ThinkFlood has sent out a press release detailing their latest product, the RedEye mini. The RedEye mini is a cheap and simple way to turn your iPhone, iPod Touch or future iPad into a nice universal remote. The device works on infrared signals and allows you to control other IR-based electronics by attaching the RedEye mini dongle, which sells for just $49, to your iPhone/Pod/Pad and downloading the free RedEye app from the app store.

This seems like a great alternative to other universal remotes which can cost more than twice as much. For more information, check out the ThinkFlood website.