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Signature Devices, Inc. and Innovo Technology announce strong financial results for Q2 2017
Signature Devices, Inc. and Innovo Technology announce strong financial results for Q2 2017.
About this update from Signature Devices Inc
[{"type":"text","content":"\n \n \n Signature Devices, Inc. and Innovo Technology announce strong financial results for Q2 2017\n \n \nSignature Devices, Inc. and Innovo Technology announce strong financial results for Q2 2017\n\nCombined Revenue grows to 128% over Q1 to $30,698 for Innovo and Graffiti\n\n \n IRVINE, CA--(Marketwired - Aug 16, 2017) - Signature Devices, Inc. (OTC PINK: SDVI) today announced revenue for Q2 2017 for all of its subsidiaries including Graffiti Entertainment and Innovo Technologies.\n \n \n Second Quarter net revenue of $16,077 vs net loss of $40,301 for the first quarter of 2017\n \n \n The primary driver for revenue growth is the brisk sales of Innovo Technologies media server, Morpheus. All sales of Morpheus servers and players are currently primarily through distributors and their dealer networks in Australia, Europe, Asia, and the Middle East.\n Since late 2016 and through the first part of 2017, the company focused a significant portion of its R&D investment on developing the Morpheus One, an all-in-one unit. This device combines the server and player into one unit that is half the physical size of the existing player. The objective is to expand the current offering to the pro consumer and dealer markets with a simple setup at a fraction of the cost of the Morpheus Pro system. The new product went into production in Q2 of 2017 and is now available for shipment internationally. A U.S. version will be available for purchase during the CEDIA trade show where the company will be showcasing its product lineup.\n \"Our market research and dealer network showed a great appetite for a server-player combo. After a tireless R&D effort not only did we deliver the product, but we delivered it at half the physical size and at a fraction of the cost,\" said Inas Azzam, President of Innovo. \"The management team believed that we should make the investment in order to bring this product to market in the U.S. and internationally,\" he continued. \"We now have a very well designed entry product that dealers feel excited about selling to their customers. The Morpheus One is not only selling at a fraction of the price of our earlier professional line prices but also at an extremely competitive price point compared to our leading competitor's prices, while at the same time offering better desig...