Crown Fiber Optics Secures New $85 Million Project

Rhea-AI Summary

Crown Electrokinetics Corp. has been awarded an $85 million project with a leading infrastructure solutions provider in Idaho, marking their sixth project in a few months. This success demonstrates the interest in their Fiber Optics division and sets them up for long-term success in the market.

Positive

• Crown Electrokinetics Corp. has been awarded an $85 million project in Idaho, adding to their growing pipeline of projects. This success demonstrates the interest in their Fiber Optics division and sets them up for long-term success in the market.

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• None.

Crown’s Sixth Customer This Year for Project in Idaho

LOS ANGELES, June 13, 2023 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ: CRKN) ("Crown" or the "Company"), a leading smart glass technology company and an expert in both designing and installing distributed antenna systems (DAS) and constructing fiber optic networks, today announced that it has been awarded a project for $85 million with a leading infrastructure solutions provider.

Doug Croxall, Crown Electrokinetics CEO and Chairman stated, “Today’s announcement continues to build on recent momentum, demonstrating the success and interest in our Fiber Optics division and its ability to sign meaningful and revenue-producing projects. The $85 million agreement covers a project based in Idaho.

“This project marks our sixth in just a few months, executed on the heels of our recent $50 million dollar purchase order last week. Our ability to capitalize on our growing pipeline in a relatively short timeframe should set Crown up for long-term success in this market.”

About Crown Electrokinetics

Crown is a smart glass technology company and the creator of our Smart Window Insert and an expert in both designing and installing distributed antenna systems (DAS) and constructing fiber optic networks.

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

IR Email: info@crownek.com

Source: Crown Electrokinetics: www.crownek.com

FAQ

What is the value of the project awarded to Crown Electrokinetics Corp?

The project awarded to Crown Electrokinetics Corp is valued at $85 million.

How many projects has Crown Electrokinetics Corp been awarded recently?

Crown Electrokinetics Corp has been awarded six projects in just a few months.

What division of Crown Electrokinetics Corp is experiencing success?

The Fiber Optics division of Crown Electrokinetics Corp is experiencing success.

Where is the project awarded to Crown Electrokinetics Corp based?

The project awarded to Crown Electrokinetics Corp is based in Idaho.