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Applied UV Announces Strategic Financial Collaboration With Canon Financial Services
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Applied UV, Inc. (AUVI) has expanded its collaboration with Canon Financial Services to offer leasing options for its air and surface disinfection technologies. This partnership aims to enhance financial flexibility for Applied UV's clients, including its subsidiaries MunnWorks, LED Supply, SteriLumen, and PURO Lighting, which operate in the hospitality and healthcare sectors. The agreement reflects a strategic move to incorporate advanced cleaning solutions in daily operations, thereby increasing market share amid growing demand for improved indoor air quality. Company executives express optimism regarding this initiative's potential impact on sales and customer adoption.
Positive
Expansion of strategic partnership with Canon Financial Services to offer leasing options.
Increased financial flexibility for customers, potentially enhancing product adoption.
Strengthening of market position through enhanced financial solutions.
Improved adoption of air purification technologies amidst growing demand for IAQ solutions.
Negative
None.
The Arrangement Will Introduce New Leasing Options to Applied UV’s Customers for Financial Flexibility
MOUNT VERNON, N.Y.MOUNT VERNON, N.Y.--(BUSINESS WIRE)--
Applied UV, Inc. (NasdaqCM: AUVI) (“Applied UV” or the “Company”), a leading provider of best in class suite of proprietary, patented, scientific and clinically proven, surface and air disinfection technologies (fixed, mobile and HVAC), LED lighting products and hotel furnishings used by clients globally, today announces that it has expanded its strategic relationship to now include Canon Financial Services, Inc. (CFS), a wholly owned subsidiary of Canon U.S.A., Inc., to provide leasing services for Applied UV’s four operating subsidiaries, MunnWorks, which manufactures and sells to the Hospitality market, LED Supply, which provides design, distribution and implementation services for lighting, controls and smart building technology and SteriLumen and PURO Lighting, each of which markets a suite of surface and air disinfection products to global markets. This arrangement will expand the relationship between Applied UV and the Canon group company, Canon Virginia, Inc., which is currently contracted for the manufacturing of both product segments.
(Graphic: Business Wire)
The arrangement with Canon Financial Services will represent an additional important step in Applied UV’s growth. With best-in-class services for end-user financing solutions and the strength of the Canon brand, business users will be able to incorporate Applied UV’s air purification product suite into their everyday practices with financial flexibility. In addition, with the recently announced acquisitions of Puro Lighting and LED Supply Co, the Canon Financial Services strategic collaboration could further bolster the adoption of the Puronet Disinfection as a Service Solution, which incorporates the company’s software and hardware systems.
Larry Brittingham, Senior Manager, Sales Support and Marketing, of CFS, stated, “As a true captive finance company our goal is to provide best-in-class products and services to our customers. We are pleased to have been selected by Applied UV to assist with value added financial solutions. We look forward to this exciting new opportunity and creating innovative products and programs that will address the changing needs of the customers.”
Max Munn, Applied UV’s Chief Executive Officer, stated, “The collaboration with Canon Financial was a natural next step with our strategic manufacturing relationship with Canon Virginia, Inc. We believe that as governments address implementing improving indoor air quality (IAQ) initiatives, our fixed and mobile air and surface purification suite offer the best-in-class solutions. It is our intention to not only provide the best value for large institutional medical providers and businesses, we feel that this new financial collaboration with Canon Financial will help to significantly increase our market share and adoption of our entire suite of air and surface disinfection solutions and simultaneously enhance the financial strength of our Company."
Canon Financial Services, Inc. (CFS) is the premier financing source for all Canon Direct Sales Groups, Canon Authorized Dealers, Resellers and Partners in the U.S. CFS is a wholly owned subsidiary of Canon U.S.A., Inc. The mission of CFS is to provide best-in-class service delivered through a team that is fully committed to the growth and profitability of Canon. CFS leverages visionary leadership, the collective expertise of passionate employees, and the global strength of the Canon brand to offer innovative financing solutions. The company prides itself on delivering exceptional customer experiences while upholding Canon's deep commitment to social responsibility and environmental sustainability. CFS has its main office in Mount Laurel, N.J., and multiple branches throughout the United States. CFS assists federal, state, and local government entities, as well as commercial businesses, in financing a wide range of capital equipment.
About Applied UV
Applied UV, Inc. (“AUVI”) provides proprietary surface and air disinfection technology focused on Improving Indoor Air Quality (IAQ), specialty LED lighting and luxury mirrors and commercial furnishings, all of which serves clients globally in both the commercial and retail segments.
Our products address the needs in the healthcare, hospitality, food preservation, cannabis, education, winery vertical markets. The Company has established strategic manufacturing partnerships and alliances including Canon Virginia Inc., Acuity Brands Lighting, Johnson Controls International, Siemens, W.W. Grainger, and a global network of 89 dealers and distributors in 52 countries, offering a complete suite of products through its two wholly owned subsidiaries - SteriLumen, Inc. (“SteriLumen”) and Munn Works, LLC (“MunnWorks”). SteriLumen owns brands and markets a portfolio of clinically proven products utilizing advanced UVC Carbon, Broad Spectrum UVC LEDs, Photo-catalytic oxidation (PCO) pathogen elimination technology, branded Airocide ™, Scientific Air™, Airoclean™ 420, Lumicide™, PUROHealth, PURONet, and LED Supply Co. SteriLumen’s proprietary platform suite of patented, surface and air technologies offers the most complete pathogen disinfection platform including mobile, fixed and HVAC systems and software solutions interconnecting its entire portfolio suite into the IoT allowing customers to implement, manage and monitor IAQ measures recommended by the EPA across any enterprise. SteriLumen’s Lumicide™ platform applies the power of ultraviolet light (UVC) to destroy pathogens automatically, addressing the challenge of healthcare-acquired infections ("HAIs") in several patented designs for infection control in healthcare. LED Supply Company is a full-service, wholesale distributor of LED lighting and controls used throughout facilities in North America.
MunnWorks manufactures and sells custom luxury and backlit mirrors, and conference room and living spaces furnishings.
Our global list of Fortune 100 end users includes Kaiser Permanente, NY Health+Hospitals, MERCY Healthcare, Baptist Health South Florida, New York City Transit, Samsung, JB Hunt, Boston Red Sox’s Fenway Park, JetBlue Park, France’s Palace of Versailles, Whole Foods, Del Monte Foods, U.S. Department of Veterans Affairs, Marriott, Hilton, Four Seasons and Hyatt, and more. For information on Applied UV, Inc., and its subsidiaries, please visit 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.
Investor Relations Contact:
Brett Maas, Managing Principal
Hayden IR
brett@haydenir.com
(646) 536-7331
Source: Applied UV, Inc.
FAQ
What is the new leasing arrangement announced by Applied UV (AUVI)?
Applied UV has expanded its partnership with Canon Financial Services to include new leasing options for its air and surface disinfection technologies.
How will the leasing options affect Applied UV's customers?
The leasing options will provide customers with financial flexibility, making it easier for them to integrate Applied UV's products into their operations.
What subsidiaries are involved in Applied UV's leasing arrangement?
The leasing arrangement involves Applied UV's subsidiaries MunnWorks, LED Supply, SteriLumen, and PURO Lighting.
What markets does Applied UV target with its products?
Applied UV targets the healthcare, hospitality, food preservation, cannabis, education, and winery markets.
What are the expected benefits of the collaboration between Applied UV and Canon Financial Services?
The collaboration is expected to enhance market share, improve product adoption, and provide innovative financial solutions for customers.
