KRONOS ADVANCED TECHNOLOGIES INC FILES REGISTRATION STATEMENT ON FORM S-1 TO FUND EXPANSION UP TO $10M.
Parkersburg, WV, Jan. 18, 2022 (GLOBE NEWSWIRE) -- – Kronos Advanced Technologies, Inc., (OTC: KNOS), revenue-generating product development and production company that has significantly changed the way air is moved, filtered, and disinfected, today announced that it had filed a registration statement on Form S-1 with the Securities and Exchange Commission (the "SEC") for a proposed offering of its shares.
KNOS entered into a Common Stock Purchase Agreement with Dutchess Capital Growth Fund LP ("Dutchess") to raise up to $10,000,000 via an equity financing facility. Funds raised will be used to complete renovation of Kronos' Electronic manufacturing facility, purchase advanced robotic automated manufacturing assembly lines, support operations as management advances the Company's lead product line of patented air purification and air disinfection products.
Founded in 1996, Dutchess and its managed investment funds have provided principal-based financing and advisory services for publicly traded and pre-IPO growth companies worldwide, partnering with over 250 micro-and small-cap companies. Dutchess is a leading private investment and management group providing financial solutions for high-potential small cap corporations. Dutchess has made investments into multiple successful portfolio companies in the micro-market cap space that are seeking capital to measurably grow and scale their existing businesses to take advantage of emerging market sectors. For more information on Dutchess, visit www.dutchesscapital.com.
The Company will have the right, in its sole discretion, to sell up to $10 million common shares (subject to certain limitations) to Dutchess, which has no right to require the Company to sell any shares. This will commence following the effectiveness of a registration statement filed with the SEC on January 14, 2022. The purchase price for the ordinary shares will be issued at a small discount and derived from prevailing market prices of the Company's ordinary shares. The agreement is on a look-back basis, and there are no make-up provisions, a true non-toxic equity investment. More details can be found by reviewing the S1 filed with the SEC (click here).
"We look forward to cementing our business relationship with strategic partner firms like Dutchess," said the Company's COO, Joseph Florence. "This marks another key milestone of Kronos' Strategic Plan. The $10 million equity purchase facility will provide the necessary working capital to support our operations and, as such, is a critical contributor towards achieving our strategic initiatives. These initiatives include USA manufacturing of our devices, innovative designs of our next market disruptive products, and the development of a model Industry 4.0 factory. DFX (design for excellence) methodologies shall drive all new product designs, with the focus being to manufacture each in this state-of-the-art factory. Having access to growth capital enables Kronos to accelerate revenue and become a Financially Fundamentally Strong Company, which ultimately increases both our stakeholders and shareholders' value. We look forward to providing timely updates on our progress.”
Other recent operational highlights include:
KRONOS secured major PPE supply contracts.
KRONOS is in the process of developing its first Metaverse store.
KRONOS acquired 85,000 square feet of manufacturing floor space on a 10-acre campus located on the West Virginia and Ohio border.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
About Kronos Advanced Technologies, Inc.
The Company was founded in 2002 and funded by the U.S. military to develop electrostatic air movers. Eventually, the Company moved into the consumer air purification business. It began operations as a product development company that 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 patented processes without the use of traditional porous HEPA filters. Kronos-based products move air silently, filter, sterilize, and purify the air while dramatically reducing energy consumption to half 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 multiple standalone products for businesses, homes, and vehicles of all types to move, sterilize, and filter air, including removing allergens down to 14.6 nanometers by the passing of air through our patented technology. In addition, there are broad ranges of additional markets for standalone and embedded Kronos CORE technology-based devices. Immediately addressable markets are schools, universities, healthcare facilities, operating rooms, manufacturing clean rooms, and automobiles and commercial aircraft cabins.
The Company supports KronosFoundation.org, which encourages people to make positive change while it helps others to breathe safe air by donating air purifiers locally and nationwide through campaigns that make an impact.
Kronos published research about the effectiveness of Kronos Patented technology on air disinfection n (e.g., microorganism destruction) by demonstrating the high efficacy of Kronos® Technology-based air purifiers in capturing and destroying various types of microorganisms (including Corona Viruses) in different environmental settings back in 2008. Results of this research showed that Electrostatic Air Filtration and Purification systems based on Kronos technology demonstrated high capturing and destruction efficiency for different types of microorganisms, bacteria, and viruses, and can be successfully used for disinfection of air in real word environmental settings, including hospital facilities both with and without the presence of people.
BusinessWeek called Kronos air purifiers "VIRUS KILLER" in 2005.
Kronos is the first publicly traded Company that accepts Dogecoin as a form of payment for its products, as well as other cryptocurrencies.
Recently, the Company filed for a provisional patent involving an innovative protective face mask with antimicrobial and anti-cellphone radiation protection features. 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. The Company is an exclusive distributor and licensee of the latest generation of air purifiers based on the Company's CORE technologies. The Company markets its products as Airdog® and KRONOS® brands. All Kronos products come with Kronos Promise ™ -Your Satisfaction is Guaranteed!
Company offices are located in Parkersburg, WV.
Shopping portal: https://www.1800safeair.com
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This news release does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service by Kronos Advanced Technologies Inc or any other third party regardless of whether such security, product, or service is referenced in this press release. Furthermore, nothing in this press release is intended to provide tax, legal, or investment advice, and nothing in it should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. Kronos Advanced Technologies does not represent that the securities, products, or services discussed in this press release are suitable for any particular investor. You are solely responsible for determining whether any investment, investment strategy, security, or related transaction is appropriate for you based on your personal investment objectives, financial circumstances, and risk tolerance. You should consult your business advisor, attorney, and/or tax and accounting advisor regarding your specific business, legal, or tax situation.
Social Media Disclaimer and Forward-Looking Statements.
Kronos Advanced Technologies investors and others should note that we announce material information to the public about the Company through various means, including our website (https://www.kronosati.co/investors), through press releases, OTCmarkets filings, public conference calls, via our corporate Social Media accounts, listed above.
We encourage our investors and others to monitor and review the information we make public in these locations, as such information could be deemed to be material information. Please note that this list may be updated from time to time.
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 information 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.
Kronos uses a variety of methods to test the functionality of our air purification products. Customers should evaluate their specific application and environmental conditions when making an assessment regarding the technology's potential benefits. Our customers should also use reasonable safety precautions to prevent the transmission of pathogens, including SARS-CoV-2. While our products provide significant advantages, you cannot rely solely on our products to contain Covid or prevent its spread. It is essential to comply with all applicable public health laws and guidelines issued by national, federal, state, and local authorities, including guidance published by the Centers for Disease Control and Prevention (CDC), including but not limited to social distancing, hand hygiene, cough etiquette, and the use of face masks.
SOURCE: KRONOS ADVANCED TECHNOLOGIES, Inc
Phone inquiries: 1-800-SAFE-AIR (option #4)
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