Company Expects to Achieve Record Annual Revenue for 2020
Record Revenue Fueled in Part by Two $1 Million-Plus Exclusive Distribution Contracts for the Company’s Disinfection and Windshield Strengthening Products
HOUSTON, Dec. 21, 2020 (GLOBE NEWSWIRE) -- C-Bond Systems (the “Company” or “C-Bond”) (OTC: CBNT), a nanotechnology solutions company, today provided a 2020 year in review including operational highlights molded by the Company’s strategic decision at the start of the COVID-19 global pandemic to separate its business lines and establish two divisions: C-Bond Transportation Solutions and C-Bond Safety Solutions.
This pivot and delineation of the Company’s businesses helped it forge new partnerships and increase distribution opportunities, including the expansion of its product lines to include new products to help in the fight against SARS-CoV-2, the virus that causes COVID-19.
2020 Highlights
- Generated record revenue in excess of $250,000 for the third quarter of 2020.
- Record revenue expected for the fourth quarter and full year 2020.
- Repaid in full all outstanding convertible debt and redeemed its Series A Convertible Preferred Stock, thereby strengthening its balance sheet.
- Senior management and members of the Company’s Board of Directors converted approximately $327,000 of deferred compensation into equity of the Company, in addition to $274,000 converted in 2019.
- Received a notice of allowance of U.S. Patent application 14/128,620 from the United States Patent and Trademark Office to support the underlying nanotechnology of its C-Bond product portfolio.
- Launched a joint development initiative through a sponsorship agreement with Swansea University to enhance C-Bond’s glass strengthening products.
C-Bond Transportation Solutions Group 2020 Highlights
- Entered into an exclusive, nationwide distribution agreement with Quip Laboratories, Inc. for use of MB-10 Tablets, an EPA-registered disinfectant (Reg No.70060-19-46269) to help in the fight against COVID-19. MB-10 Tablets are a broad spectrum disinfectant on List N that are effective against a wide range of bacteria and viruses.
- Received an initial purchase order for its MB-10 Tablets in excess of $80,000 from a distributor in Southeast Asia.
- Entered into an exclusive supply agreement with a large overseas conglomerate to sell a version of C-Bond nanoShield™ with annual minimum purchase requirements in excess of $1 million to maintain exclusivity. The buyer’s initial order, placed in November 2020, exceeded $100,000.
- Entered into a private label supply agreement with a leading national vehicle protection solutions provider to sell a private label version of C-Bond nanoShield as part of a windshield warranty package currently being sold in thousands of automotive dealerships across the United States.
- Expanded the distribution network for C-Bond nanoShield through distribution agreements with American Guardian Warranty Services, Inc., a leading finance and insurance (F&I) provider in the vehicle service contract industry, and other third-party insurance administrators.
- Expanded the distribution network for C-Bond nanoShield through a distribution agreement with a leading distributor of preventative maintenance chemicals and equipment to the professional installer channel in the Automotive Dealer and Aftermarket segments. The partner placed initial orders of $40,000 to include C-Bond nanoShield as part of its product offerings in Texas, Oklahoma, and Louisiana.
C-Bond Safety Solutions Group 2020 Highlights
- Entered into a $1 million exclusive distribution agreement with Duraent Life Sciences, a distributor of critical-to-life products in India. In December, Duraent placed an initial order of more than $100,000, primarily for MB-10 Tablets, and it must purchase a minimum of $1 million of C-Bond’s disinfection products per year to maintain exclusivity in India.
- Expanded its proprietary nanotechnology safety solutions with the launch of C-Bond Secure, a multi-purpose glass strengthening primer and window film mounting solution developed in partnership with one of the industry’s largest film suppliers.
- Increased distribution of C-Bond Secure through a distribution agreement with an industry leading, online retail outlet with a comprehensive line of tools and equipment for the professional application of window film.
- Expanded installations of C-Bond BRS (ballistic-resistant system) in the Austin Independent School District, as well as installations in one of the largest school districts in San Antonio, and a law enforcement office in Hawaii.
- Partnered with MACOMA Environmental Technologies, LLC to resell FN® NANO, a titanium dioxide photocatalytic coating used in hospitals, assisted living facilities, athletic centers, schools, arenas, airports, and other facilities to reduce the amount of particulates in the air for a cleaner environment.
- Temporarily converted a portion of its manufacturing facility to produce hand sanitizer to assist efforts to combat the spread of COVID-19.
“We are extremely proud of all we accomplished during 2020, which was a year that brought multiple challenges to businesses across the world,” stated Scott R. Silverman, Chairman and CEO of C-Bond. “With the pivot we made in March, not only have we successfully augmented our product offering to address safety issues brought on by the global COVID-19 pandemic, we strengthened our balance sheet and better positioned our business for the future.
“We are excited to see the foundational progress we made in 2020 continue to bear fruit in 2021 and beyond for both the Transportation Solutions Group with the expansion of the C-Bond nanoShield distribution network and addition of MB-10 Tablets, and the Safety Solutions Group, with new development initiatives and ongoing installations of our best-in-class window film solutions,” continued Silverman. “We are confident that we will be able to monetize this progress with our broader nanoproduct portfolio offering, exclusive distribution agreements, and other new commercialization partners to bring value to shareholders.”
About C-Bond
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 directly to private enterprises, schools, hospitals and government agencies. The Company also sells disinfection products, including MB-10 Tablets. 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 will generate record revenue in the fourth quarter and full year 2020; the likelihood that with the pivot we made in March we have better positioned our business for the future; the likelihood that our efforts will continue to bear fruit in 2021 and beyond for both the Transportation Solutions Group, and the Safety Solutions Group; the likelihood that we will be able to monetize this progress with our broader nanoproduct portfolio offering, exclusive distribution agreements, and other new commercialization partners to bring value to shareholders; 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 ability to source materials; 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 November 16, 2020, August 14, 2020, and May 15, 2020, 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.