- Element Designs is a well-established designer and fabricator of large scale and public metal systems such as custom water cascades and fountains, outdoor monumental furnishings, and public green-walls.
- MunnWorks expects to integrate Element Designs manufacturing into its hospitality case goods and furnishings business utilizing MunnWorks’ domestic 100,000 sq. ft. facility [including its metal fabrication technology] and grow revenues by leveraging its sales, marketing and global distribution network without a meaningful increase in overhead or administrative cost.
- MunnWorks has acquired the continuing future sales “the business” and the related rights, exclusively, by agreeing to pay 10% of net realized revenues arising from this purchase. There is no equity payment or debt assumed in this purchase agreement.
- The Licensor has represented to MunnWorks that the annual revenues since 2017 has ranged between $3 million and $5 million annually. Given the increase in resources now available to Element Designs from MunnWorks [ such as MunnWorks current national sales organization and its extensive customer base] MunnWorks believes that Element Designs post transaction revenues could significantly increase.
- By incorporating and consolidating the new sales and manufacturing within MunnWorks existing overhead and facility, the positive contributing margins will be immediately accretive.
NEW YORK, NY, Feb. 29, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire –Applied UV, Inc. (“Applied UV” or the “Company”) (Nasdaq: AUVI), a leader in smart building technology solutions, today announced that its subsidiary, MunnWorks, has entered into a multi-year exclusive global licensing agreement with the purchase of the continuing business of Element Designs Collaborative (“Element Designs”), an established designer and fabricator of custom outdoor systems for commercial and public space property owners. The three-year agreement, which may be extended, is exclusive for the design, production and distribution of Element Design water Feature and fountains, landscape systems, monumental outdoor furnishings, and green-walls. The founding team of Element Designs will join MunnWorks.
Founded over 10 years ago, Element Designs services commercial and public clients and has been involved with many notable projects, such as the World Trade Center Memorial, Lincoln Center, and JFK Airport, as well as projects throughout the U.S. and internationally. Applied UV’s subsidiaries, MunnWorks and SteriLumen, intend to incorporate their respective Smart Buildings technology, such as decorative lighting and compressed air into Element Design’s systems in order to minimize energy usage and maximize the visual effects to further enhance the experience of the public and thereby enhance the value of the property maximizing the ROI for ownership.
The key product areas MunnWorks and Design Elements plan to collaborate on include the following:
• Water Features (streamlined water and lighting designs, wall and plaza fountains, introduce large scale fountains for interior use, such as was recently installed at Dubai International Airport)
• Monumental Landscape Furnishings (pergolas, privacy screens, and very large outdoor metal
furnishings)
• Preserved Green-walls (Preserved natural foliage set within a moss wall system)
• Outdoor interactive systems for public spaces
“We are thrilled to announce this partnership with Element Designs. For more than 10 years, Element Designs has provided creative, elegant design enhancements for commercial and public properties across the globe. Together we look forward to bringing the same beautiful custom furnishings and exquisite details, while incorporating many of our innovative Smart Building technologies, to elevate outdoor space throughout the U.S. and globally," said Max Munn, CEO of Applied UV Inc.
Munn added, “As industry leaders in high-end case goods and furnishings, and a reputation for delivering high-quality products, MunnWorks is strategically positioned to support and grow this business by leveraging our significant manufacturing facility in the U.S., along with our extensive sales, marketing and distribution reach in numerous verticals. We feel there is tremendous runway for growth and we’re confident this will be a successful venture.”
Privately held, Element Design, expects its revenues to grow dramatically in the next three years. For more information about Element Design, please visit https://www.elementdesigns.art
About Applied UV
Applied UV Inc. is dedicated to developing and acquiring smart building technologies for healthcare, hospitality, commercial and municipal markets. With SteriLumen, MunnWorks, LED Supply Co., and PURO, the company has a diverse portfolio that addresses various needs in the market. Applied UV Inc. is committed to innovation and excellence in providing solutions for a healthier and smarter world. More details about Applied UV, Inc., and its subsidiaries can be found at https://applieduvinc.com
Forward-Looking Statements
The information contained herein may contain “forward-looking statements.” Forward-looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements include, but are not limited to, statements contained in this press release relating to its business strategy. Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. These forward-looking statements and factors that may cause such differences include, without limitation, the risks disclosed in the Company’s Annual Report on Form 10-K filed with the SECon March 31, 2023, and in the Company’s subsequent filings with the SEC. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
For Additional Company Information:
Applied UV, Inc.
Max Munn
Applied UV Founder, CEO & Director
Max.munn@applieduvinc.com
Investor Relations Contact:
TraDigital IR
Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com
