Los Angeles, CA, June 18, 2020 (GLOBE NEWSWIRE) -- Los Angeles, CA, June 18, 2020 (GLOBENEWSWIRE) KRONOS ADVANCED TECHNOLOGIES, INC. (OTC MARKETS: KNOS) ("KNOS" or the "Company"), a product development and production company that has significantly changed the way air is moved, filtered, and sterilized today announced that it has signed a Letter of Intent ("LOI") with a privately held company to acquire a manufacturing facility for its consumer electronics products operations. Kronos will begin preparations to shift the manufacturing of its patented air purifiers from its overseas manufacturers to the US. The Company plans to manufacture a variety of electronic products, including medical ventilators and other vitally necessary medical equipment in addition to its flagship air purification products that have been proven to disinfect the air while destroying pathogens such as bacteria and viruses.
The acquisition includes 85,000 square feet of manufacturing facilities located on a 9 acres campus in West Virginia at which the private company currently uses a small part of the facility to conduct product design and R&D. They currently have several near ready to manufacture products.
Once certain conditions are met, the deal is binding and a due diligence period is currently underway which, if successful, will be followed by the preparation of a definitive agreement for the acquisition of a majority interest in the entity that will hold the assets of the private company. Kronos has the wherewithal to fulfill its obligations outlined in the signed deal between the parties.
Julius Toth, COO of Kronos said, "This acquisition has the potential to be a very significant step forward for Kronos, as we continue to execute on our “Transition to America Initiative” to build a completely vertically-integrated air purification products and electronics manufacturing company. Having our own manufacturing facility would not only allow us to scale production to address our growing sales and product line expansion, but also to develop new products and bring those to market much faster under a more efficient and controllable cost structure. Our focus remains on evolving in thoughtful ways to bring manufacturing back to the USA and create hundreds of jobs while delivering lasting results for our customers, employees and shareholders.”
Joseph Florence, Company’s Chief Transformation Officer, commented: “I will be responsible for setting Kronos' strategic direction for the manufacturing, supply chain, and product development of business units. We have several early-stage products that are nearly ready for USA manufacturing. Our Strategic Plan is the development and implementation of three critical corporate initiatives, the first of which I have labeled the Transition to America Initiative - and will include the company's technology transformation throughout all business processes. My initial priority is to develop a manufacturing division designed to transition the manufacturing of Kronos’ products here to the United States of America. We plan to implement factory automation, which we call our Touchless Manufacturing Initiative. This step will be further supported by our Design For eXcellence (DFX) Initiative, developed to ensure optimum design, with a strong focus on the representation of both the “Voice of Manufacturing” and the “Voice of the Customer”. In short, this represents A TOTAL TRANSFORMATION. I’ve spent more than 30 years in custom electro-mechanical and electronics manufacturing, and I am ready to proceed.”
The 85,000 square foot facility is currently owned by Joseph Florence and his brother, which is one of the reasons that Kronos is fortunate to have access to this major opportunity.
About Kronos Advanced Technologies, Inc.
Kronos Advanced Technologies, Inc. began operations in 2002 as a product development company which invented and significantly changed the way air is moved, filtered and sterilized. Historically, Kronos has focused on developing, marketing, and selling the Company's proprietary air movement and purification technology. Serving the Indoor Air Quality (IAQ) market, Kronos technology uses state-of-the-art high voltage processes without the use of traditional HEPA filters. Kronos-based products move air silently, filter and purify the air, and dramatically reduce energy consumption to half of a 60-watt light bulb. Kronos devices can be variable in shape or size, and, therefore, have the potential to be scaled down for air purification in cars or scaled up in size for industrial and hazardous gas destruction. The technology is currently being implemented in standalone products to move and filter air replacing HEPA and other filtration systems. There are broad ranges of additional markets for standalone and embedded Kronos CORE technology-based devices. Examples of immediately addressable markets include health care facilities, operating rooms, manufacturing clean rooms, and cabins of automobiles and commercial aircraft.
Currently, the Company is planning to file additional patents to improve its existing technology as well as enter into new market segments but will continue to market air purifiers and other consumer products. Recently the Company became the exclusive distributor and licensee of the latest generation of air purifiers based on the Company's CORE technologies.
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Forward-looking statements:
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the OTC Markets at OTCMarkets.com. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company's ability to raise capital on acceptable terms, if at all, the Company's successful development of its products and the integration into its existing products and the commercial acceptance of the Company's products. The forward-looking statements included in this press release represent the Company's views as of the date of this press release, and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
SOURCE: KRONOS ADVANCED TECHNOLOGIES, Inc
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