Sono-Tek Launches Emerging Market Development Program
Sono-Tek Corporation (NASDAQ: SOTK) announced a new program aimed at enhancing its applications expertise in emerging markets with significant growth potential. The initiative focuses on developing coating knowledge for next-generation technology-based products. The company plans to allocate resources, including application engineers, to explore these markets, anticipating capturing opportunities during customer product development. This strategic move aligns with Sono-Tek's projection to achieve record revenue in fiscal year 2022, ending February 28, 2022.
- Launch of a program focusing on emerging markets with high growth potential.
- Plan to add application engineering personnel and equipment for market exploration.
- Projected record revenue for fiscal year 2022.
- None.
Expanding Applications Expertise to Focus on Advanced Technology Growth Sectors
MILTON, NY, Sept. 09, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Sono-Tek Corporation (NASDAQ: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced the launch of a new program to accelerate its applications expertise to emerging markets that the Company has identified to have significant growth opportunities.
The program has been created to focus on identifying and developing application knowledge in key markets where Sono-Tek’s full system coating solutions can prove that they are superior to other coating technologies. The markets to be explored will primarily be concentrated on next generation technology-based products that need functional coatings.
Steve Harshbarger, President and Chief Operating Officer of Sono-Tek, commented, “Establishing an emerging markets development program was an easy decision for our organization. Our applications engineering department is fully engaged, serving our customers’ immediate needs to solve the coating challenges they bring into our labs. This leaves our team very little time to explore and develop new application capabilities in areas that we believe will become significant markets in 2-3 years. Dedicating application engineers to focus on these new emerging markets is expected to enable us to capture new opportunities early in our customer product development cycle.”
“To kick off the program, we will be adding application engineering personnel and the necessary equipment to explore these new markets as warranted. We expect this program to expand over time as we uncover new opportunities for our machine coating solutions,” concluded Mr. Harshbarger.
As previously disclosed, Sono-Tek is projecting to reach record revenue in its fiscal year 2022, ending February 28, 2022.
About Sono-Tek
Sono-Tek Corporation is the leading developer and manufacturer of ultrasonic coating systems for applying precise, thin film coatings to protect, strengthen or smooth surfaces on parts and components for the microelectronics/electronics, alternative energy, medical and industrial markets, including specialized glass applications in construction and automotive.
The Company’s solutions are environmentally-friendly, efficient, and highly reliable and enable dramatic reductions in overspray, savings in raw material, water and energy usage and provide improved process repeatability, transfer efficiency, high uniformity, and reduced emissions.
Sono-Tek’s growth strategy is focused on leveraging its innovative technologies, proprietary know-how, unique talent and experience, and global reach to further develop microscopic coating technologies that enable better outcomes for its customers’ products and processes.
For further information, visit www.sono-tek.com.
Safe Harbor Statement
We discuss expectations regarding our future performance, such as our business outlook, in our annual and quarterly reports, press releases, and other written and oral statements. These “forward-looking statements” are based on currently available competitive, financial and economic data and our operating plans. They are inherently uncertain, and investors must recognize that events could turn out to be significantly different from our expectations. These factors include, among other considerations, general economic and business conditions; political, regulatory, tax, competitive and technological developments affecting our operations or the demand for our products; the duration and scope of the COVID-19 pandemic; the extent and duration of the pandemic’s adverse effect on economic and social activity, consumer confidence, discretionary spending and preferences, labor and healthcare costs, and unemployment rates, any of which may reduce demand for some of our products and impair the ability of those with whom we do business to satisfy their obligations to us; our ability to sell and provide our services and products, including as a result of continued pandemic related travel restrictions, mandatory business closures, and stay-at home or similar orders; any temporary reduction in our workforce, closures of our offices and facilities and our ability to adequately staff and maintain our operations resulting from the pandemic; the ability of our customers and suppliers to continue their operations as result of the pandemic, which could result in terminations of contracts, losses of revenue, and further adverse effects to our supply chain; maintenance of increased order backlog, including effects of any COVID-19 related cancellations; the imposition of tariffs; timely development and market acceptance of new products and continued customer validation of our coating technologies; adequacy of financing; capacity additions, the ability to enforce patents; maintenance of operating leverage; consummation of order proposals; completion of large orders on schedule and on budget; continued sales growth in the specialty glass and portable electronics markets; successful transition from primarily selling ultrasonic nozzles and components to a more complex business providing complete machine solutions and higher value subsystems; the success of the emerging market development program; and realization of increased annual revenues as forecasted. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.
For more information, contact:
Stephen J. Bagley
Chief Financial Officer
Sono-Tek Corporation
info@sono-tek.com
Investor Relations:
Stephanie Prince
PCG Advisory
(646) 863-6341
sprince@pcgadvisory.com
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