SOURCE: Intelligent Living Corp.

Intelligent Living Corp.

October 18, 2010 19:40 ET

Intelligent Living Signs Letter of Intent With Smallworks Studios for a Joint Venture to Expand Custom Home Production for Target Annual Sales of $20 Million

VANCOUVER, BC--(Marketwire - October 18, 2010) -  Intelligent Living Corp. ("ILVC"), (OTCBB: ILVC), a leading automation and technology solutions provider utilizing green building practices, announced today that it has signed a Letter of Intent (LOI) with Smallworks Studios / Laneway Housing, Inc. ("Smallworks"), to establish a definitive agreement for the formation of a joint venture to utilize and expand Smallworks production capacity to a target annual sales of $20 million.

The growth in residential construction within the Greater Vancouver region over the past year has topped 40% with over $540 million of residential building permits issued in August 2010 alone. Canada Mortgage and Housing is forecasting a 44% year-on-year increase in the number of housing starts for 2010 with a further 15% increase for 2011. Recent changes to municipal bylaws in several of the cities within the Greater Vancouver region have opened the door for the building of carriage/laneway housing on developed properties. This program is gaining momentum across the region with the opportunity for over 90,000 units of new residential infill construction within existing zoning in those municipalities where By-law adjustments have already been approved.

"The demand within the Greater Vancouver region for designing, engineering, fabricating and installing new and re-developed residential housing units has created a unique opportunity for the combined resources of our companies," said Michael Holloran, CEO ILVC. "We have worked with Smallworks over the past two years and have always been impressed with their innovation and focus on sustainable building practices, attention to building envelope integrity, energy efficiency and high quality fit and finish. Our shared approach and ability to deliver a cost effective superior product with high owner satisfaction combined with investment in production facilities has led this joint venture."

Jake Fry, President of Smallworks, commented, "Our companies have a common philosophy of exceeding customer expectations by delivering smart, sustainable product and solutions on time and on budget. ILVC's technical and in-house engineering and project management capabilities dovetail to our design, manufacturing and installation knowhow. Our combined expertise and capability will allow us to increase sales and gain leverage through higher utilization of our fabrication facilities." 

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.

About Smallworks ( Vancouver's first and most established builder of custom-made finely planned small residences, Smallworks Studios / Laneway Housing, Inc. has been constructing innovative, low impact, green built, energy efficient carriage, loft and bungalow laneway homes for over 5 years. Smallworks homes achieved the second highest score of all building assessed under the BC Hydro Power Smart program, extremely high EnerGuide ratings, and in addition has won the slow build award. Smallworks first-to-market and innovative approaches led to their collaboration with the City of Vancouver and their development of the Laneway housing initiative and By-Law. Smallworks utilizes their in-house design team, pre-fabrication facility and millwork shop to deliver custom designs, cutting edge building envelopes and high quality contemporary finishes in a fast, cost effective efficient and seamless process with minimal environmental/site impact. 

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Intelligent Living, Inc., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

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