BELMONT, Mass., June 21, 2006 (PRIMEZONE) -- Kronos Advanced Technologies, Inc. (OTCBB:KNOS) announced today that its wholly owned subsidiary, Kronos Air Technologies, Inc., a developer of proprietary air movement and purification technology for commercial and residential products, has entered into a License Agreement with DESA IP, LLC, a wholly owned subsidiary of DESA LLC. DESA is a global provider of hearth, heating and zone comfort products.
DESA is the first U.S. company to license the technology for embedded applications, which represents another step forward in the commercialization and globalization of Kronos' proprietary air movement, filtration and decontamination technology.
"We are pleased to be teaming with DESA, a world class company that understands the dynamics for bringing new technology to market and provides the willingness to work as a team to support the required effort," said President and Chief Executive Officer Daniel R. Dwight. "The agreement provides both parties the financial incentives to successfully develop and launch new Kronos-based products. The agreement also represents a continuation of Kronos' strategy to license the technology -- as well as assist in the development of applications -- that could improve the quality of air and people's lives."
This License Agreement provides DESA the opportunity to embed the Kronos electrostatic air movement technology within fireplaces, hearth systems, zone heaters and mounted electric fans and heaters. DESA will be seeking to take advantage of the silence, energy efficiency and, in select applications, air filtration benefits of the Kronos technology. DESA has the rights to distribute these products across thirty-four countries in North America, Europe and the former Eastern Block region.
"The incorporation of the Kronos air movement technology into our broad array of devices will both enhance our existing product offerings and allow us to continue to better serve our customer base with new innovative solutions," commented DESA CEO Jim Wiese. "The Kronos technology also gives us the opportunity to look beyond our traditional product base to expand into new emerging market areas."
About Kronos Advanced Technologies, Inc.
Through its wholly-owned subsidiary, Kronos Air Technologies, Inc., Kronos Advanced Technologies has developed a new, proprietary air movement and purification system that utilizes state-of-the-art high voltage electronics and electrodes to silently move and clean air without any moving parts. Kronos is actively commercializing its technology for standalone and embedded products across multiple residential, commercial, industrial and military markets. Kronos' technology is versatile, energy- and cost-efficient and exhibits multiple design attributes, creating a broad range of applications. The Company's business strategy includes a combination of building internal capabilities, establishing strategic alliances and structuring licensing arrangements. Kronos Advanced Technologies is located in Belmont, MA. More information about Kronos Advanced Technologies is available at www.kronosati.com.
About DESA LLC
A privately held company, DESA LLC is a leading provider of commercial and residential products to customers in over thirty countries across North America, Europe and the former Eastern Block region. DESA manufacturers, markets and distributes hearth, heating, zone comfort, lighting, power tools and other commercial and consumer products under a variety of brands, including Remington, Heath/Zenith, FMI, Comfort Glow, Vanguard and Reddy Heater. DESA products are distributed through major distributors, wholesalers and retailers, including Home Depot and Lowe's. DESA is located in Bowling Green, KY. More information about DESA is available at www.desaint.com.
Forward-Looking Statements
With the exception of historical information contained in this press release, this press release includes forward-looking statements and comments. Such statements are necessarily subject to risks and uncertainties, some of which are significant in scope and nature beyond the Company's control. Forward-looking statements, by their nature, involve substantial risks and uncertainties. As a result, actual results may differ materially depending on many factors, including those described above. The Company cautions that historical results are not necessarily indicative of the Company's future performance. Other risks are summarized under the caption "Factors Affecting Kronos' Business and Prospects" in the Company's Annual Report on Form 10-KSB for the year ended June 30, 2005 as filed with the Securities and Exchange Commission.