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Birmingham Bloomfield Bancshares, Inc. Announces Record Pre-Tax Income for 2012

BIRMINGHAM, MI -- (Marketwire) -- 01/28/13 -- Birmingham Bloomfield Bancshares, Inc. (OTCQB: BBBI) ("the Company"), the holding company for Bank of Birmingham, today announced unaudited results for the quarter and year to date periods ended December 31, 2012. The performance delivered record pre-tax net income and significant growth in the loan portfolio.

The Company reported net income of $337,000 or $0.18 per common share for the fourth quarter of 2012 compared to net income of $2,965,000 or $1.64 per common share for the same period of 2011. Net income for the year to date period ended December 31, 2012 was $1,019,000 or $0.56 per common share compared to $3,750,000 or $2.08 per common share for the same period last year. The prior year results were positively impacted by the recognition of the Company's deferred tax asset recorded in the fourth quarter of 2011; the adjustment totaled $2,885,000 or $1.60 per share. Excluding the impact of income taxes, pre-tax net income before preferred dividends was $1,614,000 for the period ended December 31, 2012 compared to $1,049,000 for 2011. This represents a year over year increase of 53.8%.

Chief Executive Officer, Rob Farr, issued the results and commented, "2012 was a very successful year for the organization. We were able to report record pre-tax earnings, realize substantial growth in total assets as a result of quality loan opportunities and improve net interest margin by implementing strategic actions to enhance the profitability of the balance sheet. Our pre-tax, pre-provision Return on Average Assets for 2012 was 1.48% compared to 1.08% in 2011 and book value reached $6.79. We also expanded our product options during the year to better service the needs of the community and diversify our revenue sources. Overall, this was an outstanding year for the Bank and provides us momentum moving into 2013."

Results of Operation

The Company reported net interest income of $1.544 million for the fourth quarter of 2012, a 14.3% increase relative to the same quarter of 2011. The improvement was the result of portfolio loan growth and a reduction in funding costs. Net interest margin for the quarter was 4.59% compared to 4.65% for the most recent linked quarter. The compression was a result of the competitive pricing environment and product mix of the balance sheet. Net interest income for the full year of 2012 was $5.940 million, an increase of 15.5% compared to the same period of 2011. Net interest margin for the year to date period ended December 31, 2012 was 4.73% compared to 4.51% in 2011. The increased margin was a direct result of a reduction in deposit costs.

The Company provided $70,000 in provision expense during the fourth quarter of 2012, a decrease of $5,000 compared to the same period last year and $260,000 less than the third quarter of 2012. Total provision expense for the year to date period ending December 31, 2012 was $470,000, compared to $234,000 for the twelve month period in 2011. The increase in provision expense is attributable to new loan volume and additional reserve requirements on collaterally deficient impaired loans. There have been no net charge offs during 2012 compared to $108,000 for 2011.

The Company continues to generate substantial revenue from non-interest income activity. Total non-interest income for the fourth quarter of 2012 was $348,000, compared to $309,000 during the same period of 2011. The increase was a result of higher revenue from the sale of SBA and residential mortgage loans in the secondary market and earnings on Bank Owned Life Insurance. Total non-interest income for the year to date period ending December 31, 2012 was $1,243,000, an increase of $10,000 from 2011. The modest improvement was a function of an increase in deposit fee income, earnings on Bank Owned Life Insurance and gain on the sale of a bank owned property, despite a reduction in revenue from loan sales on SBA and residential mortgages due to lower volume.

Total non-interest expense for the fourth quarter of 2012 was $1.296 million, compared to $1.484 million for the same quarter of 2011. The decrease was a result of a reduction in the number of personnel and lower origination costs due to a decrease in loan volume associated with mortgage loans originated for sale. Year to date non-interest expense for 2012 was $5.098 million, an increase of $7,000 relative to the same period in 2011. The nominal increase was the result of investments in operating system technology, dedicating resources to business marketing efforts and additional professional fees associated with strategic initiatives. However, several categories did experience a decrease in costs during the period, including salaries and occupancy expense due to a reduction in personnel and elimination of loan production offices.

Balance Sheet

Total assets as of December 31, 2012 were $152.8 million, a 22.8% increase from December 31, 2011. The net growth in total assets was the result of an increase in loan and deposit balances. Total portfolio loans reached $128.3 million in 2012, an increase of $21.9 million from the prior year. The growth was primarily concentrated in commercial real estate and mortgage related loans. The new loan activity was achieved by focusing on organic opportunities in our core markets, increasing business development efforts and by expanding loan product options. The asset quality of the Company remains excellent; no charge offs were reported in 2012 and the allowance for loan loss was 1.59% of the portfolio. Total deposits as of December 31, 2012 were $134.9 million, an increase of 25.3% from the same period in 2011. The Bank continues to be classified as well capitalized based on regulatory guidelines and the Tier 1 ratio was 9.03% for the quarter.

Birmingham Bloomfield Bancshares, Inc. is the holding company for Bank of Birmingham, a full-service community bank serving Oakland County. Bank of Birmingham is dedicated to providing financial services to small and medium sized businesses; their owners and employees; professionals; and individuals who work or reside in the Oakland County market area. Every Bank of Birmingham customer has a relationship manager who serves a single point of contact empowered to provide all the bank's services. Birmingham Bloomfield Bancshares, Inc. marketmakers include Raymond James, Chicago; Monroe Securities, Chicago; Boenning & Scattergood, Philadelphia; Stockcross Financial Services.

Forward-Looking Statements

This news release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), which involve significant risks and uncertainties. Actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include: changes in interest rates and interest-rate relationships; changes in the national and local economy; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulations; changes in tax laws; changes in prices, levies, and assessments; our ability to successfully integrate acquisitions into our existing operations, and the availability of new acquisitions, joint ventures and alliance opportunities; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and other factors included in the Company's filings with the Securities and Exchange Commission, available free via EDGAR. The Company assumes no responsibility to update forward-looking statements.

(Unaudited Consolidated Financial Statements Follow)


                   Birmingham Bloomfield Bancshares, Inc.
                   Consolidated Balance Sheet (Unaudited)



                                                December 31,   December 31,
                                                    2012           2011
                                               -------------  -------------
ASSETS
    Cash and due from banks                    $  15,539,072  $   4,693,585
    Federal funds sold                                     -              -
                                               -------------  -------------
  Total cash and cash equivalents                 15,539,072      4,693,585

    Securities available-for-sale                  3,725,923      4,594,761
    Securities held-to-maturity                            -              -
    Federal Home Loan Bank Stock                     218,100        169,900
                                               -------------  -------------
  Total securities                                 3,944,023      4,764,661

  Loans held for sale                                      -      2,484,829

  Portfolio loans
    Consumer loans                                 1,801,991      1,305,501
    Mortgage loans                                16,203,001     11,572,620
    Commercial loans                             110,272,450     93,419,805
                                               -------------  -------------
  Total loans                                    128,277,442    106,297,926
    Less: Allowance for loan loss                  2,044,350      1,574,350
                                               -------------  -------------
  Net loans                                      126,233,092    104,723,576

    Premises and equipment, net                    1,277,802      1,395,187
    Bank owned life insurance                      2,182,513      2,100,000
    Accrued interest receivable and other
     assets                                        3,596,576      4,235,623
                                               -------------  -------------

  TOTAL ASSETS                                 $ 152,773,078  $ 124,397,461
                                               =============  =============



LIABILITIES
  Deposits
    Noninterest-bearing                        $  23,947,132  $  19,662,283
    Interest-bearing                             110,955,051     88,015,546
                                               -------------  -------------
  Total deposits                                 134,902,183    107,677,829

    Short term borrowings                                  -              -
    Accrued interest payable, taxes and other
     liabilities                                     867,356        755,090
                                               -------------  -------------
  Total liabilities                              135,769,539    108,432,919

SHAREHOLDERS' EQUITY
    Senior preferred stock, series D               4,621,000      4,621,000
    Common Stock, no par value                    17,105,618     17,066,618
    Authorized - 9,000,000 shares, Issued and
     outstanding - 1,824,662 and 1,812,662
     shares respectively
    Accumulated other comprehensive income            76,066         95,168
    Additional paid in capital - share based
     payments                                        493,154        493,154
    Accumulated deficit                           (5,292,299)    (6,311,398)
                                               -------------  -------------
  Total shareholders' equity                      17,003,539     15,964,542
                                               -------------  -------------

  TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 152,773,078  $ 124,397,461
                                               =============  =============

Book value per share                           $        6.79  $        6.26



                   Birmingham Bloomfield Bancshares, Inc.
                Consolidated Statement of Income (Unaudited)

                             For the three months    For the twelve months
                                    ended                    ended
                           -----------------------  -----------------------
                                 December 31,             December 31,
                           -----------------------  -----------------------
                               2012        2011         2012        2011
                           ----------- -----------  ----------- -----------
Interest Income
    Interest and fees on
     loans
      Commercial loans     $ 1,521,837 $ 1,447,603  $ 5,943,977 $ 5,681,704
      Installment loans         22,447      18,791       75,083      61,959
      Mortgage loans            85,839      29,878      266,934      86,382
      Home Equity loans         85,124      96,215      363,494     385,921
      Late charges and
       fees                     23,303       6,370       85,786      27,610
                           ----------- -----------  ----------- -----------
  Total loan interest and
   fee income                1,738,550   1,598,857    6,735,274   6,243,576

    Interest bearing
     deposits                    7,572       5,059       21,479      20,350
    Federal Funds Sold               -           -            -          13

    Interest on investment
     securities
      Taxable                   23,424      24,237       95,673      99,023
      Tax-exempt                   985       1,808        3,985       2,216
                           ----------- -----------  ----------- -----------
  Total investment income       24,409      26,045       99,658     101,239

  Total interest income      1,770,532   1,629,961    6,856,412   6,365,178

Interest Expense
    Interest on deposits       227,006     279,386      916,561   1,208,513
    Interest on borrowed
     funds                           -         196           64      14,705
                           ----------- -----------  ----------- -----------
  Total interest expense       227,006     279,582      916,625   1,223,218
                           ----------- -----------  ----------- -----------

  Net Interest Income        1,543,526   1,350,379    5,939,787   5,141,960
    Provision for loan
     losses                     70,000      75,000      470,000     234,000
                           ----------- -----------  ----------- -----------
  Net Interest Income
   After Provision for
   Loan Losses               1,473,526   1,275,379    5,469,787   4,907,960

Non-interest Income
    Service charge income       19,912      16,074       78,622      55,443
    Mortgage banking
     activities                 81,525     267,193      355,557     434,338
    SBA loan sales             215,618      14,704      537,466     701,588
    Other income                30,603      10,973      271,336      41,399
                           ----------- -----------  ----------- -----------
  Total non-interest
   income                      347,658     308,944    1,242,981   1,232,768

Non-interest Expense
    Salaries and employee
     benefits                  631,181     800,178    2,686,254   2,755,204
    Occupancy expense          124,336     129,655      481,140     518,634
    Equipment expense           50,886      47,364      201,115     180,674
    Advertising                100,618      81,057      272,798     191,076
    Data Processing             79,730      56,227      259,949     223,179
    Professional fees          125,918     110,035      504,547     473,438
    Loan origination
     expense                    40,312     138,051      195,459     224,324
    Regulatory Assessments      31,377      12,010      105,622     127,941
    Other expense              111,165     109,302      391,528     396,805
                           ----------- -----------  ----------- -----------
  Total non-interest
   expense                   1,295,523   1,483,879    5,098,412   5,091,275

  Net Income Before Income
   Taxes                       525,661     100,444    1,614,356   1,049,453
    Income tax expense
     (benefit)                 177,417  (2,884,715)     538,768  (2,884,715)
                           ----------- -----------  ----------- -----------
  Net Income                   348,244   2,985,159    1,075,588   3,934,168
    Dividend and accretion
     on preferred stock         11,553      19,732       56,489     184,092
                           ----------- -----------  ----------- -----------
  Net Income applicable to
   common shareholders     $   336,691 $ 2,965,427  $ 1,019,099 $ 3,750,076
                           =========== ===========  =========== ===========

Income per share - basic   $      0.18 $      1.64  $      0.56 $      2.08



                   Birmingham Bloomfield Bancshares, Inc.
             Financial Summary and Selected Ratios (Unaudited)
                (Dollars in thousands except per share data)

                                              Year to Date
                             ----------------------------------------------
                                  December 31,               Change
                             ----------------------  ----------------------
                                2012        2011       Amount    Percentage
                             ----------  ----------  ----------  ----------
INCOME STATEMENT
     Interest Income         $    6,856  $    6,365  $      491         7.7%
     Interest Expense               917       1,223        (307)      -25.1%
                             ----------  ----------  ----------
   Net Interest Income            5,940       5,142         798        15.5%
     Provision for loan loss        470         234         236       100.9%
     Non-interest income          1,243       1,233          10         0.8%
     Non-interest expense         5,098       5,091           7         0.1%
                             ----------  ----------  ----------
   Net Income before Income
    Taxes                         1,614       1,049         565        53.8%
     Income tax expense
      (benefit)                     539      (2,885)      3,423       118.7%
                             ----------  ----------  ----------
   Net Income                     1,076       3,934      (2,859)      -72.7%
     Dividend and accretion
      on preferred stock             56         184        (128)      -69.3%
                             ----------  ----------  ----------
   Net Income - common
    shareholders             $    1,019  $    3,750  $   (2,731)      -72.8%
                             ----------  ----------  ----------

   Income per share - basic
    & diluted                $     0.56  $     2.08  $    (1.52)      -73.1%
                             ----------  ----------  ----------

BALANCE SHEET DATA
   Total assets                 152,773     124,397      28,376        22.8%
   Average Assets               140,400     119,347      21,053        17.6%
   Total loans                  128,277     106,298      21,980        20.7%
   Allowance for loan loss
    (ALLL)                        2,044       1,574         470        29.9%
   Total deposits               134,902     107,678      27,224        25.3%
   Other borrowings                   -           -           -         0.0%
   Shareholders' equity          17,004      15,965       1,039         6.5%
   Average Equity                16,543      12,196       4,347        35.6%

ASSET QUALITY
   Other real estate owned
    (OREO)                            -         298        (298)     -100.0%
   Net charge-offs                    -         108        (108)     -100.0%
   Non-accrual loans                764           -         764         0.0%
(2)Non-performing assets
    (NPA)                           764         298         466       156.3%
   Non-accrual loans / total
    loans                          0.60%       0.00%       0.60%        0.0%
   Allowance for loan loss /
    total loans                    1.59%       1.48%       0.11%        7.6%

PERFORMANCE MEASUREMENTS
   Net interest margin (tax
    equivalent)                    4.73%       4.51%       0.22%        4.9%
(1)Return on average assets
    (annualized)                   0.77%       3.30%      -2.53%      -76.6%
(3)Return on average assets
    (annualized)                   1.48%       1.08%       0.40%       37.6%
(1)Return on average common
    equity (annualized)            9.02%      47.59%     -38.57%      -81.0%
(3)Return on average common
    equity (annualized)           17.48%      15.52%       1.96%       12.6%
   Efficiency ratio                71.0%       79.9%      -8.89%      -11.1%
   Total loans / Total
    deposits                       95.1%       98.7%      -3.63%       -3.7%
   Tier 1 Leverage Ratio
    (Bank only)                    9.03%       9.94%      -0.91%      -9.15%
   Equity / Assets                11.13%      12.83%      -1.70%      -13.3%
   Tangible common equity /
    Total assets                   8.11%       9.12%      -1.01%      -11.1%

   Book value per share      $     6.79  $     6.26  $     0.53         8.4%
   Stock price               $     4.60  $     3.00  $     1.60        53.3%
   Stock price / book value
    (%)                            67.8%       47.9%      19.85%       41.4%
   Income (loss) per share -
    basic & diluted          $     0.56  $     2.08  $    (1.52)      -73.1%
   Price to earnings ratio
    (P/E)                          8.2x        1.4x        6.8x       470.1%
   Shares outstanding         1,824,662   1,812,662      12,000         0.7%
   Average shares
    outstanding               1,822,376   1,803,608      18,768         1.0%

(1) Amount is computed on net income before preferred dividends.
(2) Non-performing assets includes non-accrual loans and other real estate
    owned.
(3) Amount is computed on pre-tax, pre-provision earnings before preferred
    dividends



                   Birmingham Bloomfield Bancshares, Inc.
             Financial Summary and Selected Ratios (Unaudited)
                (Dollars in thousands except per share data)

                                          Quarter Ended
                     ------------------------------------------------------
                      December   September                        December
                         31,        30,     June 30,   March 31,     31,
                        2012       2012       2012       2012       2011
                     ---------- ---------- ---------- ---------- ----------
INCOME STATEMENT
     Interest Income $    1,771 $    1,746 $    1,719 $    1,621 $    1,630
     Interest
      Expense               227        239        223        228        280
                     ---------- ---------- ---------- ---------- ----------
   Net Interest
    Income                1,544      1,507      1,496      1,394      1,350
     Provision for
      loan loss              70        330         50         20         75
     Non-interest
      income                348        300        112        484        309
     Non-interest
      expense             1,296      1,248      1,216      1,338      1,484
                     ---------- ---------- ---------- ---------- ----------
   Net Income before
    Income Taxes            526        228        341        519        100
     Income tax
      expense
      (benefit)             177         79        111        171     (2,885)
                     ---------- ---------- ---------- ---------- ----------
   Net Income               348        150        230        348      2,985
     Dividend and
      accretion on
      preferred
      stock                  12         12         22         12         20
                     ---------- ---------- ---------- ---------- ----------
   Net Income
    applicable to
    common
    shareholders     $      337 $      138 $      208 $      336 $    2,965
                     ========== ========== ========== ========== ==========

   Income per share
    - basic &
    diluted          $     0.18 $     0.08 $     0.11 $     0.19 $     1.64
                     ========== ========== ========== ========== ==========

BALANCE SHEET DATA
   Total assets         152,773    148,497    139,851    128,663    124,397
   Average Assets       154,452    146,057    134,375    126,499    123,317
   Total loans          128,277    118,440    113,074    106,628    106,298
   Allowance for
    loan loss (ALLL)      2,044      1,974      1,644      1,594      1,574
   Total deposits       134,902    131,147    122,650    111,774    107,678
   Other borrowings           -          -          -          -          -
   Shareholders'
    equity               17,004     16,682     16,546     16,297     15,965
   Average Equity        16,822     16,728     16,410     16,206     13,584

ASSET QUALITY
   Other real estate
    owned (OREO)              -          -          -          -        298
   Net charge-offs            -          -          -          -          -
   Non-accrual loans        764        708          -          -          -
(2)Non-performing
    assets (NPA)            764        708          -          -        298
   Non-accrual loans
    / total loans          0.60%      0.60%      0.00%      0.00%      0.00%
   Allowance for
    loan loss /
    total loans            1.59%      1.67%      1.45%      1.50%      1.48%

PERFORMANCE
 MEASUREMENTS
   Net interest
    margin (tax
    equivalent)            4.59%      4.65%      4.91%      4.80%      4.61%
(1)Return on average
    assets
    (annualized)           0.90%      0.41%      0.69%      1.11%      9.60%
(3)Return on average
    assets
    (annualized)           1.53%      1.52%      1.17%      1.71%      0.56%
(1)Return on average
    common equity
    (annualized)          11.35%      4.92%      7.84%     12.08%    132.13%
(3)Return on average
    common equity
    (annualized)          19.42%     18.35%     13.34%     18.72%      7.77%
   Efficiency ratio        68.5%      69.1%      75.7%      71.3%      89.4%
   Total loans /
    Total deposits         95.1%      90.3%      92.2%      95.4%      98.7%
   Tier 1 Leverage
    Ratio (Bank
    only)                  9.03%      9.20%      9.82%     10.13%      9.94%
   Equity / Assets        11.13%     11.23%     11.83%     12.67%     12.83%
   Tangible common
    equity / Total
    assets                 8.11%      8.12%      8.53%      9.07%      9.12%

   Book value per
    share            $     6.79 $     6.61 $     6.54 $     6.44 $     6.26
   Stock price       $     4.60 $     4.55 $     3.30 $     3.02 $     3.00
   Stock price /
    book value (%)         67.8%      68.8%      50.5%      46.9%      47.9%
   Income (loss) per
    share - basic &
    diluted          $     0.18 $     0.08 $     0.11 $     0.19 $     1.64
   Shares
    outstanding       1,824,662  1,824,662  1,824,662  1,812,662  1,812,662
   Average shares
    outstanding       1,824,662  1,824,662  1,816,222  1,812,662  1,812,662


(1) Amount is computed on net income before preferred dividends.
(2) Non-performing assets includes non-accrual loans and other real estate
    owned.
(3) Amount is computed on pre-tax, pre-provision earnings before preferred
    dividends

Contact:
Robert M. Farr
Chief Executive Officer
Birmingham Bloomfield Bancshares, Inc.
248-283-6430

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SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...
The IoT's basic concept of collecting data from as many sources possible to drive better decision making, create process innovation and realize additional revenue has been in use at large enterprises with deep pockets for decades. So what has changed? In his session at @ThingsExpo, Prasanna Sivaramakrishnan, Solutions Architect at Red Hat, discussed the impact commodity hardware, ubiquitous connectivity, and innovations in open source software are having on the connected universe of people, thi...
WebRTC: together these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at WebRTC Summit, Cary Bran, VP of Innovation and New Ventures at Plantronics and PLT Labs, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it may enable, complement or entirely transform.
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, showed how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants received the download information, scripts, and complete end-t...
For manufacturers, the Internet of Things (IoT) represents a jumping-off point for innovation, jobs, and revenue creation. But to adequately seize the opportunity, manufacturers must design devices that are interconnected, can continually sense their environment and process huge amounts of data. As a first step, manufacturers must embrace a new product development ecosystem in order to support these products.
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, discussed how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the dat...
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...