Italy Innovazioni S.p.A. (EPA: MLITN) announces meetings with representatives of Third Reality, Inc. and Jiangsu Huitong Group Co., Ltd.
The meetings took place in Shanghai and Zhenjiang, in the People’s Republic of China, and had as their object the deepening of an interest initially shown by Third Reality, Inc. with respect to the possibility of exploiting Hide’s intellectual property for the US and Chinese markets. Hide is Italy Innovazioni’s smart recessed power outlet which retailed a million pieces in Europe and whose American version was successfully presented at the 2019 edition of the CES in Las Vegas.
Third Reality, Inc. is a Sino-American company that designs and manufactures home automation automation solutions with voice control for light bulbs and switches, also operating as ODM for Alexa Voice Service and Google Assistant; Jiangsu Huitong Group Co., Ltd. is a manufacturer and ODM for leading brands in the home electronics industry including Philips, Amazon, Sharp, Toshiba, Hitach, Telefónica, and is the manufacturing partner identified for technical capability, quality standards and industry experience.
The meeting between Third Reality and Hide took place following a presentation carried out by the Alexa Voice Service team of Amazon, which identified the Italian outlet as a natural completion for the completion and extension of the Third Reality product range in the field of smart home and voice control.
Giorgio Rende, CEO of Italy Innovazioni S.p.A., said: “We are confident that the Chinese and American markets can be central to the development of Hide; we welcome the interest of our partners and make ourselves available to make this opportunity a success.”
Xuezhang Dong, CEO of Third Reality, Inc., said: “The recessed power outlet with the integration of smart devices perfectly fulfills market demands such as design, innovation and functionality; combining our most advanced voice control technology with the application possibilities offered by a product like Hide opens up interesting scenarios that are worth investigating.”
The two companies Italy Innovazioni S.p.A. and Third Reality, Inc. have agreed to work on a roadmap with the aim of forming a joint-venture owned by both companies making common not only intellectual property assets, but also their respective technical skills and commercial know-how for the launch of Hide the USA and China, also in versions containing Third Reality’s Alexa technology. The roadmap will continue for 2019.