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Kronos Air Technologies Obtains Pre-Award Notice on U.S. Navy SBIR Phase II
BELMONT, Mass., July 23 /PRNewswire-First Call/ Kronos Air Technologies, Inc., a wholly owned subsidiary of Kronos Advanced Technologies (OTC Bulletin Board: KNOS), obtained a Pre-Award notice from the U.S. Navy for a Small Business Innovation Research ("SBIR") Phase II contract worth $600,000 plus an additional option of $150,000. During the Pre-Award stage Kronos needs to complete a government cost accounting audit and the US Navy needs to complete the necessary documentation for Kronos to begin work on Phase II. Kronos expects the audit to take 30 days and the U.S. Navy expects documentation to take 90 days.
This Phase II contract is an extension of the Phase I and Phase I Option work that began last year. The Kronos(TM) devices manufactured under this contract will be embedded in existing HVAC systems to move air more efficiently than traditional, fan-based technology.
"The Company is excited about continuing to develop leading edge technology for the U.S. Military," commented Daniel R. Dwight, President and CEO of Kronos Air Technologies. "Obtaining government contracts is an integral part of the Company's financial plan to fund further commercialization of the Kronos(TM) technology."
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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