Renoworks SDK™ facilitates new market segment in the new home construction industry
CALGARY, ALBERTA, October 3, 2017 – Renoworks Software Inc. (TSXV: RW)(PINK SHEETS: RWOKF)(“Renoworks” or the “Company”), a leading provider of digital home imaging software and web solutions for new home construction and home renovation markets, is pleased to announce the adoption of its leading visualization platform with several top US Homebuilders. Renoworks SDKTM is a Software-Development-Kit (SDK) allowing technology companies, digital marketing agencies and other partners servicing the home remodeling and builder markets to create rich, interactive applications using the Renoworks visualization platform.
“We are very pleased with the success of our leading visualization technology platform with several of the nation’s largest homebuilders,” stated Doug Vickerson, CEO of Renoworks. “The introduction of our technology beyond our traditional remodeling clients into the homebuilder segment is one of our Company’s key strategic growth imperatives. Growing demand from homebuilders offers an exceptional opportunity for us to rapidly penetrate this untapped market and grow revenue through building a significant presence in the new home construction industry.”
“This is significant for Renoworks in that it also positively boosts two of our other key business units; Design Services and Enterprise,” Vickerson further stated. “Our SDKTM technology partners utilize our growing team of Design Service professionals to prepare room scenes for builders. For our Enterprise business, more manufacturers continue to see the benefit in having digital product libraries on the Renoworks platform because of the increased exposure. There is definitely a need in the new home construction industry to make design option decisions easier for the homeowner and the Renoworks Platform allows for just that.” “We are excited about the new home construction industry as it is showing positive growth signs that Renoworks is taking advantage of,” Vickerson concluded.
In the new home construction industry, single-family construction is on the increase. Housing markets continued to strengthen in 2017, with new and existing home sales, prices and construction levels on the rise. Single-family construction continued to pick up pace over the past year, with total starts ticking up from 1.11 million units in 2015 to 1.17 million units in 2016 and for the first time since 2005, single-family construction drove last year’s growth, increasing 9.4% to 781,600 units. Despite these gains, single-family construction, traditionally the largest source of residential investment remains well below historical levels. Key housing market indicators remained largely positive in 2016 through to 2017. For example, with permitting increasing in 70 of the nation’s 100 largest metro markets last year, the overall trends are generally positive and the outlook for housing construction activity is encouraging.1
1Source:
The State of the Nation’s Housing 2017, Joint Center for Housing Studies of Harvard University, online: https://www.jchs.harvard.edu/sites/jchs.harvard.edu/files/harvard_jchs_state_of_the_nations_housing_2017.pdf
About Renoworks
Renoworks Software Inc. develops and sells unique digital visualization software for the remodeling and new home construction industry. Delivered online, as a custom developed app or desktop software, Renoworks provides its technology to manufacturers, contractors, builders and retailers offering the solution to one of the construction industry’s greatest challenges: enabling customers to see how their product choices will look in a realistic, virtual environment – even in their own home – before they make a purchase decision. Renoworks markets its software as a cost-effective lead generation tool and generates revenues from four main business lines: Enterprise, Renoworks PRO, Renoworks Design Services and Renoworks SDK (Software Development Kit). For more information, visit: www.renoworks.com and www.renoworkspro.com.
For further information please contact:
Doug Vickerson, CEO
Phone: 403-296-3880
Email: doug.vickerson@renoworks.com
Renoworks Software Inc.
2721 Hopewell Place NE
Calgary, Alberta, Canada T1Y 7J7
For investor information for Renoworks please contact:
Rob Gamley
Phone: 604-689-7422
Email: rob@contactfinancial.com
Contact Financial Corp.
1450 – 701 West Georgia St.
Vancouver, BC, Canada V7Y 1G5
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements in this news release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.