKET WIRE) -- December 5, 2006 -- Elgrande International (OTCBB: EGDI) announced today that the Company has successfully completed negotiations to acquire Intelligent Living Corp., formerly MCM Integrated Technology Inc. This is the final step in a process to refocus its efforts on smart home technology. The acquisition will be paid for with a combination of 10,000,000 shares of restricted stock and $Cdn 150,000 in the form of a note payable and will become effective before the end of Year.

Intelligent Living Corp. has ongoing contracts and relationships with a number of builders, primarily those developing high-end condominiums and gated communities in the Southwest USA and Western Canada. Conservatively based on the work-in-progress and the typical systems ordered, the acquisition could contribute up to $4,000,000 of revenue by the end of Calendar 2007.

The home automation industry companies create the "smart homes" including advanced security, automated lighting, intelligent climate control and whole-house audio video. This equipment, previously limited to high-end luxury homes, has become more common in new construction due to the availability of enhanced features and decreasing prices, and is becoming a required feature for mid to high end re-sale homes. Statistics show that nearly 50 percent of new homes built last year are automation ready with structured wiring included in the basic design.

"The home automation industry is in its infancy stages and is experiencing accelerating growth as the technology becomes mainstream and more homes and businesses are outfitted," said Michael Holloran, Chief Executive Officer of Elgrande International. "This is a significant new market and the acquisition of Intelligent Living Corp. gives us the immediate market access and recognition needed to become a geographic leader in the home automation and security industry."

Murat Erbatur, President of Intelligent Living Corp., added, "Over the past three years we have built on our extensive IT background to systematically expanded our home automation know-how. This has allowed us to combine access to product and technical know-how into cost effective and reliable home automation and security solutions. Our early success with major developers in Phoenix and Vancouver has opened the door to significantly expand and the resources that Elgrande provides will allow this to occur."

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 "The acquisition will be paid for with a combination of 10,000,000 shares of restricted stock and $150,000 in the form of a note payable and will be signed before the end of Year," "Conservatively based on the work-in-progress and the typical systems ordered, the acquisition could contribute up to $4,000,000 of revenue by the end of Calendar 2007," "the acquisition of Intelligent Living Corp. gives us the immediate market access and recognition needed to become a geographic leader in the home automation and security industry," "the resources that Elgrande provides will allow this to occur," 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

  • Contact Information:
    FOCUS Partners LLC
    Alison Hart
    Email Contact
    212-755-4884