The HomeLab III can have both static and dynamic memory, from 2kByte up to 64kByte. The computer can display 32 lines of text with 32 or 64 characters. This can be selected by a switch or a jumper. The reason for the 32 character option was because TVs at the time were not good at displaying higher resolution images, and the 64 characters would blur.

The keyboard has an 8x10 matrix, but only 60 of these positions were used for buttons. This includes Hungarian letters, independent cursor keys and two function buttons. A cassette recorder could be connected to the machine for storage.

The computer also has a PIO. This PIO can be arbitrarily programmed by the user. So not only was the port capable of handling a printer, but it could be used for any 16-bit measurement, control, or game input. The machine is powered by a 5V power supply at 800mA.

A text-to-speech extension was also made for the HOMELAB III. With this extension connected, the machine can turn into speech any BASIC program text or Hungarian text, and even the stressing of sentences is implemented. The software of the machine is virtually the same as the BASIC of the previous model. There are some differences due to different capabilities, but the language is backwards compatible.

In the spring of 1982 József Lukács and his younger brother Endre Lukács decided to create a computer that was accassible to the Hungarian youth. They designed a computer, the Homelab II, whiich was manufactured under the name Aircomp 16. The computer was pdoduced by a small company called Personal GT. The later models of the Homelab computers were produced by the Color Industrial Co-operative in Dombóvár.

The Aircomp 16 was expensive to produce and the brothers ran out of funding. Ultimately when Homelab III was produced, the brothers released the documentation and basic units like the PCBs so users could purchase the computer as a kit, and assemble their own at home. The Homelab computers were built in large numbers by amateurs at home, based on the circuit diagrams published in the Mikroszp Magazin.

The Z80 quickly became popular in the personal computer market, with many early personal computers, such as the TRS-80 and Sinclair ZX80, using the Z80 as their central processing unit (CPU). It was also widely used in home computers, such as the MSX range, SORD, and the Amstrad CPC, as well as in many arcade games. Additionally, it was also used in other applications such as industrial control systems, and embedded systems. The Z80 was widely used until the mid-1980s, when it was gradually replaced by newer microprocessors such as the Intel 80286 and the Motorola 68000.

The Z80 microprocessor was developed by Zilog, a company founded by Federico Faggin in 1974. The Z80 was released in July 1976, as a successor to the Intel 8080. It was designed to be fully compatible with the 8080, but also included new features such as an improved instruction set, more powerful interrupts, and a more sophisticated memory management system.

Originally the Z80 was intended for use in embedded systems, just as the 8080 CPU. But the combination of compatibility, superior performance to other CPUs of the era, and the affordability led to a widespread use in arcade video game systems, and later in home computers such as the Osborne 1, TRS-80, ColecoVision, ZX Spectrum, MSX, Sega's Master System and many more. The Z-80 ran the original Pac-Man arcade cabinet. The Z-80 was used even in the Game Gear (1990s), and the TI-81 and succeeding graphic calculators.

The Z-80 remained in production until June of 2024, 48 years after its original release. Zilog replaced the processor with its successor the eZ80, an 8-bit microprocessor that features expanded memory addressing up to 16 megabytes, and running up to 50MHz, comparable to a Z80 clocked at 150MHz.