VANCOUVER, British Columbia, Sept. 13, 2006 (PRIMEZONE) -- MCM Integrated Technologies, Ltd. announced today that the Company has entered into a letter of intent to be acquired by Elgrande International (OTCBB:EGDI).
Established in 1994, MCM Integrated Technologies, Ltd. ("MCM") is a provider of home automation equipment and installations in condominiums, homes and commercial offices. The company also wholesales home automation equipment and computer peripherals to third-party installers and also provides custom IT solutions to end users. MCM currently operates in the southwest U.S. (Phoenix) and British Columbia markets (www.intelligent-living.us) (www.intelligent-living.ca).
Home automation integrates and provides seamless control of security, electrical and electronic components including security sensors and cameras, smoke detectors, lights, garage door openers, appliances, HVAC and home electronics. The system can also integrate, automate and extend the functionality of existing home security systems comprised of alarms, motion sensors and security cameras. The flexibility, control and added security that home automation brings to the homeowner makes it very appealing to all types of people from single to married, middle aged to seniors.
Home automation is at the early stage of development and adoption, competition is limited, innovation is occurring rapidly and distributor/importer relationships can be established. According to research from ABI, the U.S. home automation market is a $1.5 billion business right now. The market is expected to continue to grow; builders are already moving in this direction and the prognosis is that the market could more than double by 2008. Nearly 50 percent of the new homes sold in the U.S. last year had "structured wiring" included in the design.
Michael Holloran, Chairman and CEO of Elgrande International, commented, "MCM represents a tremendous opportunity for us to establish a strong foothold in the home automation business. We believe that the home automation market is still in its infancy stages. A growing number of homebuyers and homeowners are requesting home automation to be hardwired in their homes both in new construction and renovations. MCM already has several new construction projects including single-family homes and large-scale condominium and town home projects committed for 2007." Safe Harbor Provision
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include: "The market is expected to continue to grow, builders are already moving in this direction and the prognosis is that the market could more than double by 2008," and; "MCM represents a tremendous opportunity for us to establish a strong foothold in the home automation business," and are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements. Risk factors include, inability to complete intended acquisitions, lack of inventory financing, uncertainty concerning market acceptance of its products and services, competition and other risk factors as outlined in the Company's SEC filings.