Applied Magix Inc., a subsidiary of SPYR Technologies (OTCMKTS:SPYR), that develops and resells Apple ecosystem compatible products in the thriving multibillion-dollar smart home and connected car markets, is contemplating the inclusion of MagixLux LED lighting line of HomeKit smart LED lighting products, to its HomeKit smart home merchandize.
Market Reaction
On Tuesday, SPYR stock slumped 22% to $0.0340 with more than 6.63 million shares, compared to its average volume of 924K shares. The stock moved within a range of $0.0302 – 0.0450 after opening trade at $0.0432.
Applied Magix CEO Dr. Harald Zink commented that “light bulbs” are a basic necessity that is taken for granted by most. People have become used to lights being turned on after they flip the switch, but not many consider that lighting can become much “smarter”. There are numerous LED lighting products in the market, some of which are of excellent quality. However, he is of the belief that their product line can be enhanced after offering HomeKit compliant LED lighting bulbs and atmosphere-enhancing LED light strips to complement the various HomeKit sensors they already sell.
Tim Matula, chief executive officer of SPYR Technologies, adds that it is their aim to offer products that can complement existing orders. He stated that Harald Zink and the team at Magix are on the lookout for the right manufacturer to build on their current roster of HomeKit compatible vendors. But then again, we might have to wait for quite a while, as these products are just in the consideration phase.
Key Quote
“The items that we mostly take for granted, and which have the most impact in our smart homes, are, quite simply, the light bulbs. Many people just assume that lights will turn on when they flip the light switch, but few consider how much smarter your lighting can be,” said Applied Magix CEO Dr. Harald Zink. “There are a number of good LED lightning products already on the market – many of which we recommend – but I felt that we can round out our product line by offering HomeKit compliant LED lighting bulbs and atmosphere-enhancing LED light strips to complement the various HomeKit sensors we are already offering.”
Traders Review
SPYR stock is trading below the 20-Day and 50-Day Moving averages of $0.0452 and $0.0419 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0510.
