SmartRent, Inc 8-K, filed Aug 8, 2023
SmartRent, Inc. (SMRT)
About this 8-K
SmartRent, Inc filed this 8-K on August 8, 2023, reporting on events of August 3, 2023.
Items reported
- Item 1.01: Entered into a material agreement
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01. Entry into a Material Definitive Agreement.
On August 3, 2023, SmartRent Technologies, Inc. (the “Company”) entered into a Product Sales Agreement (the “Agreement”) with Ademco Inc., doing business as ADI Global Distribution (“ADI”), pursuant to which, ADI will serve as the Company’s non-exclusive hardware fulfillment partner throughout the United States, Canada and Puerto Rico. Under the Agreement, ADI will (i) purchase certain inventory from the Company and sell such inventory back to the Company; (ii) sell exclusive and/or branded product lines to the Company; and (iii) sell select other third-party products to the Company, to distribute to the Company’s customers.
The Agreement is for an initial term of three (3) years (the “Initial Term”), with automatic renewals for additional one-year periods (each, a “Renewal Term”) unless either party gives written notice of its intention not to renew at least sixty (60) days before the end of the Initial Term or any Renewal Term. The Agreement provides customary termination rights in the event of an uncured material breach of the Agreement by either of the parties, or the bankruptcy or insolvency of either of the parties.
The foregoing description of the terms of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is attached to this Current Report on Form 8-K (this “Report”) as Exhibit 10.1.
Item 7.01. Regulation FD Disclosure.
On August 8, 2023, the Company issued a press release announcing its entry into the Agreement. A copy of the press release is furnished as Exhibit 99.1 to this Report.
The information set forth in Item 7.01 of this Report, including the accompanying Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
Description |
10.1† |
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99.1 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
† Certain portions of the exhibit have been omitted in accordance with Item 601(b)(10)(iv) of Regulation S-K. The Company agrees to furnish on a supplemental basis an unredacted copy of the exhibit and its materiality and privacy or confidentiality analyses to the Securities and Exchange Commission upon its request.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 8, 2023
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SMARTRENT, INC. |
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By: |
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/s/ Lucas Haldeman |
Name: |
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Lucas Haldeman |
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Chief Executive Officer
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Exhibit 10.1
CERTAIN INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.
ADI PRODUCT SALES AGREEMENT
This PRODUCT SALES AGREEMENT (this “Agreement”), dated as of August 3, 2023 (the “Effective Date”) is made by and between Ademco Inc., doing business as ADI Global Distribution (“ADI”), a Delaware corporation with an office at 275 Broadhollow Road, Melville, NY 11747 and SmartRent Technologies, Inc., (“Buyer”) a Delaware corporation, with an office at 8665 E. Hartford Drive, Scottsdale, AZ 85255.
RECITALS
WHEREAS ADI and Buyer desire to enter into a non-exclusive purchasing agreement under which Buyer will purchase from ADI and ADI will sell certain products to Buyer, which products shall include Resideo Brand, ADI Exclusive Brand, Buyer Exclusive Brand, and third-party products ("Products") in the United States, Canada and Puerto Rico ("the Territory");
WHEREAS the purchase and sale of Products shall be in accordance with the terms of this Agreement as negotiated between the parties;
NOW, THEREFORE, in consideration of the mutual covenants and promises set forth below, the parties agree as follows:
AGREEMENT
1.0 TERM OF AGREEMENT
The term of this Agreement will begin on the Effective Date and remain in effect for 3 years (the "Initial Term"). The Agreement will automatically renew for additional one-year periods each (each, a “Renewal Term”, and together with the Initial Term, the “Term”), unless either party gives written notice to the other of its intention not to renew at least sixty (60) days before the end of the initial Term or any Renewal Term.
2.0 PRODUCT PURCHASES
During the Term, ADI will sell Buyer the Product, as set forth in a purchase order submitted by Buyer and accepted by ADI (each, a “Purchase Order”). Except as specified in this Agreement and applicable Purchase Order(s), this Agreement does not specify a quantity of Products to be purchased by Buyer, does not obligate Buyer to purchase any Products nor ADI to sell any Products, and is not an exclusive purchasing arrangement for either party.
All sales of Products by ADI and all Purchase Orders shall be subject to this Agreement. The terms of this Agreement may differ from those affixed to Buyer's purchase order or other documents, or to ADI’s purchase order confirmations, shipping releases or other documents, and if so, in the event of any conflict between any additional terms or terms conflicting with this Agreement, the terms of this Agreement shall govern. Buyer submission of any purchase order and ADI's acceptance of Buyer's purchase order is expressly conditioned upon the parties’ mutual acceptance of the terms in this Agreement, which shall be established by each party's execution of this Agreement. Either party’s failure to object to provisions contained in any communication from the other shall not be deemed a waiver of any rights a party has under this Agreement. Any modifications to this Agreement must specifically be agreed to in writing and signed by an authorized representative of both parties.
Exhibit 10.1
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Exhibit 10.1
3.0. SHIPMENT/DELIVERY
[***]
4.0. FORCE MAJEURE
Neither party shall be responsible for any delay or failure to perform under this Agreement to the extent due to circumstances outside the reasonable control of the affected party and not attributable to such party’s failure to take industry standard or commercially reasonable precautions, including without limitation, fires, labor troubles of any kind, accidents, breakdown of machinery, government acts of any kind, shortages of raw materials or supply chain issues that prevent manufacturers or suppliers from providing products or services, epidemics, pandemics, transportation impossibilities, acts of God, or any other condition which is reasonably beyond the affected party’s control (“Force Majeure Event”). Provided that the affected party has given the other party prompt notice upon becoming aware of the Force Majeure Event, the affected party shall have such additional time within which to fulfill its obligations hereunder as may be reasonably necessary under the circumstances. In the event that ADI experiences a Force Majeure Event, ADI may apportion its inventory among its customers in a reasonable and equitable manner or deliver the Products in installments. The foregoing shall not excuse a party's obligations to make payments for services already rendered or Product already delivered under the Agreement, or [***].
3
Exhibit 10.1
5.0. LIMITED WARRANTY AND LIMITATIONS.
Products distributed by ADI, [***], are warranted by the third-party manufacturer or, pursuant to the terms of the warranty included in the packaging for ADI Exclusive Brand Product and Buyer Exclusive Brand Product, for a period as defined by the third-party manufacturer or in such documentation included with such Products. ADI assigns to the Buyer those warranties, and only those warranties, extended by such third-party manufacturers or vendors for non-ADI branded products, and for ADI manufactured products, provides only those warranties included in the packaging. ADI does not itself warrant any Products other than those it manufactures (and then solely pursuant to the terms and subject to the limitations set forth in the documentation included with such Products) and sells all other Products only on an as-is basis, subject to the third-party manufacturer warranty.
THERE ARE NO REPRESENTATIONS, WARRANTIES, OR CONDITIONS, EXPRESS OR IMPLIED, BY EITHER PARTY, OF MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE (INCLUDING INTELLECTUAL PROPERTY WARRANTIES), WHICH EXTEND BEYOND THE REPRSENTATIONS AND WARRANTIES PROVIDED BY THE THIRD-PARTY MANUFACTURER OR THAT WHICH IS CONTAINED WITHIN THIS AGREEMENT. [***]
6.0. INDEMNIFICATION AND LIMITATION ON LIABILITY
6.1 Buyer Indemnification of ADI. Buyer agrees to use commercially reasonable efforts to limit liability to Buyer’s direct customers to the fullest extent permitted by law. Buyer acknowledges that ADI shall only be deemed to give consumers of its Products such statutory warranties as may be required by law and at no time shall Buyer represent to its customers and/or users of ADI’s Products that ADI provides any additional warranties (except as may be specifically provided herein with respect to Products manufactured by ADI). Buyer agrees to indemnify and hold ADI harmless against and defend ADI from, any and all third party claims, losses, damages, costs and expenses (including reasonable attorney's fees) resulting from any claim by any third party to the extent caused by Buyer's or its customers' installation or use of the Products or the Product specifications included in the Product packaging, or claims related to Buyer’s software integrated with the Products.
6.2 [***]
6.3 Limitation of Liability. [***]
7.0 PARTY TRADEMARKS
Each party shall only use the other party’s marks, service marks, logos, branding, or trademarks (collectively “Trademarks”) in the specific form and manner provided by the owning party to the using party and in strict conformity and compliance with any guidelines provided by the owning party solely for the purpose of marketing, promoting, distributing, and supplying the Products and the services provided by Buyer to Buyer’s customers. Neither party shall utilize any of the other party’s Trademarks for any unauthorized purpose including, but not limited to, using any of the other party’s Trademarks as part of a corporate, business, or trading name, and shall not attempt to register or own in any country any of the other party’s Trademarks, any domain name
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Exhibit 10.1
incorporating in whole or in part any of the other party’s Trademarks or any name, trade name, domain name, keyword, mark or social or business networking/media account or identification name confusingly similar to any of the other party’s Trademarks. Each party recognizes the validity of the other party’s intellectual property and acknowledges that the same are the property of the other party, and that no right, title or interest in each other’s intellectual property will be transferred to the other party under these terms and conditions. Either party may revoke the other party’s right to use the owning party’s Trademarks at any time and in its sole and absolute discretion. With respect to the Product that bears Buyer’s Trademarks, Buyer hereby grants to ADI during the Term, a limited, revocable, non-assignable, non-transferrable, non-sublicensable license to use Buyer’s Trademarks solely to the extent necessary to perform under this Agreement and for no other purpose. Under no circumstance shall ADI sell, transport, or distribute Product bearing Buyer’s Trademarks except as set forth in this Agreement and, in each instance, ADI’s use of Buyer’s Trademarks inure to the exclusive benefit of Buyer. ADI shall not modify, remove, cover or copy Buyer’s Trademarks, including on any packaging or labeling referring thereto, without Buyer’s express written consent.
8.0 CONFIDENTIAL INFORMATION AND DATA USE RIGHTS.
“Confidential Information” shall mean any non-public information of a party, including without limitation proprietary technology, trade secrets, know-how, methods of operations, marketing data and sales programs, market studies and trends, financial information, pricing policies, vendor and customer lists, buying patterns, point of sales reports and other information relating to the business, products, purchases or sales of a party or any of its suppliers, affiliates, or customers. Each party acknowledges and agrees that the other party, as the recipient, may use its Confidential Information, as the discloser, to perform the recipient’s obligations under this Agreement and may disclose such information to persons on a need-to-know basis to perform such obligations, provided such persons are bound by written confidentiality restrictions no less stringent than those contained herein. In compliance with applicable data protection laws and regulations, the parties may use data collected by the other party in relation to use, operation or performance of Products, in an aggregated or anonymized form for any lawful purpose in relation to marketing or sales support or other analytics.
9.0. RETURNS FOR UNOPENED PRODUCT
Return for Credit Unused Product. At its option, ADI may accept as a return for credit, any unused Product in its unopened original package and in a condition that could be sold as new, provided that the Product was purchased from ADI no more than [***] days prior to the date of return, with proof of purchase. ADI may accept Product in opened packaging at ADI’s discretion. Buyer shall be responsible for any freight on returns, and returns and Product must be unopened and must include all original instructions and packaging within the original box. For non-returnable items, no return privileges apply.
10.0. DEFECTIVE PRODUCT REPLACEMENT POLICY
10.1 Bad out of box.
Solely as a convenience to Buyer, any Product that is initially defective (bad-out-of-box) may be exchanged for a new Product at no charge to Buyer in accordance with the manufacturer's policy that is being passed along to Buyer by ADI or, at ADI’s option, be returned for credit in accordance with the manufacturer's policy. Manufacturers' policies may vary. Buyer must provide a copy of the invoice number for the Product being returned. ADI may, at Buyer's cost for freight, take the Product and send it to the manufacturer. If the manufacturer determines that the Product is not initially defective (bad-out-of-box) or not otherwise new or its inability to function properly is a
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Exhibit 10.1
result of user damage or abuse, Buyer shall pay ADI all reasonable and applicable charges relating to the Product as well as the replacement Product previously given or, if applicable, have any credit given to Buyer reversed.
10.2 Product for repair.
As a convenience to and on behalf of Buyer, and unless direct shipment by Buyer is required by the manufacturer, ADI shall ship Products for warranty or other service to the appropriate manufacturer in which event any repair, shipping or handling costs will be passed on to Buyer.
11.0. TAXES
Prices do not include any municipal, state, provincial or federal sales, use, excise, value added or similar taxes. Consequently, in addition to prices specified, the amount of any present or future tax that may be imposed shall be paid by Buyer, or in lieu thereof, Buyer will provide ADI with a tax exemption certificate acceptable to the taxing authorities.
12.0. C.O.D. PURCHASES; PURCHASES ON CREDIT; SECURITY INTERESTS
All freight charges shall be for Buyer's account on C.O.D. purchases whether Products are accepted or not. With respect to purchases by Buyer on credit, ADI reserves the right at any time to revoke any credit extended to Buyer because of Buyer's failure to pay for any Products when due, and in such event all subsequent shipments shall be paid for on delivery. If an undisputed invoice is not paid when due, Buyer agrees to pay all costs of the collection including agency and legal fees, whether incurred in or out of court, on appeal, in arbitration, in bankruptcy court, or in any insolvency proceedings. Notwithstanding the foregoing, Buyer reserves the right to withhold payment, without penalty, of any portion of any invoice with respect to which Buyer has a good faith dispute.
13.0. PAYMENT TERMS; INTEREST ON PAST DUE ACCOUNTS.
All undisputed invoices shall be due and payable within [***]following the date on the invoice. Interest at the maximum legal rate or [***]per month, or the maximum amount permitted to be charged by law, whichever is less, will be charged on overdue accounts not subject to a good faith dispute. If Buyer fails to pay the an undisputed invoice based on the agreed upon timelines, ADI shall provide Buyer written notice of the failure and provide ten (10) days for Buyer to cure the failure. Upon the failure to pay this invoice in full after notice and cure period, the due date of any other open invoices to Buyer shall be automatically accelerated, and they shall become immediately due and payable and bear interest at the rate set forth above as of the date of acceleration. All payments shall be made via ACH/wire transfer.
14.0. TERMINATION
14.1 Termination For Breach. In the event that either party materially breaches this Agreement, and said party fails to cure the breach within thirty (30) days of the receipt of written notice (as set forth herein) from the other party that said party is in breach, the non-breaching party may, by written notice to the breaching party, terminate this Agreement immediately for cause, without limiting any other remedies except as may be limited by this Agreement. In the event of such termination based on Buyer’s breach, ADI shall have the option to either: 1) cease supplying Products to Buyer under any open purchase order(s), or 2) continue to supply all such Products and Buyer shall be liable to pay ADI for any such Products supplied in accordance with the terms of this Agreement. In the event of such termination by Buyer based on ADI’s breach, Buyer shall have the right to terminate all or some of the active Purchase Orders (in Buyer’s discretion) and shall be entitled to a refund for any terminated Purchase Orders that Buyer may have paid for but that have not been shipped (in Buyer’s discretion), except the foregoing shall not apply with respect to [***] or inventory under Section 2.4(B).)
6
Exhibit 10.1
14.2 Termination Upon Bankruptcy, Insolvency, Etc. Either party may immediately terminate this Agreement and any purchase order(s) hereunder upon written notice to the other party, without the necessity of prior notice and opportunity to cure, and without monetary penalty, in the event that: (a) the other party enters voluntary or involuntary bankruptcy or insolvency; (b) the other party makes an assignment for the benefit of creditors; (c) a petition is filed against the other party under a bankruptcy law, or any other law for relief of debtors, or other law similar in purpose or effect, the effect of which is to cause the other party to have its business discontinued; or (d) the other party breaches its obligations under the U.S. export control laws and regulations, including any such laws and regulations of the U.S. Department of Commerce, U.S. Department of State or the U.S. Department of the Treasury, and is placed on any debarred list for violation of these U.S. export control laws and regulations.
14.3 Survival. Notwithstanding any termination or expiration of this Agreement, those provisions which by their very nature are intended to survive the termination or expiration of this Agreement shall so survive such termination or expiration, including without limitation Section 5, 6, 8, 13 and 17 through 22.
15.0. WAIVER
No waiver by either party of any of the terms set forth in this Agreement shall be deemed to constitute a waiver of any other terms or a waiver of the same or any other provision with regard to portions of this transaction or future transactions.
16.0. ERROR
Stenographic and clerical error and omissions in the invoice or Purchase Orders are subject to correction.
17.0. NOTICES
Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon receipt by the other party, when delivered by certified or registered mail, return receipt requested, by commercial overnight delivery service, by personal delivery to the address, or email with acknowledged receipt by such party as set forth below:
To ADI:
ADI Global Distribution
275 Old Country Road
Melville, NY 11746
Attn: Deirdre Hill, General Counsel
Email: legalnotices@resideo.com
With copy to: deirdre.hill@resideo.com and
Allie Copeland: alicia.copeland@adiglobal.com
To Buyer:
SmartRent Technologies, Inc.
8665 E. Hartford Dr., Suite 200
Scottsdale, Arizona 85255
Attn: Legal Department (Kristen Lee, General Counsel)
Email: legal@smartrent.com
With copy to: kristen.lee@smartrent.com
18.0. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware , without regard to the conflicts of laws provisions thereof. The parties
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Exhibit 10.1
hereby submit to the exclusive jurisdiction of the federal and state courts located in Delaware, and any action or suit under this Agreement shall only be brought by the parties in any federal or state court in Dover County, Delaware, with appropriate jurisdiction over the subject matter. The United Nations Convention for the International Sale of Goods is expressly disclaimed.
19.0. COMPLIANCE WITH LAWS
Each party agrees that in performing under this Agreement, they will comply with all applicable laws, rules, and regulations of governmental authority relating to the Products and services sold and performed under this Agreement, including the export control laws and regulations of the U.S. Departments of Commerce, State and the Treasury. Each party agrees that it and its employees, agents and representatives have not made or received, and will not make or receive, directly or indirectly, any payments, loans, gifts, favors or other special consideration or form of compensation (a) to or from the other party or its employees, agents or representatives, other than payments set forth in this Agreement; or (b) to or from any third party for the purpose of influencing the performance by a party of its respective duties hereunder. Each party warrants it has and will comply with the U.S. Foreign Corrupt Practices Act, UK Bribery Act, EU and similar anti-bribery legislation or requirements. A breach of this provision will be deemed a material breach of this Agreement and grounds for termination of this Agreement.
Each party will comply with all safety and environmental practices required by law and those customarily followed for the type of business and services to be provided and performed by a party under this Agreement.
20.0. ASSIGNMENT
This Agreement shall not be assigned by either party in whole or in part, without the prior written consent of the other party, which consent will not be unreasonably withheld, conditioned or delayed; provided that either party may assign this Agreement, in whole or in part, without the other party’s consent, in connection with a merger, sale or acquisition of all or substantially all of the business of such party or to an affiliate of such party.
21.0. INSURANCE
During the entire term of the Agreement, ADI shall maintain the following insurance coverage at its own expense: (a) commercial general liability insurance including contractual liability and completed operations insurance with a combined single limit of no less than [***] per occurrence and [***] in the aggregate and (b) excess liability in the amount of no less than [***]. Upon request by Buyer, ADI shall provide to Buyer a Memorandum of Insurance evidencing the foregoing insurance coverages. ADI shall endeavor to provide written notice to Buyer at least thirty (30) days prior to a material change or cancellation of its policies.
22.0 ENTIRE AGREEMENT; COUNTERPARTS
This Agreement and the Purchase Orders constitute the entire agreement between the parties with respect to the subject matter hereof and supersedes any prior representations or agreements, oral or written, and all other communications between the parties relating to the subject matter hereof. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.
[Signatures on following page]
8
Exhibit 10.1
IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the Effective Date.
Ademco Inc., doing business as ADI Global Distribution
By: ________________________________
Print Name: _________________________
Title: ______________________________
Date: ______________________________
SmartRent Technologies, Inc.
By: ________________________________
Print Name: __________________________
Title: _______________________________
Date: _______________________________
9
Exhibit 99.1
SmartRent Selects ADI Global Distribution as Preferred Distribution Partner
Global distributor's geographic footprint and strong distribution channels will help improve smart technology leader’s cash position and lower inventory levels
SCOTTSDALE, Ariz. – Aug. 8, 2023 – SmartRent, Inc. (NYSE: SMRT) (“SmartRent” or the “Company”), a leading provider of smart home and property operations solutions for the rental housing industry, has entered into an agreement with ADI Global Distribution, a Resideo Technologies, Inc. company, to serve as its preferred distribution partner.
A leading distributor of security, AV and low-voltage products, ADI's expansive network allows for efficient and timely order fulfillment for SmartRent’s 500+ rental housing customers, fortifying the Company’s inventory and distribution activities, and enabling it to streamline inventory management and enhance product availability.
“Demand for our solutions remains robust, and it’s imperative that we are able to meet the needs of our customers while continuing to prioritize the innovation and product enhancements that keep us at the forefront of the industry,” said SmartRent CEO Lucas Haldeman. “ADI is one of the most trusted names in the space, and we are proud to partner with them to meet our fulfillment needs and exceed customer expectations. This expanded relationship with ADI strengthens our overall partnership with Resideo.”
ADI was selected for its best-in-class operations, extensive product portfolio and local inventory availability. ADI has been supplying SmartRent with more than 100,000 Resideo thermostats per year, and this agreement will expand across the full product offering. In addition to prompt order fulfillment, the multiyear agreement provides SmartRent with needed hardware on demand while reducing its cash investment in inventory. Over time, SmartRent anticipates the decrease in on hand inventory will increase its cash balances.
"ADI is committed to serving as the indispensable partner of choice for our customers," said Rob Aarnes, President of ADI Global Distribution. "We're excited to expand upon our relationship with SmartRent to help them navigate their product needs and drive toward long-term business goals, while also resulting in incremental revenue growth for ADI."
To learn more about SmartRent, visit smartrent.com.
About SmartRent
Founded in 2017, SmartRent, Inc. (NYSE: SMRT) is a leading provider of smart home and smart property solutions for the rental housing industry. The company’s unmatched platform, comprised of smart hardware and cloud-based SaaS solutions, gives operators seamless visibility and control over real estate assets, empowering them to simplify operations, automate workflows, benefit from additional revenue opportunities and deliver exceptional site team and resident experiences. SmartRent serves 15 of the top 20 multifamily owners and operators, and its solutions enable millions of users to live smarter every day. For more information, please visit www.smartrent.com.
About ADI
ADI Global Distribution, a Resideo company, is a leading distributor of security, AV and low-voltage products serving more than 100,000 customers across North America, Europe, Middle East, and Africa. Leading pros rely on ADI for our wide selection of top brands, immediate product availability, knowledgeable sales staff and our product, design and support. Customers can shop ADI through its Digital Branch, mobile app and in more than 200 stocking locations. ADI solutions include Intrusion & Smart Home, Fire, Video Surveillance, Access Control & Communications, Residential AV, Pro AV, Networking, Data Communications, Power, Central Vacuum, Structured Wiring, Wire & Cable, and Tools & Hardware. For more information about ADI, visit adiglobal.com.
Forward-Looking Statements
This press release contains forward-looking statements relating to the growth, interest, cost savings, flexibility and technological advantages of the agreement with ADI Global Distribution, and may contain words such as "estimate," "expect," "anticipate," "intend," "may," "will" or similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. This press release should be read in conjunction with the information included in the Company's other press releases, reports and other filings with the Securities and Exchange Commission (SEC) including, in particular, risks and uncertainties described under the heading “Risk Factors” in SmartRent’s Annual Report on Form 10-K and subsequent period reports filed with the SEC and available at www.smartrent.com. Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. SmartRent assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Investor Contact
Brian Ruttenbur - Senior Vice President, Investor Relations
Mobile: 480-371-2828
investors@smartrent.com
Media Contact
Amanda Chavez - Senior Director, Corporate Communications
media@smartrent.com