Crown Electrokinetics FY2022 Core Period Results; Management reports product development and manufacturing update on earnings call


Crown Electrokinetics Corp.

Los Angeles, California, March 31, 2022 (GLOBE NEWSWIRE) — Crown Electrokinetics Corp. (NASDAQ: RCDR) (“Crown” or the “Company”), a leading smart glass technology company, today announced its financial results for the fiscal 2022 stub period (nine months ended December 31, 2021 ) during a call for results.

Mr. Doug Croxall, CEO of Crown and Mr. Joel Krutz, Chief Financial Officer, shared with company investors and industry analysts the results for the stub period ending December 31st, 2021, including product development updates, vertically integrated manufacturing; customer announcements, delivery of the first generation product as well as the expected timing for the release of the second generation product.

Highlights of this call included:

  • Mr. Croxall provided a detailed description of the product feature set and capabilities for the planned first and second generation smart window inserts.

  • The first generation Smart Window Inserts are expected to ship in summer 2022.

  • Initial installations are expected to be in office buildings located in Houston, Los Angeles, San Jose, Philadelphia, Washington DC and Austin.

  • The first-generation smart window insert will be manufactured at the company’s facilities in Corvallis and Salem, Oregon.

  • Crown plans to become an active provider of ESG (“environmental, social and governance”) products to U.S.-based office buildings, retrofitting their existing infrastructure and assets to be environmentally friendly and energy efficient in energy.

  • Mr. Joel Krutz, Chief Financial Officer, reported on the company’s finances and announced a $10 million letter of credit facility available for a period of 2 years, to be used as needed for operational financing.

Mr. Croxall announced a favorable IP valuation report. The Company will issue a follow-up press release.

The company’s next scheduled earnings conference call will take place in the first half of May. Details and the exact schedule will be announced at the end of April.

Investors can access a copy of the earnings call transcript and Form 10-KT filing on the company’s website or by clicking this link: Call for results 2022 Financial year 2022 Buffer period

About Crown Electrokinetics
Crown is a smart glass technology company and the creator of DynamicTint™ We Make Your Glass Smarter™. Originally invented by Hewlett-Packard (HP, Inc.), our technology allows any glass surface to change from clear to dark in seconds. With applications on a wide range of windows, including commercial buildings, automotive sunroofs, and residential skylights, we partner with leading glass and film manufacturers for mass production and distribution. At the heart of our technology is a thin film powered by an electrically charged pigment that not only replaces common window tints, but is also a more durable alternative to traditional window treatments. With its unique ability to adapt to existing glass, DynamicTint™ offers a myriad of carbon-reducing benefits. The company is backed by a strong patent portfolio.

Safe Harbor Statement: The statements contained in this press release may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or other statements regarding our future business or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results could and do differ materially from what is expressed or anticipated in the forward-looking statements due to numerous factors. All forward-looking statements speak only as of the date of this press release, and Crown Electrokinetic Corporation undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release. This press release does not constitute a public offer to sell securities. Any privately offered securities will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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