NEW YORK, NY, July 19, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Applied UV, Inc. (NASDAQ: AUVI), a top Smart Buildings Technologies provider (including food security), announces shareholder letter.
Dear Applied UV, Inc. Shareholders,
We are pleased to provide an update on the recent progress and achievements of Applied UV, Inc. We are proud to report a record company backlog of over $22 million as of June 30, 2023, and we are on track to hit our revenue targets of $45-50 million for 2023. Our partnership with Canon continues to expand, providing valuable support in product development, contract manufacturing, sales and marketing, and customer financing options.
Our Healthy Building Technologies Division has seen significant growth, thanks to the successful acquisition of PURO and LED Supply Co. This division now boasts a substantial backlog of roughly $7.4 million as of June 30, 2023, the largest in its history, validating our acquisition strategy and the division's growth potential. Puro's partnership with industry leader, MFPHD has increased our hospital deal flow, particularly in the Surgical Suite. The division, comprising PURO, LED Supply Co, and Sterilumen, continues to gain recognition in the marketplace, helping to reinforce our position in Food Preservation Tech, Air Disinfection, Surface Disinfection, and commercial lighting and building control solutions.
The recently established Ethylene Oxide (ETO) Abatement requirements by the EPA, have created an opportunity for significant growth utilizing our Airocide technology which has the capability to effectively remove ETO. This opens up an entirely new industry application for our proprietary Airocide technology. Industries that use or produce Ethylene Oxide, such as sterilization processes in healthcare, pharmaceuticals, and agriculture, can now benefit from our innovative ETO destruction technology. This not only broadens our reach but also positions us as a solution provider for industries facing these new stringent environmental regulations.
In addition, the escalating problem of wildfires across the US has dramatically increased the need for effective air purification technologies. PURO'S new SL600H HEPA & Carbon air purifier has emerged as a leading solution, testing in the top 1% of all Energy Star air purifiers for Clean Air Delivery Rate. This achievement is not only a testament to our technological prowess but also a timely response to the urgent need for improved indoor air quality. As wildfires continue to impact air quality, the demand for our advanced air purification solutions is expected to grow. We remain committed to providing effective solutions that not only improve indoor air quality but also ensure environmental compliance, further solidifying our position as a leader in the air purification industry.
Our Hospitality Division is experiencing unprecedented growth, with current orders and orders in process totaling approximately $14-$15 million. This includes an order underway and valued at over $4 million with a leading hotel brand, marking the largest backlog in the company's history. This represents over 300% year-over-year growth, underscoring the success of our strategic expansion and our ability to meet the evolving needs of the hospitality and leisure industry. The combination of hospitality case goods with electrified and lighted mirrors has proven to be a winning formula, leading to increased revenue per customer. This integration of product lines has allowed Applied UV to offer comprehensive solutions to its hospitality clients, enhancing customer satisfaction and driving revenue growth.
We believe the growth and achievements of the Hospitality Division, fueled by our significant investments in domestic production, have solidified Applied UV's reputation as a trusted domestic partner and supplier in the hospitality and leisure sectors. Our client's concern over dependency on international production for the opening of their hotels has become a major driver for our continued revenue growth. Our investment in this space is starting to pay off, demonstrating the effectiveness of our strategic approach. The combination of our resources, capabilities, and industry expertise has resulted in synergies that are driving the Hospitality Division's growth and success.
While the microcap stock space has faced significant challenges over the past year, Applied UV stands on solid ground. Despite the broader market turbulence, our company has strengthened its balance sheet, executed strategic and diversified investments, and introduced innovative technological advancements, all of which support our expectations for continued robust growth. We believe that the current market valuation does not fully reflect the momentum we have built and the breakthroughs we are achieving with our technology. As we continue to innovate and execute our growth strategy, we are confident that the true value of our company will be recognized, offering significant potential for value appreciation.
We thank you for your continued support and look forward to sharing more updates in the future.
Best Regards,
Max Munn
CEO
Applied UV, Inc.
About Applied UV
Applied UV, Inc. provides proprietary technology focused on global food security, air quality, and specialty building solutions for the commercial and hospitality industries., For information on Applied UV, Inc., and its subsidiaries, please visit https://www.applieduvinc.com.
Forward-Looking Statements
The information contained herein may contain "forward-looking statements." Forward-looking statements reflect the current view about future events. When used in this press release, the words "anticipate," "believe," "estimate," "expect," "future," "intend," "plan," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of Applied UV concerning its business strategy, future operating results and liquidity and capital resources outlook. Forward-looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
For additional Company Information:
Applied UV Inc.
Max Munn
Applied UV Founder, CEO & Director
Max.munn@applieduvinc.com
Investor Relations Contact:
TraDigital IR
Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com
