Home Director goes public, signs contracts

SSN Staff  - 
Tuesday, April 1, 2003

LIVERMORE, Calif. - Home automation company Home Director, which just recently became a public company, has just signed contracts with two developers to install home networking systems in developments in Northern and Southern California.

The new contracts come on the heels of the recent announcement of Home Director’s becoming a public company following a merger with Netword Inc.

New York-based Netword, which previously created a patented Internet keyword system, had decided earlier last year to redirect its corporate focus, which led to the merger with Home Director.

Under the terms of the merger, Netword acquired Home Director, with Home Director’s business becoming the new public company’s only business. The new public company will be known as Home Director Inc. and will be listed on the NASDAQ over-the-counter board.

After stockholders approved the merger in December, Netword’s outstanding stock underwent a reverse one-for-40 split, and as of press time, the stock was trading at $3.60 per share.

One of its new contracts involve Home Director signing an agreement with Summer-Hill Homes to install Home Director’s ControlPoint technology as part of a major redevelopment project in Palo Alto, Calif. The company also reached an agreement with Richmond American Homes for a Southern California housing development.