Intelligent Living (NASDAQ:ILAG) stock is heading higher on Tuesday after the company announced plans to develop home security devices.
According to a recent press release from the company, Intelligent Living will start developing home security devices that are combined with blockchain technology. Intelligent Living has brought in China Star Technology Development Limited to handle the development of the devices.
That agreement will see China Star take care of the technical product development work for Intelligent Living. However, Intelligent Living will “own all the rights for the new products, devices, applications and related intellectual property including the software used in the systems.”
Intelligent Living is expecting several new products to be a part of this agreement. Those expectations include smart locks, audio and video monitoring devices, climate control tech and more.
Today’s Announcement Follows Up on IPO Promises
Bong Lau, chairman and CEO of Intelligent Living, said the following about the news:
“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.”
Trading of ILAG stock is sitting at 2.8 million shares as of this writing. That’s well above the company’s daily average trading volume of about 334,000 shares. ILAG stock is also rising 37.9% in pre-market trading on Tuesday!
Investors can keep reading for more of the latest stock market news today!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
