Chairman of Intelligent Dwelling Application Team Challenges New Year’s Open Letter to Shareholders

HONG KONG, Jan. 3, 2023 /PRNewswire/ — Intelligent Residing Software Group Inc. (Nasdaq: ILAG) (“Clever Residing” or the “Business”), a high quality lockset producer in Hong Kong, introduced nowadays,  the subsequent open letter to its shareholders from Chairman and Chief Government Officer Mr. Bong Lau.

To Our Valued Shareholders:

First and foremost, we would like to express our gratitude to all of our shareholders for their ongoing guidance of Smart Residing. The management team at the Firm endeavour to converse crucial Corporation occasions and actions, and we welcome this option to share our ideas and insights as to the calendar year past and our ideas going ahead.

The calendar year 2022 marked the starting of a new chapter for Clever Residing as we done our preliminary public featuring (IPO) in July 2022. Our standard shares are now listed on the Nasdaq Funds Industry underneath the ticker symbol “ILAG”. The gross proceeds from the IPO ended up around $20.24 million, the net proceeds of which will be applied to broaden our enterprise functions and improve our functioning efficiencies.

Our revenues from the income of door locksets was about $7.3 million for the 6 months finished June 30, 2022, an improve of close to $2.1 million or 41.4% as as opposed to the same period of 2021. This was predominantly thanks to an enhance in the quantity of products offered and an improved profits value for the 6 month period ending June 30, 2022 as when compared to the same interval of 2021. Our gross margin was 14.4% for the 6 months finished June 30, 2022, an enhance from gross financial gain of 3.8% for the similar time period in 2021. This was a result of measures taken by the Enterprise to decreased the value of merchandise bought throughout the period. We believe that we can additional improve our gross margin and minimize our net loss as we (i) negotiate for quantity rebates that would minimize our charge of uncooked components, and (ii) enhance our product blend to emphasis our advertising and marketing efforts on our increased margin products.

Next the the latest announcement of an easing in  control steps for COVID-19 by Mainland China and Hong Kong governments, we feel that a greater sourcing of uncooked materials, provide chain and a increased availability of staff will strengthen the output of our finished goods.

All through October 2022, as element of our efforts to management our running cost and enhance the excellent of our locksets, we obtained an electro-plating manufacturing line.  We imagine that this acquisition will also assist us to improve our present production line and improve our potential to comply with stricter environmental protection regulations and regulations in China. In addition, we plan to speed up our prepare to build good property merchandise and are discovering the improvement of products and solutions that enhance our know-how in the style and output of economical large-excellent locksets.

We are also committed to increasing our footprint into new dwelling protection marketplaces. We have now conducted company visits to North America to bolster our romantic relationship with current clients and to establish new distributors and volume potential buyers for our items. Our prepare is to identify and penetrate marketplaces that are a great in shape for our merchandise which include, but not constrained to, North The us, Southeast Asia and Australia.

On behalf of our focused management workforce and employees, I would like to thank you for your have faith in and support about this past year. We are energized by our business enterprise prospective buyers in 2023 and search ahead to your ongoing support!

Sincerely,

Mr. Bong Lau

Chairman and Chief Government Officer

About Intelligent Residing Software Group Inc.

Clever Living Software Group Inc. (“ILAG”)is a high quality lockset producer in Hong Kong. It manufactures and sells superior good quality mechanical locksets to clients mainly in the United States and Canada and has continued to diversify and refine its merchandise offerings in the earlier 40 decades to meet its customers’ requirements. ILAG has attained the ISO9001 top quality assurance certification and many accredited top quality and safety certificates like American Nationwide Standards Institute (ANSI) Grade 2 and Grade 3 expectations that are made by the Builders Components Manufacturing Affiliation (BHMA) for ANSI. ILAG keeps investing in self-made automated solution lines, new craftsmanship and creating new products and solutions which include intelligent locks. For extra information and facts, go to the Company’s site at http://www.i-l-a-g.com/.

Forward-On the lookout Statements

Particular statements in this announcement are forward-wanting statements. These forward-searching statements involve recognized and unidentified pitfalls and uncertainties and are centered on the Firm’s present expectations and projections about potential events that the Company thinks may perhaps impact its financial affliction, effects of functions, small business strategy and monetary demands. Buyers can discover these forward-wanting statements by terms or phrases this kind of as “may well,” “will,” “anticipate,” “foresee,” “purpose,” “estimate,” “intend,” “strategy,” “feel,” “is/are likely to,” “probable,” “continue on” or other related expressions. The Business undertakes no obligation to update or revise publicly any forward-wanting statements to mirror subsequent transpiring gatherings or instances, or changes in its expectations, other than as may be essential by law. Whilst the Firm believes that the anticipations expressed in these forward-searching statements are reasonable, it are not able to assure you that this kind of expectations will flip out to be suitable, and the Business cautions investors that precise outcomes could vary materially from the expected benefits and encourages buyers to evaluation other variables that may possibly have an affect on its long run effects in the Firm’s registration statement and other filings with the SEC, which are available for evaluation at www.sec.gov.

Cision

View unique content material:https://www.prnewswire.com/information-releases/chairman-of-smart-dwelling-application-team-challenges-new-several years-open-letter-to-shareholders-301712413.html

Source Intelligent Residing Application Team, Inc.

iwano@_84

iwano@_84

Leave a Reply