Applied UV, Inc. (NASDAQ:AUVI) (“Applied UV” or the “Company”), an infection prevention technology company that applies the power of ultra violet C (“UV-C”) light utilizing its patented devices to destroy pathogens, including bacteria and viruses, safely, thoroughly, and automatically, today announced that in addition to its exclusive Joint Distribution and Licensing Agreement with Akida Holdings LLC (“Akida”) that was announced in a press release on September 8, 2020, it has signed a non-binding letter of intent (the “LOI”) to explore the possibility of acquiring certain key assets of Akida, including Akida’s rights to the manufacture and sale of the Airocide™ System of patented, air purification technologies, which may aid in the reopening of the global economy with applications in the hospitality, hotel, healthcare, nursing homes, grocer, wine, commercial buildings and retail sectors, for up to a maximum of $12,000,000, subject to Akida Holdings obtaining significant EBITDA increases over the next two years, along with a clawback and a two year lockup of restricted Applied UV stock.
C and a proprietary, titanium dioxide based photocatalyst. The Airocide™ technology is clinically proven and field tested to kill/remove/eliminate airborne pathogenic and non-pathogenic microorganisms, allergens, odors and harmful VOC’s in a variety of applications and industries including healthcare, hospitality, grocery chains, wineries, commercial real estate, schools, dental offices, cannabis, and homes. Airocide™ has been featured on “CNN”, “Fox News Networks”, “Maxim” and “The Ellen Show”. The Airocide™ technology is widely accepted and is currently used by nationally recognized brands such as “Whole Foods”, “Delmonte”, “Dole”, “Chiquita”, “Opus One” “Sub-Zero Refrigerators” and “Robert Mondavi Wines” to name a few.
Akida has agreed to cooperate with Applied UV’s due diligence process and not actively pursue parallel alternative sale or financing alternatives until the earlier of the execution of a definitive agreement and March 2, 2021.
The potential acquisition is exploratory and is subject to, among other things, the completion of due diligence, approval of the two companies’ boards, the negotiation and execution of a definitive agreement providing for the transaction, and satisfaction of any conditions negotiated therein. Accordingly, there can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated.
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Source: Biospace