BELMONT, Mass., Sept. 18, 2006 (PRIMEZONE) -- Kronos Advanced Technologies, Inc. (OTCBB:KNOS), announced today that its wholly owned subsidiary, Kronos Air Technologies, Inc., has sent notice of termination of its exclusive agreement with HoMedics USA, Inc., to develop and license stand alone air purifiers for the consumer market.
"It was important for Kronos to make the decision to send notice of termination of the agreement as we position the Company to move forward with its business," stated Daniel R. Dwight, Kronos President and CEO. "Given the viability of the technology and interest we have received, it is our intention to seek an alternative strategic partner for the North American consumer air purification marketplace. The recent executions of license agreements with EOL and DESA, as well as the recruitment of experienced product development personnel and the development of customer specified prototypes for their evaluation in several market areas, are additional key steps the Company is taking in order to get its technology into viable commercial products."
"The Company's remaining licensing and distribution agreements with other companies remain intact, and reflect a considerable interest in Kronos' proprietary technologies," said Mr. Dwight. "The Company recently announced an agreement with EOL, LLC, to develop and distribute air purification products for medical institutions in Russia and several members of the Commonwealth of Independent States (CIS) this fall. EOL has advised us that the project remains on schedule. Under the EOL agreement, Kronos has the ability to re-produce and direct market these air purification health care devices outside the CIS region; an opportunity the Company is currently pursuing in the United States and Asia. In June 2006, the Company executed its first license agreement for embedded technology applications with DESA, LLC, a global provider of hearth, heating and zone comfort products that are sold internationally in 34 countries across North America, Europe, and the CIS."
Mr. Dwight stated that the Company's proprietary air purification technology has the proven ability to remove sub-micron size particles (0.02 - 0.2 micron) which are similar in size to SARS and Avian (Bird) Flu, as well as eliminate Anthrax and E.coli, among other viruses and airborne hazards. The technology has also been shown to completely disinfect the air stream in a room contaminated with strains of Staphylococcus aureus strain 906 (S. aureus) and Bacillus cereus strain 96 (B. cereus), which are bacteria responsible for many hospital infections and, because of their mutative abilities, are increasingly resistant to antibiotics.
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 seeking to commercialize 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.
Safe Harbor Provision
This news release contains forward-looking statements made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, the Company's views on future financial performance, market growth, capital requirements, new product introductions and acquisitions, and are generally identified by phrases such as "thinks," "anticipates," "believes," "estimates," "expects," "intends," "plans," and similar words. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statement. These statements are based upon, among other things, assumptions made by, and information currently available to, managements, including management's own knowledge and assessment of the Company's industry, R&D initiatives, competition and capital requirements. Other factors and uncertainties that could affect the Company's forward-looking statements include, among other things, the following: identification of feasible new product initiatives, management of R&D efforts and the resulting successful development of new products and product platforms; acceptance by customers of the Company's products; substantial expansion of international sales; reliance on key suppliers; the potential need for changes in long-term strategy in response to future developments; and competitive factors, including pricing pressures and the introduction by others of new products with similar or better functionality than our products. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-KSB for the year ended June 30, 2005. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.