- Developed with NASA as a patented pathogen killing technology
- Proprietary photocatalytic oxidation process thoroughly destroys viruses, bacteria, spores, and fungi as well as other carbon-based molecules
- Airocide® air disinfection technology compliments and expands the SteriLumen platform, together providing a more comprehensive solution for air and surface
- Accelerates the strategy to grow revenues through complimentary acquisitions
- Enhances scale in the fast-growing disinfection device market
- Applied UV to host investor call at 9:00am ET on February 9, 2021
Applied UV, Inc. (NASDAQ:AUVI) (“Applied UV” or the “Company”), an infection control technology company that applies the power of narrow-range ultraviolet light (“UVC”) to destroy pathogens safely, thoroughly, and automatically, announced it has closed on the acquisition by its wholly-owned subsidiary, SteriLumen, Inc. (“SteriLumen”), of substantially all of the assets of Akida Holdings LLC, (“Akida”), including all of the rights to manufacture and sell the Airocide® System of patented, air disinfection and purification technologies, for 1.375 million common shares of Applied UV stock and $901,274.96 in cash. Neither SteriLumen nor Applied UV will assume any long-term debt or non-operating liabilities of Akida. Airocide® products have seen broad adoption across all major markets including resorts and hotels, hospitals and nursing homes, food distribution and wine making commercial buildings, and retail sectors. Akida’s revenue for the full calendar year 2020 is estimated to be $4.7 million with EBITDA of approximately $921,000. The agreement has been unanimously approved by the Boards of Directors of both companies.
“The last year demonstrated more than ever the importance of innovative and comprehensive infection control solutions that protect healthcare providers, patients, and the general public. Since establishing a distribution agreement with Airocide® last year, our appreciation has only grown for its capabilities; they represent a natural complement and extension to Applied UV’s product and service offerings, global reach, and customers,” said Q Saeed, CEO of Applied UV. “Our companies share a similar focus on infection control across a range of healthcare, hospitality, and commercial customers. Combined, we will offer a broader set of customers a more diversified selection of infection control products and services. We welcome the people of Airocide® to the Applied UV team and firmly believe that together, we will create greater value for our customers and shareholders.”
Keith Frein, President of Akida, commented, “We are pleased to reach this agreement with SteriLumen and Applied UV. We believe the value opportunity is compelling, both today and in a post-COVID world, as the combined company will have the scale, breadth, and depth to unlock substantial value that will drive further benefits for shareholders, customers, and all stakeholders. We look forward to working collaboratively to bring our two organizations together.”
The Airocide® system, originally developed for NASA by the University of Wisconsin, is a medical-grade, airborne pathogen killing technology that uses a patented combination of UVC and a proprietary titanium dioxide based photocatalyst. The Airocide® system is clinically proven and field tested to kill/remove/eliminate airborne pathogenic and non-pathogenic microorganisms, allergens, odors, and harmful organic compounds in a variety of applications and industries including healthcare, hospitality, grocery chains, wine making facilities, 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 currently used by nationally recognized brands such as Hard Rock Café, the US Army, Stag’s Leap vineyards and many more.
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Source: Biospace
