Crown Fiber Awarded an Additional Segment on Nevada Backbone Project

Rhea-AI Summary

Crown Electrokinetics Corp. (NASDAQ:CRKN) has been awarded an additional segment under its current agreement in Nevada, extending its ongoing large backbone long haul fiber project. This new work complements the existing project, which involves horizontal drilling and plowing. Crown had previously secured two "clusters" expected to generate approximately $5.7 million in gross revenues.

Corey Boaz, President of Construction for Crown Fiber Optics, emphasized that this additional award reflects the quality of work the company provides and its commitment to exceeding customer expectations. He also noted that Crown's pipeline is growing through both new and repeat business, having earned customer trust.

Positive

• Awarded additional segment in Nevada fiber project
• Previously secured two clusters expected to generate $5.7 million in gross revenues
• Growing pipeline through new and repeat business

Negative

• None.

LOS ANGELES, CA / ACCESSWIRE / July 15, 2024 / Crown Electrokinetics Corp. (NASDAQ:CRKN) ("Crown" or the "Company"), a leading smart glass technology company and an expert in constructing fiber optic networks, today announced that it has been awarded an additional segment under its current agreement in Nevada which commenced in May.

This work complements, and is an extension of, an ongoing large backbone long haul fiber project that includes horizontal drilling and plowing work. Crown previously received two "clusters" of the project which are expected to generate approximately $5.7 million in gross revenues.

Corey Boaz, President of Construction for Crown Fiber Optics stated. "We are pleased to have been awarded this additional work for a great customer. Beyond the additional revenue the project brings, our being chosen speaks to the quality of work we are providing our customers and partners. Suffice it to say, we would not be awarded this additional opportunity if it were not for our continuing commitment to exceeding customer expectations. Our pipeline is growing not just through new customers, but repeat and additional business having earned our customers' trust."

About Crown Electrokinetics

Crown is comprised of two divisions, Fiber Optics and Electrokinetics Film. The Electrokinetics Film division is a smart glass technology and the creator of our Smart Window Insert based on its patented electrokinetic film. Crown's Fiber Optics division is a builder of underground fiber optic networks as well as other utility infrastructure projects.

Safe Harbor Statement:

Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Crown Electrokinetic Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Crown Electrokinetics Contact:

IR Email: info@crownek.com

SOURCE: Crown Electrokinetics

View the original press release on accesswire.com

FAQ

What new project segment has Crown Electrokinetics (CRKN) been awarded in Nevada?

Crown Electrokinetics (CRKN) has been awarded an additional segment under its current agreement in Nevada, extending its ongoing large backbone long haul fiber project that includes horizontal drilling and plowing work.

How much revenue is expected from Crown Electrokinetics' (CRKN) previously secured clusters in Nevada?

The two previously secured 'clusters' of the Nevada project are expected to generate approximately $5.7 million in gross revenues for Crown Electrokinetics (CRKN).

What does the additional project award indicate about Crown Electrokinetics' (CRKN) performance?

The additional project award indicates that Crown Electrokinetics (CRKN) is providing high-quality work and exceeding customer expectations, leading to repeat business and growth in their project pipeline.

Who commented on Crown Electrokinetics' (CRKN) additional project award in Nevada?

Corey Boaz, President of Construction for Crown Fiber Optics, commented on the additional project award in Nevada for Crown Electrokinetics (CRKN).