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Applied UV Closes Deal to Provide Furnishings to Three Major U.S. Hotels and Condos
Rhea-AI Impact
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Rhea-AI Summary
Applied UV, Inc. (NASDAQ: AUVI) announced a $4.5 million order through its subsidiary MunnWorks to supply luxury furnishings to three major U.S. hotels and condos. This agreement, facilitated by McCloskey Purchasing Group, includes a range of products such as tables, bed frames, and back-lit mirrors, all to be manufactured at MunnWorks' Brooklyn, NY facility. The deal reflects the growing demand for domestic supply chains amid a projected $716.8 billion in travel revenues this year, indicating a recovery in the hospitality sector.
Positive
Secured a significant $4.5 million order from McCloskey Purchasing Group.
Production to occur at MunnWorks' Brooklyn, NY factory, reducing supply chain risks.
Aligns with the rebound of the travel industry, forecasting $716.8 billion in revenues.
Negative
None.
$4.5 Million Furnishings Order to be Made in Applied UV’s Brooklyn Factory
MOUNT VERNON, N.Y.--(BUSINESS WIRE)--
Applied UV, Inc. (NasdaqCM: AUVI) (“Applied UV” or the “Company”), a pathogen elimination technology company, announces today that its wholly owned subsidiary MunnWorks, a custom manufacturer of luxury mirrors and furniture for the hospitality market, has signed a deal to provide furnishings to three major U.S. hotels and condos.
The $4.5 million agreement includes a purchase order from McCloskey Purchasing Group to provide tables, bed frames, upholstered furniture, dressers and back-lit mirrors. The order will be manufactured in MunnWorks 100,000 square foot Brooklyn, NY manufacturing facility, which MunnWorks acquired on March 31, 2022 through the purchase of a luxury furniture manufacturing business. Applied UV also received a significant purchase order from The Related Companies, one of the largest property developers in the U.S.
“In searching for a partner for this largescale project, we immediately thought of MunnWorks,” said Steve McCloskey, President of McCloskey Purchasing Group. “Not only is MunnWorks a respected and well-known supplier in the hospitality industry, its Brooklyn-based factory will be paramount to avoiding any global supply chain issues moving forward.”
According to recent data, worldwide travel and tourism revenues are forecast to reach $716.8 billion this year, representing a 45 percent increase over 2021. With the travel industry coming back, luxury hotels and condos are looking for opportunities to refurbish and capitalize on the increased travel demand.
“We’ve seen the risks associated with global supply chains over the past few years, and we believe developers and purchasing companies are seeking to secure their supply chain by acquiring goods from companies based in the United States,” said Max Munn, President, Founder and a Director of Applied UV. “Through our partnership with McCloskey Purchasing Group, we will continue to provide luxury goods and furnishings to major hotels throughout the country, which will directly contribute to today’s travel industry revival.”
About McCloskey Purchasing Group
McCloskey Purchasing Group, Ltd. offers comprehensive FF&E planning, procurement and installation services for hotels, restaurants, country clubs and other commercial properties. The company has been providing knowledge, reliability and skillful services to clients for almost 20 years. In addition, they have purchased hundreds of projects for virtually every major brand name hotel throughout the US, Canada and the Caribbean along with numerous independent hotels, restaurants and country clubs.
About Applied UV
Applied UV, Inc. (“AUVI”) develops and acquires proprietary infection prevention and control technology in the healthcare, commercial & public venue, food processing/storage, cannabis, and education, vertical markets. The Company has two wholly owned subsidiaries - SteriLumen, Inc. (“SteriLumen”) and Munn Works, LLC (“Munn Works”). Sterilumen owns and markets a portfolio of products with advanced pathogen elimination technology, branded Airocide® by Sterilumen, Scientific Air™ by Sterilumen, Airoclean™ 420 by Sterilumen, and Lumicide™ by Sterilumen.
Leading organizations globally rely on AUVI’s air purification systems to completely eliminate airborne and surface infections, mold, bacteria, allergens and other contaminants. Our customers include Kaiser Permanente, NY Health+Hospitals, Baptist Health South Florida, Boston Red Sox’s Fenway Park, JetBlue Park, France’s Palace of Versailles, Invited Clubs, Whole Foods, Del Monte Foods, U.S. Department of Veterans Affairs, and more.
NASA used Airocide’s and Airoclean™ 420’s Photocatalytic Oxidation technology to sanitize its International Space Station.
Scientifically proven to reduce Healthcare Acquired Infections (HAI), Scientific Air™ offers a proprietary 3-stage technology integrating HEPA filters, ultraviolet germicidal light chamber and active carbon substrate.
For information on Applied UV, Inc., and its subsidiaries, please visit the following websites:
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 AUVI 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.
