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KRONOS SIGNS AGREEMENT WITH GULFSTREAM AEROSPACE
Kronos to Develop, Design and Produce Air Movement and Purification Devices for Gulfstream Corporate Business Jet Aircraft
Belmont, MA. January 13, 2003 - Kronos Advanced Technologies, Inc. (OTC BB: KNOS) announced today that its wholly owned subsidiary, Kronos Air Technologies, Inc., signed a development and acquisition agreement with Gulfstream Aerospace Corporation. Gulfstream designs and manufactures the world's most technologically advanced business jet aircraft.
Following on the prototype development work performed by the Kronos Research Team and the customer testing work that was conducted aboard a "live" aircraft in 2002, Kronos will develop, design and produce Kronos™-based air movement and purification devices for installation onboard Gulfstream corporate business jet aircraft. The Kronos™ devices will be designed and manufactured to meet all FAA safety standards, including environmental, flammability and electromagnetic interference (EMI). The embedded Kronos™ devices will provide silent air circulation and purification throughout the cabin. The contract provides Kronos with advanced funding and progress payments, based on a set customer delivery schedule.
Daniel R. Dwight, Kronos' President and Chief Executive Officer, stated, "We are pleased to be working with the premier manufacturer of corporate aircraft. Together with our recent signing of a contract with the U.S. Navy for developing an advanced ventilation system for naval ships, the Gulfstream contract provides further validation of the Kronos technology for improving the way the transportation industry thinks about air movement and filtration."
Mr. Dwight continued, "With the execution of the HoMedics contract in the standalone market and execution of contracts with the U.S. Navy and Gulfstream in the embedded HVAC market, we are executing our business plan and demonstrating market penetration in some of Kronos' largest potential market places."
J. Alex Chriss, Executive Vice President Marketing and Sales, stated, "With the unique shapes of automobiles, airplane cabins, and ships, as well as the need for energy savings and a noise-free environment, the transportation industry is a well-defined example of how the Kronos™ technology can be applied. We plan to use our recent progress in developing air movement and filtration solutions for the transportation industry to further our development of applications for the commercial, residential and industrial ventilation market segments."
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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