Mr. Doug Croxall, CEO of Crown Electrokinetics, Shares First Quarter Company Update and Market Estimate

Rhea-AI Summary

Crown Electrokinetics Corp. (NASDAQ: CRKN) has provided a shareholder update discussing its strategic advancements in 2022. The company is set to complete facilities in Corvallis and Salem, enhancing manufacturing self-sufficiency and improving customer experience. Crown's Smart Window Inserts utilize DynamicTint™ technology to improve energy efficiency. The initial target market includes 5.9 million U.S. commercial buildings. The company is establishing relationships in the REIT market and has commissioned an independent valuation of its intellectual property portfolio, with results forthcoming.

Positive

• Completion of facilities in Corvallis and Salem to enhance manufacturing self-sufficiency.
• Launch of Smart Window Inserts expected in summer 2022, targeting energy efficiency in commercial buildings.
• Engagement in the REIT market with multiple presentations indicating potential future partnerships.

Negative

• None.

Los Angeles, California, March 23, 2022 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ: CRKN) ("Crown" or the "Company"),  a leading smart glass technology company, today released an update highlighting the company’s latest progress toward its 2022 objectives to include product delivery, business development, market size estimate and intellectual property valuation. The shareholder updates from CEO Doug Croxall are included in their entirety below.

Dear Shareholders:

Leading news headlines continue to impact investor sentiment and weigh on the overall market.  There is no need for me to review the news here. We all get enough of it elsewhere. 

Despite all the prevailing market headwinds, Crown is proceeding as planned.

The completion of Crown’s facilities in Corvallis and Salem will mark the company’s transition to manufacturing self-sufficiency, eliminating any dependency on contract manufacturers or partners. This will result in enhanced customer experience, stronger IP protection, and improved cost efficiencies.

Our Smart Window Inserts transform single-pane windows into energy efficient double-pane windows. Using our patented DynamicTint™ technology, buildings will be able to block out unwanted heat and light, therefore reducing reliance on HVAC systems and associated power use. We expect to achieve product launch in summer 2022.

As I outlined last week, our key product differentiators will include a less expensive bill of materials, extremely low power consumption (solar-powered), faster tinting speed and the ability to retrofit existing windows.
As a reminder, our initial target market is the existing US commercial office buildings. According to results from the U.S. Energy Information Administration’s (EIA) 2018 Commercial Buildings Energy Consumption Survey (CBECS). CBECS estimates that 5.9 million U.S. commercial buildings contained a total of 97 billion square feet as of 2018.

We continue to develop relationships in the US REIT's (“Real Estate Investment Trust”) market. We have held multiple presentations and I expect to announce additional agreements in the coming months.

Finally, we engaged an independent valuation services organization to perform an analysis on the fair market value of Crown’s intellectual property portfolio. A summary of the report’s findings will be released in the near future.

On behalf of all working here at Crown, we are grateful to our shareholders for their continued confidence and support as we continue steadfastly on our planned path for 2022.

We will also continue to report on our continued operational performance. Please join us on March 30^th 2022 in our Earnings Call, where we will present our 2021 annual report on Form 10k.

Finally, I will continue to communicate with you periodically on our overall progress and expect to share more exciting news.

Kind regards

Doug Croxall
CEO

About Crown Electrokinetics

Crown is a smart glass technology company and the creator of DynamicTint™ We Make Your Glass Smarter™. Originally invented by Hewlett-Packard (HP, Inc.), our technology allows any glass surface to transition between clear and dark in seconds. With applications to a wide array of windows, including commercial buildings, automotive sunroofs, and residential skylights, we partner with leading glass and film manufacturers for mass production and distribution. At the core of our technology is a thin film that is powered by electrically charged pigment which not only replaces common window tints but is also a more sustainable alternative to traditional window treatments. With its unique ability to be retrofitted to existing glass, DynamicTint™ offers myriad benefits related to reducing carbon emissions. The company is supported by a robust patent portfolio.

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 are the latest updates from Crown Electrokinetics Corp. as of March 2022?

Crown Electrokinetics Corp. has announced progress towards its 2022 goals, including the completion of manufacturing facilities and the anticipated launch of its Smart Window Inserts.

What is the significance of the Smart Window Inserts for Crown Electrokinetics?

The Smart Window Inserts, using DynamicTint™ technology, are designed to enhance energy efficiency in commercial buildings by reducing reliance on HVAC systems.

When is Crown Electrokinetics expected to launch its Smart Window Inserts?

The launch of Crown's Smart Window Inserts is expected in summer 2022.

What market is Crown Electrokinetics targeting with its products?

Crown is primarily targeting the existing U.S. commercial office building market.

What is Crown Electrokinetics doing regarding its intellectual property valuation?

Crown has engaged an independent valuation organization to assess its intellectual property portfolio, with findings to be released soon.