Applied UV, Inc. Announces Exclusive Licensing and Joint Development Agreement with Axis Lighting to Commercialize LED-based Technologies in UV-C Devices to Inactivate Pathogens on Surfaces in the Hospital Market

Rhea-AI Summary

Applied UV, Inc. (NASDAQ:AUVI) announced an exclusive licensing and joint development agreement with Axis Lighting, Inc. to create innovative LED-based UV-C technologies targeting pathogen neutralization in hospitals across North America. The partnership aims to enhance healthcare environments by leveraging SteriLumen's patented disinfection technology and Axis Lighting's industry expertise. Royalties will be paid to SteriLumen on sales of developed products, signifying a strategic move to address the growing demand for efficient infection prevention solutions.

Positive

• Exclusive partnership with Axis Lighting to develop LED-based UV-C technologies for hospitals.
• Potential for increased revenue through royalties from product sales.
• Collaboration aims to enhance infection control solutions in healthcare settings.

Negative

• None.

MOUNT VERNON, NY / ACCESSWIRE / October 28, 2020 / Applied UV, Inc. (NASDAQ:AUVI) ("Applied UV" or the "Company"), an infection prevention technology company that applies the power of ultra violet C ("UV-C") light utilizing its patented devices to destroy pathogens safely, thoroughly, and automatically, today announced that its subsidiary, SteriLumen, Inc. ("SteriLumen"), and Axis Lighting, Inc. of Quebec, Canada, have entered into an exclusive license and joint development agreement. The companies will collaborate on the development and commercialization of new LED-based technologies and solutions in UV-C products that are designed to neutralize pathogens on physical surfaces in hospitals located in North America.

"Axis Lighting is the ideal partner for SteriLumen in the hospital market," said Q Saeed, CEO of Applied UV. "In addition to their proven commercial product success and go-to-market capabilities, Axis shares SteriLumen's vision for innovation to address better healthcare outcomes and the rising global demand for pathogen control solutions that provide outstanding efficacy and safety. This collaboration leverages the capabilities and strengths of each partner and achieves our objective to retain significant value for Applied UV's shareholders."

"We are delighted to announce this win-win strategic development agreement, paving the way for a growing partnership, said Howard Yaphe, CEO of Axis Lighting. "Axis and SteriLumen share the same passion and vision when it comes to the role the lighting industry can play in addressing the ever-increasing threat posed by Hospital Acquired Infections ("HAIs"). Our combined strengths - Axis Lighting's expertise in performance-focused engineering and its significant manufacturing and marketing capabilities, and SteriLumen's technical expertise and innovation - create a potent opportunity for success. At its core, the partnership will be driven by the shared values of both companies, which are focused on delivering safe, effective and cost-efficient solutions for our customers."

Founded in 1991, Axis Lighting is one of the largest independent architectural lighting companies in North America and operates a manufacturing facility with on-site design, engineering, and marketing staff to deliver high-performance LED luminaires for general, ambient and task lighting in offices, as well as in commercial and institutional spaces.

BalancedCare™ by Axis provides healthcare lighting for wellness, offering patent-pending performance lighting for both visual comfort and functionality. BalancedCare™ addresses a number of requirements of today's complex healthcare environment, including infection control, and is supported and distributed through 98 Axis agents across North America.

Find out more about BalancedCare™ https://youtu.be/1l0M_CilBbE

Under the agreement, SteriLumen will work with Axis Lighting's new dedicated healthcare facilities lighting group, BalancedCare™ by Axis, to leverage SteriLumen's Intellectual Property and proprietary know-how in UV-C products to commercialize a range of new LED-based technologies designed for use in the hospital sector. Axis Lighting has agreed to pay royalties to SteriLumen on sales of the commercial products developed through the collaboration. Development of the UV-C products will be governed by a joint development committee.

About Axis Lighting
Axis Lighting is a Canadian-based and family-owned LED luminaire manufacturer. Founded in 1991, the company's diverse product lines transcend the ordinary and exceed the norm. The company's LED luminaires provide solutions for many markets, including office, educational, cultural, and retail. For more information, please visit axislighting.com or follow @AxisLighting.

About BalancedCare™
BalancedCare™ by Axis Lighting addresses specific challenges of healthcare lighting with modern architectural design that incorporates high-performing optics and controls abilities while also meeting infection control standards, and are easy to install and maintain. Extensive industry research led to the robust product line, unique attributes, and well-thought engineering and design. For more information, please visit BalancedCare.AxisLighting.com or follow @BalancedCare.

About Applied UV
Applied UV is focused on the development and acquisition of technology that address infection prevention in the healthcare, hospitality, commercial and residential markets. Our products utilize disinfection technology that applies the power of UVC to destroy pathogens safely, thoroughly, and automatically. The Company's SteriLumen technology was tested at an independent laboratory that found the SteriLumen Disinfection System to be greater than 99.99% effective in killing the OC43 human coronavirus, a strain of human coronavirus that is genetically similar to SARS-CoV-2. According to the independent laboratory, it is expected that SARS-CoV-2, the virus that causes COVID-19 will be killed in a similar manner to OC43. The Company has two wholly-owned subsidiaries; SteriLumen and Munn Works, LLC ("Munn Works"). SteriLumen develops disinfection devices and technology that combat hospital-acquired infections (HAIs). We formed a team to solve and patent a product and process to neutralize pathogens providing a compelling solution for the hospitality space and a solid path to entering the healthcare market. MunnWorks manufactures fine mirrors specifically for the hospitality industry. Our goal, at Munn Works, is to contribute to the creation of what our design industry clients seek: manufacturing extraordinary framed mirrors.

For more information about Applied UV, Inc., and its subsidiaries, please visit the following websites: https://www.applieduvinc.com/; https://sterilumen.com/; and, https://munnworks.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.

Applied UV Investor Relations
TraDigital IR
Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com

MJ Clyburn
+1-917-327-6847
clyburn@tradigitalir.com

SOURCE: Applied UV, Inc.

View source version on accesswire.com:
https://www.accesswire.com/612566/Applied-UV-Inc-Announces-Exclusive-Licensing-and-Joint-Development-Agreement-with-Axis-Lighting-to-Commercialize-LED-based-Technologies-in-UV-C-Devices-to-Inactivate-Pathogens-on-Surfaces-in-the-Hospital-Market

FAQ

What is the recent agreement between Applied UV and Axis Lighting?

Applied UV announced an exclusive licensing and joint development agreement with Axis Lighting to create LED-based UV-C technologies for hospitals.

What will Applied UV and Axis Lighting focus on in their partnership?

The partnership will focus on developing technologies designed to neutralize pathogens in healthcare environments.

How will Applied UV benefit from the agreement with Axis Lighting?

Applied UV will receive royalties based on sales of the products developed through the collaboration.

When was the agreement between Applied UV and Axis Lighting announced?

The agreement was announced on October 28, 2020.

What is the stock symbol for Applied UV?

The stock symbol for Applied UV is AUVI.