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KRONOS ADVANCED TECHNOLOGIES ANNOUNCES RESULTS OF ANNUAL SHAREHOLDERS' MEETING
Belmont, MA. January 8, 2003 - Kronos Advanced Technologies, Inc. (OTC BB: KNOS) announced today that its shareholders formally approved its new name at the recent reconvened Annual Meeting held December 30, 2002. The shareholders also approved the re-election of Daniel R. Dwight, Erik W. Black, James P. McDermott, Richard A. Papworth and Richard F. Tusing to the Board of Directors for another term.
Daniel R. Dwight, Kronos' President and Chief Executive Officer, stated, "We begin 2003 with a new name, Kronos Advanced Technologies, Inc., which reflects the future of the Company. We begin 2003 with two material contracts - HoMedics and the U.S. Navy. These contracts are material milestones for Kronos that give industry validation for our unique, proprietary technology. Kronos is using this validation to more effectively negotiate new alliances and agreements with select partners seeking to bring the Kronos technology to additional markets and territories."
Dwight continued, "We begin 2003 with one United States patent (#6,504,308) granted, and multiple additional patents filed domestically and internationally. These improvements to our intellectual property position are a positive reflection on the years of effort expended by the Company to develop and patent, and thereby protect, the Kronos technology."
In related news the Company announced that Charles D. Strang, a former Kronos Board of Director who has been involved with the Company since September 2000, has agreed to join the Kronos Advisory Board. Strang is the National Commissioner for NASCAR, Chairman of the American Power Boat Association and the former Chairman and Chief Executive Officer of Outboard Marine Corporation. His highly regarded reputation in the marine industry is based on a more than 40-year career that includes milestone accomplishments: the invention of the modern-day stern-drive (inboard/outboard) power system, evolution of high horsepower outboard motors, dozens of patents in the field of engine design, marine propulsion devices and powerboats, and the movement of the marine industry to vertically integrate engine manufacturers with boat builders.
Kronos established the Advisory Board to assist management in the development of long-range business plans for the company. Specifically, the Advisory Board is working with Kronos management to advise them on the development of Kronos' six core market segments: health care, hospitality, residential and commercial facilities; cleanrooms, automotive, cruise ships and airplanes ventilation systems; specialized military applications; cooling of electronic devices and medical equipment; industrial air purification; and hazardous gas destruction.
About Kronos Advanced Technologies, Inc.
Through its wholly-owned subsidiary, Kronos Air Technologies, Inc., Kronos Advanced Technologies focuses on the development and commercialization of a new, proprietary air movement and purification technology. Kronos's technology utilizes state-of-the-art high voltage electronics and electrodes to create an efficient but simple electrical device. As a result of this combined technology, the Kronos™ air movement and purification device can move and clean air without any moving parts. The device is versatile, energy and cost-efficient and exhibits multiple design attributes, creating a broad range of applications. More information about Kronos Advanced Technologies is available at www.kronosati.com.
Contact: Kronos Advanced Technologies: Daniel R. Dwight at 617-993-9965 or email: investors@kronosati.com.
With the exception of historical information contained in this press release, this press release includes forward-looking statements and comments. Such statements are necessarily subject to risks and uncertainties, some of which are significant in scope and nature beyond the Company's control. Forward-looking statements, by their nature, involve substantial risks and uncertainties. As a result, actual results may differ materially depending on many factors, including those described above. The Company cautions that historical results are not necessarily indicative of the Company's future performance. Other risks are summarized under the caption "Factors Affecting Kronos' Business and Prospect" in the Company's Annual Report on Form 10-KSB for the year ended June 30, 2003 as filed with the Securities and Exchange Commission.
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