HOUSTON, Oct. 05, 2020 (GLOBE NEWSWIRE) -- C-Bond Systems (the “Company” or “C-Bond”) (OTC: CBNT), a nanotechnology solutions company, today preannounced preliminary unaudited financial results for the three months ended September 30, 2020. The Company anticipates record quarterly revenue of approximately $250,000 for the three months ended September 30, 2020, representing 40% growth over the same year-ago period.
In addition, management has provided revenue guidance of $400,000 for the fourth quarter of 2020, representing 115% growth over the same year-ago period. This growth is expected to be driven by initial orders from key international distributor partners, such as the Company’s recently announced strategic distribution partnerships in both India and Southeast Asia. In the event that the COVID pandemic affects deliverables related to these contracts these numbers could change.
“The third quarter of 2020 was highlighted by the success of our evolving product line, meeting the changing needs of the market due to the COVID-19 pandemic,” said Scott R. Silverman, Chairman and Chief Executive Officer of C-Bond Systems. “The fourth quarter is also shaping up to be a record quarter, which we expect to include initial revenue from two recently announced international distributors, which must each place an initial order of at least $100,000 as well as purchase a minimum of $1.0 million of product annually to maintain exclusivity in their respective markets.
“While COVID-19 has naturally made business less predictable than ever, we expect to remain on-track to achieve our internal growth targets. I look forward to providing further updates on this front as appropriate, as we continue to position ourselves to create sustainable shareholder value into 2021 and beyond,” concluded Silverman.
The Company will provide its full financial results for the third quarter on Form 10-Q in November 2020.
About C-Bond Systems
C-Bond Systems, Inc. (OTC: CBNT) is a Houston-based advanced nanotechnology company and marketer of the patented C-Bond technology, developed in conjunction with Rice University and independently proven to significantly strengthen glass in key automotive and structural applications. The Company’s Transportation Solutions Group sells C-Bond NanoShield®, a liquid solution applied directly to automotive windshields, sold through distributors. The Company’s Safety Solutions Group sells ballistic-resistant glass solutions and FN NANO Coating directly to private enterprises, schools, hospitals and government agencies. For more information, please visit our website: www.cbondsystems.com, Facebook: https://www.facebook.com/cbondsys/ and Twitter: https://twitter.com/CBond_Systems.
Forward-Looking Statements
Statements in this press release about our future expectations, including the likelihood that we anticipate record quarterly revenue of approximately $250,000 for the three months ended September 30, 2020; the likelihood that we will generate revenue of $400,000 for the fourth quarter of 2020; the likelihood that this growth is expected to be driven by initial orders from key international distributor partners, such as our recently announced strategic distribution partnerships in both India and Southeast Asia; the likelihood that the fourth quarter is also shaping up to be a record quarter, which we expect to include initial revenue from two recently announced international distributors; the likelihood that we expect to remain on-track to achieve our internal growth targets; the likelihood that we will provide further updates on this front as appropriate; the likelihood that we continue to position ourselves to create sustainable shareholder value into 2021 and beyond; constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, C-Bond’s ability to raise capital; the Company’s ability to successfully commercialize its products; the effect of the COVID-19 global pandemic on the Company’s ability to operate; the Company’s relationships with key customers and key employees; as well as other risks. Additional information about these and other factors may be described in the Company’s filings with the Securities and Exchange Commission (“SEC”) including its Form 10-K filed on March 25, 2020, its Forms 10-Q filed on August 14, 2020, May 15, 2020, and November 14, 2019, and in future filings with the SEC. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.