Signature Devices, Inc. Announces Financials for Q1 and Launches New Products Under Innovo

Date : 05/16/2017 @ 8:30AM
Source :InvestorsHub NewsWire
Stock : Signature Devices, Inc. (PC) (SDVI)
Quote : 0.0007  0.0 (0.00%) @ 9:30AM

Signature Devices, Inc. Announces Financials for Q1 and Launches New Products Under Innovo

SOURCE: Signature Devices, Inc.

Signature Devices, Inc.

First Quarter 2017 Pro Forma Combined Revenue of $13,462

First Quarter Net loss of $40,301

Losses were driven by R&D for development of Next Gen All in-one product

IRVINE, CA--(NewMediaWire - May 16, 2017) - Signature Devices, Inc. (OTC PINK: SDVI) today announced revenue for Q1 2017 for all of its subsidiaries including Graffiti Entertainment and Innovo Technologies.

The primary driver for revenue was from the sales of Innovo Technologies media server, Morpheus. All sales of Morpheus servers and players were primarily driven by distributors in Australia, Europe and the Middle East. 

Innovo Technology, a leading software and hardware development company, spent the last 2 quarters designing the Morpheus One. This combines the server and player into a unit that is half the size of the existing player. The product will expand the current market to the pro consumer and dealer markets with simple setup and at a fraction of the cost of the Pro system. The new product will go into production in Q2 of 2017 and will be available for purchase in the U.S. for the first time since its launch in 2014.

"We made a very early decision to use the profitability of Innovo Technology subsidiaries for research and development of our next gen product," said Inas Azzam, President at Innovo. "The company felt that we should spend the money in order to bring the product to market in the U.S.," he concluded.

The Pro devices that are designed for larger homes and more demanding consumers will be relaunched with new capabilities including 4K in the next couple of weeks. The research and development of the new products were financed by the net income from the sale of the existing line of Morpheus. 

You can also follow the company on Twitter for small updates and announcements, https://twitter.com/SignatureDevice

About Innovo
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.

Forward-Looking Statements:
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. 

 

 

CONTACT INFORMATION

 

Signature Devices, Inc.
Investors Relations
ir@signaturedevices.com
650-654-4800 ext 111
http://www.signaturedevices.com

 

 

 

 

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