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Applied UV Announces Order for The Renaissance Cleveland Hotel
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Applied UV, Inc. (NASDAQ: AUVI) announced a significant development involving its subsidiary MunnWorks, which has secured a model room order from The Renaissance Cleveland Hotel. This order, funded by the hotel developer, could lead to a follow-up order of $2M upon successful product approval. The furniture will be manufactured in MunnWorks’ BROOKLYN, NY facility, enhancing domestic production and addressing supply chain issues linked to imports from China. The partnership aims to bolster MunnWorks’ position in the luxury hospitality market.
Positive
Expected follow-on order of $2M after model room approval.
Strengthening domestic manufacturing capabilities in light of supply chain issues.
Expansion into luxury hospitality with potential for increased revenue.
Negative
None.
$2M Furnishings Order Expected Subject to Initial “Model Room” Product Approval
MOUNT VERNON, N.Y.--(BUSINESS WIRE)--
Applied UV, Inc. (NasdaqCM: AUVI) (“Applied UV” or the “Company”), a pathogen elimination technology company that applies the power of narrow-range ultraviolet light (“UVC”) for surface areas and catalytic bioconversion technology for air purification to destroy pathogens safely, thoroughly, and automatically, announces that its wholly owned subsidiary MunnWorks, a custom manufacturer of luxury mirrors and furniture for the hospitality market, has received a model room order from The Renaissance Cleveland Hotel, which will be fully funded by the developer of the hotel. Upon successful acceptance of the “Model Room” order, a follow-on $2M order is expected. This order for hotel furniture will be manufactured in MunnWorks 100,000 square foot Brooklyn, NY manufacturing facility, which MunnWorks acquired on March 31st, 2022, through the purchase of VisionMark LLC’s luxury furniture manufacturing business.
Max Munn, President, and Director of Applied UV and MunnWorks stated, “This Renaissance Cleveland Hotel order validates this recent VisionMark strategic asset purchase because there is increasing interest across the home furnishings industry to produce furniture made in the USA and reduce the reliance of and the associated supply chain issues related with products manufactured in China.”
Steve McCloskey of McCloskey Purchasing Group stated, “We are excited to have the opportunity to work with an upscale domestic manufacturer for our hotel furniture requirements. MunnWorks is a respected and well-known supplier to the hospitality industry, and by making additional furnishings available it can become even more important as a domestic supplier to the hospitality world.”
Max Munn further stated, “The combination of MunnWorks legacy business and the furniture manufacturing business formerly owned by VisionMark provides for the expanded opportunity in the hospitality market than previous possible. The acquired furniture business further enables the Company to design-assist, fabricate, deliver, and install high-end, hotel living space furnishings that are constructed of wood, glass, metal, and stone and further expands our reach into the luxury hospitality market beyond our existing core mirror business. Furthermore, MunnWorks now has the opportunity and capacity to design and install the Airocide™ air purification system inside hotel room furnishings (nightstands, desks or dressers). By doing such, we can potentially reduce the unit cost as well the installation costs of the Airocide™ air purification solution to the hotel operator. The Company plans to immediately begin to design marketing initiatives that would also include the TradeMark Airocide Inside™.”
VisionMark reported revenues on a pro forma basis of approximately $7M in their fiscal year ended December 31, 2021.
About Applied UV
Applied UV is focused on the development and acquisition of technology that address infection control in the healthcare, hospitality, commercial and municipal markets. The Company has two wholly owned subsidiaries - SteriLumen, Inc. (“SteriLumen”) and Munn Works, LLC (“Munn Works”). SteriLumen’s connected platform for Data Driven Disinfection™ applies the power of ultraviolet light (UVC) to destroy pathogens safely, thoroughly, and automatically, addressing the challenge of healthcare-acquired infections ("HAIs"). Targeted for use in facilities that have high customer turnover such as hospitals, hotels, commercial facilities, and other public spaces, the Company’s Lumicide™ platform uses UVC LEDs in several patented designs for infection control in and around high-traffic areas, including sinks and restrooms, killing bacteria, viruses, and other pathogens residing on hard surfaces within devices’ proximity. The Company’s patented in-drain disinfection device, Lumicide Drain, is the only product on the market that addresses this critical pathogen intensive location. SteriLumen’s Airocide® air purification devices are research backed, clinically proven and developed for NASA with assistance from the University of Wisconsin. Airocide® is listed as an FDA Class II Medical device, utilizes a proprietary photocatalytic (PCO) bioconversion technology that draws air into a reaction chamber that converts damaging molds, microorganisms, dangerous airborne pathogens, destructive VOCs, allergens, odors and biological gasses into harmless water vapor and green carbon dioxide without producing ozone or other harmful byproducts. Airocide® applications include healthcare, hospitality, grocery chains, wine making facilities, commercial real estate, schools, dental offices, post-harvest, grocery, cannabis facilities and homes. For more information about Applied UV, Inc., and its subsidiaries, please visit the following websites: 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 to conform these statements to actual results.
