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Signature Devices, Inc. Announces Financials for Q1 and Launches New Products Under Innovo
Signature Devices, Inc. Announces Financials for Q1 and Launches New Products Under Innovo.
About this update from Signature Devices Inc
[{"type":"text","content":"\n \n \n Signature Devices, Inc. Announces Financials for Q1 and Launches New Products Under Innovo\n \n \nSignature Devices, Inc. Announces Financials for Q1 and Launches New Products Under Innovo\n\nFirst Quarter 2017 Pro Forma Combined Revenue of $13,462\nFirst Quarter Net loss of $40,301\nLosses were driven by R&D for development of Next Gen All in-one product\n\n \n IRVINE, CA--(Marketwired - 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.\n 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. \n 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.\n \"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.\n 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. \n You can also follow the company on Twitter for small updates and announcements, https://twitter.com/SignatureDevice\n About Innovo\n 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...