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Management, Eagle Rock Principals and Private Investors Invest $610,000 in Kronos Advanced Technologies
BELMONT, Mass., May 9 /PRNewswire/-- Kronos Advanced Technologies announces the execution of agreements to provide $610,000 in funds through the sale of restricted shares of the Company's common stock in a private placement transaction. Senior Kronos Air Technologies management, including Daniel R. Dwight, President and CEO, Richard F. Tusing, COO, Richard A. Papworth, CFO, and J. Alexander Chriss, EVP Marketing and Sales, certain principals of the Eagle Rock Group, and several private investors participated in the private placement.
"This round of financing, including funds from management and Eagle Rock, is a testament to management and investors' belief in the commercial potential for the Kronos proprietary air movement and purification technology," commented Daniel R. Dwight, President and CEO Kronos Advanced Technologies.
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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