Applied UV Announces it is Receiving Over $2 Million Cash Deposits for Over $4 Million Order From Large Developers, Validating Our Strategy to Reduce Dependence on China

Rhea-AI Summary

Applied UV receives $2 million cash deposits on a $4 million order from hotel and multi-family developers for interior furnishings, showcasing expanding leadership in the hospitality sector. Record backlog of $22 million. Strategy to reduce reliance on China validated. Positive growth trajectory in the hospitality division. Establishing status as go-to domestic provider to the hospitality industry.

Positive

• Applied UV receives $2 million cash deposits on a $4 million order, bolstering cash position and backlog. Strategy to reduce reliance on China validated.
• Positive growth trajectory in the hospitality division. Establishing status as go-to domestic provider to the hospitality industry.

Negative

• None.

NEW YORK, NY, Aug. 10, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Applied UV, Inc. (NASDAQ: AUVI), a pioneer in Healthy Building Solutions, is pleased to announce that it is receiving over $2 million cash deposits on a significant $4 million order from hotel and multi-family developers for interior furnishings.

This latest success showcases Applied UV’s expanding leadership in the hospitality and leisure sector.  Importantly, this follows the Company’s disclosure on July 11, 2023, of its record backlog of $22 million, powered by significant investments in its 150,000 square feet of domestic production facilities. With this previously announced hospitality order, the Company’s strategy to support and benefit from the rapid reduction of America’s dependence on production in China is further validated.

"Our growth trajectory in the hospitality and leisure division remains robust. This significant cash from notable developers emphasizes our strategy’s validity and the importance of our domestic production capabilities," said Max Munn, CEO of Applied UV.

This recent order will help bolster Applied UV’s cash position and significant backlog. As the Company continues to broaden its clientele, which includes luminaries such as Marriott, Hyatt, Hilton and Wynn, it further establishes its status as a go-to domestic provider to the hospitality industry. America’s need to reduce its reliance on China is a strategic imperative. Applied UV, with its significant manufacturing footprint in the US, is well prepared to meet this growing industry demand.

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About Applied UV

Applied UV, Inc. engages in the pursuit of technologies focused on global food security, air quality, and specialty building solutions tailored for the commercial and hospitality sectors. More details about Applied UV, Inc., and its subsidiaries can be found at https://www.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 the view of management of Applied UV concerning its business strategy, future operating results and liquidity and capital resources outlook. 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. 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