Nortek Closes on Its Minority Stake in MiOS Limited and Announces First Technology Integration Launch
PROVIDENCE, RI--(Marketwired - May 11, 2016) - Nortek, Inc. (NASDAQ: NTK), a global diversified industrial company with leading brands and innovative air management and technology-driven solutions for residential and commercial applications, today announced that it closed on its 25% stake in MiOS Limited, a global technology company focused on developing and distributing advanced control and monitoring solutions for the home and small enterprise markets.
Underscoring the opportunities that Nortek's minority investment in MiOS creates for its solutions portfolio, Nortek's Core Brands business also announced that the MiOS VeraEdge is now available to ELAN® dealers on the Core Brands dealer portal.
The recent ELAN g! 7.3.5 software update adds VeraEdge support, enabling ELAN dealers to connect a VeraEdge to an ELAN network for integrated control of select third-party Z-Wave devices, including 2GIG® thermostats and Linear® lighting control devices from Nortek Security & Control. VeraEdge connects to ELAN via Ethernet or Wi-Fi and can be located in the optimal location in the home to communicate with the Z-Wave devices.
"This exemplifies the importance of Nortek's investment in MiOS Limited," said Core Brands President Joe Roberts, "and we look forward to collaborating further with MiOS and our Nortek sister companies as we grow our position in the connected home market and create innovative and meaningful solutions for our dealers and their customers. As we do this, we also plan to make more Nortek solutions available on our dealer portal."
Designed specifically for ELAN gSC and ELAN g1 controllers, the ELAN g! 7.3.5 software update also features ELAN HC controller to SC controller configuration migration, plus other third-party Z-wave device support and several performance enhancements.
"The integration with our ELAN Control Platform is just the first of several opportunities afforded to us by our investment in MiOS," said Nortek President and Chief Executive Officer Michael J. Clarke. "MiOS will work with several of our businesses to develop solutions for the connected home that leverage our brands and distribution strengths."
MiOS President, Lew Brown commented, "Nortek's investment affirms its belief and support for the bright future of MiOS. We look forward to working with Nortek and its market leading brands on strategies and solutions to drive growth for both of our companies."
Nortek is a global, diversified industrial company whose many market-leading brands deliver broad capabilities and a wide array of innovative, technology-driven products and solutions for lifestyle improvement at home and at work. The Company's broad array of offerings includes ventilation products such as range hoods and bathroom fans, security and audio/video solutions, heating and cooling products, air management systems, and ergonomic and productivity solutions. Please visit www.nortek.com for more information.
As used herein, the term "Nortek" refers to Nortek, Inc., together with its subsidiaries, unless the context indicates otherwise. This term is used for convenience only and is not intended as a precise description of any of the separate corporations, each of which manages its own affairs.
About Core Brands
Core Brands combines the product and marketing strengths of iconic and award-winning control, audio, power management, connectivity and video distribution brands including ELAN®, SpeakerCraft®, Gefen®, Niles®, Panamax®, Proficient®, Furman®, Sunfire® and Xantech® to deliver a portfolio of connected home and commercial solutions to its channel partners and end users. For further information, visitwww.corebrands.com.
ELAN®, by Core Brands, develops an award-winning line of smart home entertainment and control solutions distributed through select dealers in the United States, Canada, and countries worldwide. To learn more, visit www.elanhomesystems.com.
MiOS, Limited is a global software and hardware company represented in over 60 countries, and focused on developing and distributing advanced control and monitoring solutions for the home and small enterprise markets. Founded in 2008, MiOS has created the technology platform that bridges many different devices to produce hardware and software solutions for home control networks. Now in its fifth generation, the MiOS platform allows users to remotely control, monitor and automate their households and businesses with products that are currently available from any vendor. Technology developments such as MiOS are driving an exploding market for increased home security, greater energy-cost savings, global remote home management, and the growing "aging at home" population. For further information, visitwww.mios.com.
Safe Harbor Statement
This press release includes statements that constitute "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, words such as "anticipate," "believe," "could," "estimate," "expect," "feel," "intend," "may," "plan," "potential," "project," "seek," "should," "will," or "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are based on Nortek's current plans and expectations and involve risks and uncertainties, over which we have no control, that could cause actual future activities and results of operations to be materially different from those set forth in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Nortek undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, readers are urged to carefully review and consider the reports and filings of Nortek with the Securities and Exchange Commission including the description of "risk factors" set forth under Item 1A in our Annual Report on Form 10-K and any further disclosures the Company makes on related subjects in subsequent reports filed with the SEC.
Vice President, Strategy and Investor Relations