SpaceAge Concepts (India) Ltd. is a Joint Venture Company established in India in 1995 pursuant to the signing of Technical/Financial Collabortion Agreement with SpaceAge of California, U. S. A. The SpaceAge Group of Companies have been in the Hi-Tech field for the last twenty five years. Their financial headquarters are in Switzerland.
Under this Agreement the Touch Control Technology developed and Patented by SpaceAge, California, is now made available to the Indian Company for marketing products in India and other neighboring Countries.
The Technology developed is protected by US and International Patent Applications. This Patent and the Technology is further protected in India under a Patent Pending status. The Indian Patent is expected to be issued shortly.
The Smart Controllers TM developed using this proprietary Technology impart Intelligence to numerous Appliances viz. Fans, Lamps, Mixers, Toasters, Electric Irons, Ovens, etc.
The Intelligent Appliances & Smart Controllers TM produced using this Technology have undergone extensive Testing in our Laboratories in India and USA throughout 1994.
The Product Range of the Company covers a whole line of:
1. Decorative Lamps & Fans; 2. Intelligent Electronic Appliances; 3. Intelligent & Programmable Designer Wall Switches; and 4. Aftermarket Adaptors.
SpaceAge Concepts (India) Ltd. is expected to enter the Capital Markets by end 1996 with a Public Issue of Rs. 25.0 Crores to pursue this new line of Business. The Company is presently offering Shares, from the Promoters Quota, at Rs.18/- each, (subject to availability), on a Private Placement Basis with a buy back guarantee at Rs.27/- each.
The Project has gone ahead as per schedule and the Products have been launched in the Indian Market in the last quarter of 1995.
The Company has secured a major institutional Order from a 100 room Hotel Project at Juhu in Bombay for its full line of Electronic Appliances and Wall Switches. The installation is right now going on and the Hotel is scheduled to be inagurated by April 1996. A few Model Rooms for demonstration to our other "Five Star" Hotel customers like Taj, Oberoi, Leela etc. are already ready.
The Company's Energy Efficient Eco-friendly Electronic Fans and Table Lamps have also entered the Bombay market last year.
The Company has received a good response from three major Fan Manufacturer's viz. Khaitan, Usha and Bajaj for its line of Smart Controllers. and the same are presently undergoing final Testing and Evaluation.
The Company has entered into negotiations with a major Switch manufacturer in India for supply of its full line of Electrical Switches under a Private Label arrangement.
The Company will shortly introduce a whole line of Intelligent Mixers, Grinders, Electric Irons, Toasters, Ovens, etc.
The Company has begun finalising the appointment of Dealers and Distributors all over India. The Market response is very enthusiatic to both the line of Wall Swtiches and Appliances.
The Company’s range of fully Automatic Speed Control Intelligent Fans, the first of its kind in the World, have received a tremendous response from Consumers and Dealers at the Mega Show that was held in Bombay a few weeks back.
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