SPYR Technologies and Subsidiary, Applied MagiX, Discuss Roadmap to Capture Apple HomeKit Market Share
SPYR Technologies acquired Applied MagiX to enter the Apple HomeKit market, targeting the burgeoning smart home sector projected to reach hundreds of billions in a few years. CEO James R. Thompson emphasized Applied MagiX's CEO Dr. Harald Zink's extensive experience and industry relationships as crucial factors for the acquisition. The company plans to establish product development and distribution channels for HomeKit-compatible devices under the Truly Convenient™ brand. They aim to offer premium products and explore AI technology opportunities to meet market demand effectively.
- Acquisition of Applied MagiX aligns SPYR with the growing smart home market.
- Dr. Zink's extensive experience with Apple products enhances company prospects.
- Initial product rollout expected to generate revenue and establish distribution channels.
- None.
NEW YORK, NY, March 03, 2021 (GLOBE NEWSWIRE) -- SPYR Technologies (OTC Pink: SPYR) and its wholly owned subsidiary, Applied MagiX, are meticulously following a roadmap they created for themselves to compete in the Apple® HomeKit® space. Last quarter, SPYR acquired Applied MagiX, a registered Apple developer, and reseller of Apple ecosystem compatible products, to join the growing multi-billion-dollar smart home market, a market expected by forecasters to balloon into the
When asked what sold him on acquiring Applied MagiX, SPYR’s Chief Executive Officer (CEO), James R. Thompson, said the company made the acquisition after a great deal of due diligence on the company’s future plans and the man at the helm of Applied MagiX, Dr. Harald Zink, its CEO and Founder. “In short, it was Dr. Zink’s experience and vision for Applied MagiX. He has product development, engineering, and marketing experience, and he brings his wealth of experience and relationships with him, which he intends to make the most of to assist SPYR in its endeavor.”
Thompson pointed to Dr. Zink’s long history with Apple products dating back to 1989 with his work on a real-time video digitizer card (Vision Plus Enhanced) for the Apple IIGS, and his relationships with Apple executives, which resulted in long-time collaborations with various manufacturers and developers, as well as Apple directly, over the past 25 years as reasons that Dr. Zink and his company, Applied MagiX, are ideal to help SPYR vie for its share of the smart home market.
So, with Dr. Zink and Applied MagiX now under the SPYR umbrella, what is the near and long-term plan to begin growing SPYR’s footprint in this market? According to both Jim Thompson and Dr. Zink, the companies have developed a multi-pronged approach to building, evolving, and growing Applied MagiX.
“We planned and budgeted for an initial period of establishing the basic infrastructure, performing competition research, conducting product research and sourcing. Acquiring our developer license, the Apple ‘MFi’ license (Made for iPhone, iPad, etc.), and establishing a presence in Hong Kong to facilitate our work with our development and production partners in China were all part of that.”
The initial basic roadmap will see Applied MagiX sourcing various accessory and convenience products that will fall under the company’s newly named, Truly Convenient™ sub-brand, including HomeKit products, to offer the public through the company’s online store.
While discussing the products that the company will be sourcing, Dr. Zink said, “These products will be vetted as the sort of products we want to use ourselves. These products will be USB chargers, automobile USB chargers, lightning, and USB-C cables, and will be part of our proprietary Truly Convenient sub-brand that we created specifically for this purpose. We are also aiming to provide some Apple CarPlay devices, which will be geared towards improving the smart interfaces in modern cars.”
This initial product rollout will generate revenue for the company, establish distribution channels, and test the company’s online store, which is part of this buildout phase that will see a reorganization of the company’s website to include an online shopping experience, a more comprehensive and active blog, along with a support and discussion forum for its customers and fellow Apple-product enthusiasts.
Dr. Zink, continuing to lay out the roadmap, said, “Our second phase involves releasing proprietary products under our own brand. Product development timelines push these products out to roughly 6 months after initial development begins, so these products should start to emerge this Fall.
“What I can say about our proprietary product line is that those products will be, almost exclusively, HomeKit-geared products. Our product line will be composed of items that we know are in demand, as well as those that provide conveniences. So, our product line will provide cameras that support HomeKit Secure Video, security devices to allow monitoring your home and alerting you to intrusions, as well as associated accessories for existing popular Smart Home products.”
It should be clear that Applied MagiX focuses on the Smart Home market, but specifically as it relates to Apple consumers (HomeKit users), which covers a wide range of smart devices that can connect to HomeKit. Users have lots of options, including door locks, lights, power plugs, cameras, thermostats, motion sensors, window shades, you name it, and the Home app on your Apple internet-connected devices can handle all of it in one place.
Dr. Zink says that the company focuses on the Apple HomeKit consumer market simply because most of the other market players are “in a sandbox that is hopelessly overpopulated with mostly sub-par products that offer little to no profit margin,” and it’s not a market that Applied MagiX is interested in.
“The Apple HomeKit consumer market offers great opportunities, not only because it is a market that appreciates premium products, but also because this market segment is still underserved. We see several items lacking in that market, which we hope to be able to serve.
“This leads to our product goals—developing Applied MagiX-branded products that don’t just fit the HomeKit space, but that provide a unique edge through unique features. While we are not interested in competing in the low-price space, we expect to offer some products that aim to provide a premium experience at a competitive price. Thus, instead of competing on lowest prices, we’d rather provide additional features, abilities or performance with our products.”
SPYR won’t stop at just the Apple HomeKit market either. The acquisition of Applied MagiX was merely the company’s first shot across the bow into the technology sector. And SPYR’s CEO says that his company has its eye to the future and on other technologies as well.
“Another area of the technology industry that is experiencing rapid growth has products for the home that have an AI or artificial intelligence component to them, as well as real-time locating systems (RTLS) for tracking personnel and assets, and wearable emergency alert systems, utilizing active Radio Frequency Identification (RFID) technology in commercial applications. While we lay the foundation for Applied MagiX and its initial sales, we are also exploring opportunities to bring in such products under the SPYR Technologies umbrella.”
Read SPYR Technologies’ press releases which outline its productive Q4 2020, its acquisition of Applied MagiX, the plan to move the company forward in 2021 and beyond, and the funding commitments the company has secured at https://www.nasdaq.com/market-activity/stocks/spyr/press-releases
About SPYR Technologies
SPYR Technologies is a technology company that, through its subsidiary, Applied MagiX Inc., develops and resells Apple® ecosystem compatible products with an emphasis on the growing multi-billion-dollar smart home market. SPYR continues to identify and target acquisitions that will grow its footprint in the industry and expand the products it offers consumers, including companies developing artificial intelligence and smart-technology products.
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