Home Director goes public, signs new contracts

SSN Staff  - 
Thursday, January 30, 2003

January 30, 2003

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

The company, based here, has reached an agreement with SummerHill Homes to install Home Director’s ControlPoint technology as part of a redevelopment project in Palo Alto, Calif. The ControlPoint system allows users to control their home systems, including security and audio and video systems, through a television set or over the internet.

Home Director has also reached an agreement with Richmond American Homes to install its systems in homes in The Ranch at Tesoro del Valle, a Southern California housing development.

Home Director President Robert Wise said Home Director’s systems make homes more attractive to potential buyers.

“ (The technology) allows homeowners to seamlessly control their homes and have access to digital music and photographs over the web,” he said. “These applications give builders new ways to differentiate their homes in a competitive marketplace.”

The new contracts come on the heels of last month’s announcement of Home Director’s merger with Netword, Inc.

New York-based Netword, which had 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 $5.60 per share.