BELMONT, Mass., Nov. 14, 2006 (PRIMEZONE) -- Kronos Advanced Technologies, Inc. (OTCBB:KNOS), announced today that its wholly owned operating subsidiary, Kronos Air Technologies, Inc., has begun the sale of electronic components and power supplies to EOL, LLC, its strategic partner in Russia who is licensed to use Kronos' proprietary corona-based technology to move and purify air, as part of the scheduled rollout of EOL's Tree(tm) air purification device.
The Tree(tm) device recently received the highest possible approval, Category I, from the Russian Research Institute of Medical Equipment and Certification for medical use by the Ministry of Health Care and Social Development of the Russian Federation. With this certification, sales of the Kronos-powered air purification device may proceed in Russia.
EOL has placed an initial order with Kronos for 4,000 electronic components that are sole-sourced from Kronos, and has ordered power supply units that are dual-sourced from Kronos and an electronics manufacturer in Taiwan. EOL chose Kronos as a vendor for the power supply units because of the better quality control and the higher reliability of Kronos-manufactured critical parts, according to Kronos President and Chief Executive Officer Daniel R. Dwight.
Kronos is currently shipping 100 power supply units per week to EOL for final assembly into Tree(tm) air purification devices in conjunction with the EOL's launch of the medical device in Russia and select Commonwealth of Independent States (CIS).
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 EOL, LLC
EOL, LLC, is a Russian corporation formed for the purpose of manufacturing, marketing and distributing air purification products based on technology licensed from Kronos Air Technologies, Inc. EOL is owned and operated by Dvorkina Evgenia. Dr. Dvorkina is an entrepreneur who has extensive production, marketing and sales experience with commercial products in Ukraine and the Russian Federation. EOL is financed by Sberbank (the largest Bank in Central and Eastern Europe) -- www.sbrf.ru/eng/. More information about EOL is available at www.tree-air.ru.
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, 2006. 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.