SOURCE: Intelligent Living Corp.

Intelligent Living Corp.

October 17, 2010 21:40 ET

Intelligent Living Highlights Key Milestones and Provides Corporate Update

VANCOUVER, BC--(Marketwire - October 17, 2010) -  The management and Board of ("ILVC"), (OTCBB: ILVC), a leading automation and technology solutions provider utilizing green building practices, are pleased to provide this corporate update focusing on key milestones accomplished through the period May 2008 to date. Highlights include:

  • Sustained annual revenue through the recessionary 2008 - 2010 period with expected first quarter fiscal 2011 revenue up 80% from the comparable recession period ended August 31, 2008.
  • 90% reduction in costs associated with discontinued operations
  • 50% reduction in liabilities
  • 2010 year-to-date completion of 11 new construction home automation and energy management systems in projects ranging from high rise penthouse suites, multi-residence retirement community, high end 5000+ square foot homes to small footprint infill housing which forms part of the City of Vancouver's eco-density initiative
  • Execution of a Confidentiality and Non-disclosure Agreement with Bridgepoint Group for small scale bio-energy projects in the Greater Toronto region
  • Execution of a Letter of Intent with NAICST to explore opportunities for providing First Nations housing.

"In mid 2008 when it became clear that the economy was headed towards a significant correction, we implemented a strategic plan designed to minimize risks, sustain activities and position for recovery. We focused our project efforts on the western Canadian housing market which has remained relatively strong compared to the overall Canadian and particularly the US markets. We have taken steps to maintain revenue, reduce costs, eliminate liabilities, increase efficiency and evaluate strategic opportunities," stated Mr. Michael Holloran, President and CEO. "Over the past 12-month period, we established strategic relationships with market leading technology partners, evaluated diversification strategies and have taken steps to strengthen our balance sheet. For structural, regulatory and economic reasons we were not able to proceed with efforts to diversify into First Nations housing. However, our interest in this area remains and we have identified the opportunity for vertical expansion into the manufacture and building of pre-engineered custom designed energy efficient homes and small bio-energy facilities. We plan to strongly pursue these opportunities over the coming months."

About ILVC ( Intelligent Living Corp, utilizing green building practices, specializes in designing, supplying, installing, upgrading and servicing home and commercial automation systems including: energy use monitoring and control, security, occupancy monitoring and access control, lighting and HVAC control, and distributed audio/video systems. ILVC, a member of the Canadian Green Building Council, has supplied custom IT solutions since 1994 and automation solutions since 2003.

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 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 liquidity, availability of product, uncertainty concerning market acceptance of its designs, competition and other risk factors as outlined in the Company's SEC filings.

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