Nokia statement on Smartlabs financial problem28. 04. 2022 Thursday / By: Robert Denes / Business / Exact time: BST / Print this page
S martlabs, the licensee of the Nokia brand, has unfortunately got into financial trouble with its sister company, Nokia, a brand of light control solution, Insteon. Now the problem seemed to have materialized overnight, as not many official statements were issued by Insteon or Nokia.
However, the problem is much deeper and involves a series of investments and a global epidemic that has disrupted the supply chain and the global market. In November 2021, Insteon was looking for potential customers who should continue to develop their products and services.
Smartlabs Inc has entered into an Assignment for the Benefit of Creditors (ABC). Smartlabs was a Nokia brand licensee for smart lighting controls in United States. Nokia does not own Smartlabs, nor do we operate any part of their business. No Nokia smart lighting products were released to the market, and all production of Nokia smart lighting has ceased.
Smartlabs Inc. has entered into a contract in favor of creditors (ABC). Smartlabs is a licensed Nokia brand for intelligent lighting controls in the United States. Nokia does not have Smartlabs and we do not run their business. No Nokia smart lighting product has been launched and production of Nokia smart lighting has stopped.SmartLabs issued a statement on Thursday, April 21:
Dear Insteon Community,In 2017, after many successful years, Smartlabs, Inc found itself in financial difficulties and the path forward was unclear. That year, Smartlabs took in additional capital and brought in new management to turn the situation around. These efforts resulted in new investment into the fortification of the technology and development of new products. The future was looking bright. In 2019, the onset of the global pandemic brought unforeseen disruption to the market, but the company continued to move forward. However, the subsequent (and enduring) disruption to the supply chain caused by the pandemic proved incredibly difficult and the company engaged in a sales process in November, 2021. The goal was to find a parent for the company and continue to invest in new products and the technology. The process resulted in several interested parties and a sale was expected to be realized in the March timeframe. Unfortunately, that sale did not materialize. Consequently, the company was assigned to a financial services firm in March to optimize the assets of the company. The pioneering work in smart lighting and world-class products have created an extraordinary following and community. Clearly, all Smartlabs’ employees who have worked so hard to produce such world-class products and technology hope that a buyer can be found for the company. Although incredibly difficult, we hope that the Insteon community understands the tireless efforts by all the employees to serve our customers, and deeply apologize to the community.