Intelligent Living Application Group Announces Plans to Develop Advanced Smart Home Security Devices

Rhea-AI Summary

Intelligent Living Application Group Inc. (NASDAQ: ILAG) has announced plans to develop home security devices using blockchain technology, collaborating with Hong Kong-based China Star Technology Development Limited. The initiative aims to enter the smart home and IoT markets, enhancing its existing lockset products. The partnership will focus on creating advanced security products, including smart locks and CCTV systems, while retaining ownership of all related intellectual property. Mr. Bong Lau, CEO, highlighted the commitment to innovation and the importance of research and development in smart security solutions.

Positive

• Partnership with China Star will drive technological advancements in smart home products.
• Focus on blockchain technology enhances product security, appealing to tech-savvy consumers.
• Increased diversification into the smart home and IoT market may boost long-term revenue.

Negative

• None.

HONG KONG, Feb. 27, 2023 /PRNewswire/ -- Intelligent Living Application Group Inc. (NASDAQ: ILAG) ("Intelligent Living" or the "Company"), a premium lockset manufacturer in Hong Kong, announced today plans to develop and launch home security devices incorporated with blockchain technology, and that it has engaged a Hong Kong-based systems development company, China Star Technology Development Limited ("China Star"), to develop smart home products and devices in order to enter and compete in the smart home and IoT market. China Star will undertake the technical product development work and Intelligent Living will own all the rights for the new products, devices, applications and related intellectual property including the software used in the systems.

Mr. Bong Lau, Chairman and Chief Executive Officer of Intelligent Living, commented, "We are committed to introduce new and innovative products into the marketplace and believe that smart home products complement our capability in the design and production of affordable high-quality locksets. As mentioned in our recently completed initial public offering last July, we will invest in research and development for smart locks, smart security and internet of things (IoT) products. We are confident that our working with China Star will generate synergies that will result in the development of advanced lockset products and smart home security devices."

The Company foresees that the technical product development work will entail encryption and communication security for home products utilizing blockchain technology. In addition to smart locks, such smart home security products could include audio / video (AV) control systems, climate control technologies and closed-circuit television (CCTV) surveillance cams.

China Star Technology Development Limited, based in Hong Kong, is a technology development company that was a pioneer in remote Point of Sale (POS) and surveillance systems covering more than 300 retail points in China. China Star was also one of the pioneers in developing smart home products in Hong Kong and has been an active company in this sector since 2017.  

About Intelligent Living Application Group Inc.

Intelligent Living Application Group Inc. ("ILAG") is a premium lockset manufacturer in Hong Kong. It manufactures and sells high quality mechanical locksets to customers mainly in the United States and Canada and has continued to diversify and refine its product offerings in the past 40 years to meet its customers' needs. ILAG has obtained the ISO9001 quality assurance certificate and various accredited quality and safety certificates including American National Standards Institute (ANSI) Grade 2 and Grade 3 standards that are developed by the Builders Hardware Manufacturing Association (BHMA) for ANSI. ILAG keeps investing in self-designed automated product lines, new craftsmanship and developing new products including smart locks. For more information, visit the Company's website at http://www.i-l-a-g.com/. 

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC, which are available for review at www.sec.gov.

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SOURCE Intelligent Living Application Group, Inc.

FAQ

What new products is Intelligent Living Application Group planning to launch?

Intelligent Living plans to launch home security devices utilizing blockchain technology.

Who is partnering with Intelligent Living for the development of new products?

Intelligent Living has engaged China Star Technology Development Limited for the development of smart home products.

What technology will be incorporated into the new home security devices?

The new devices will incorporate blockchain technology for enhanced security.

What market is Intelligent Living targeting with its new products?

Intelligent Living is targeting the smart home and IoT market with its new products.

When did Intelligent Living announce its plans for new product development?

Intelligent Living announced its plans on February 27, 2023.