Following Significant Investment in Domestic
Production Applied UV Reports Record Backlog of $22
Million
NEW
YORK, NY - July 13, 2023 -- InvestorsHub NewsWire -- Applied UV,
Inc. (NASDAQ:
AUVI), a top Smart Buildings Technologies provider (including
food security), today shared its notable expansion in the
hospitality and leisure sector. This growth, fueled by major
investments in its 150,000 square foot domestic production, lessens
the hospitality industry's dependence on production from China.
The
hospitality division is experiencing unprecedented growth, with
current orders and orders in process totaling approximately $14
million-$15 million including an order in process of over $4
million with a leading hotel brand. This marks the largest backlog
in the company's history and over 300% year-over-year growth. This
growth underscores the success of the company's strategic expansion
and its ability to meet the evolving needs of the hospitality and
leisure industry.
"We are
thrilled with the growth we're seeing in our hospitality division,"
said Munn, CEO of Applied UV. "This is a clear indication
that our strategy is working, and we are confident that we will
meet our $45 million-$50 million revenue projection for 2023."
In
addition to the company's significant growth in the hospitality
sector, Applied UV is also proud to announce a total company
backlog of over $22 million. This impressive figure underscores the
company's robust demand and strong market position. Among the
company's prestigious clientele in the hospitality industry are
renowned names such as Marriott, Hyatt, Hilton, and Wynn. These
partnerships further validate Applied UV's commitment to providing
top-tier smart building technology solutions.
Applied
UV's strategic expansion of its product portfolio and domestic
production capabilities has solidified its position as a preferred
provider of comprehensive solutions within the hospitality
industry. This broadened product offering has not only fortified
Applied UV's competitive edge but also led to a substantial
increase in its market share. The company's commitment to
innovation and quality continues to drive its growth and success in
this sector.
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About Applied UV
Applied
UV, Inc. provides proprietary technology focused on global food
security, air quality, and specialty building solutions for the
commercial and hospitality industries., For information on Applied
UV, Inc., and its subsidiaries, please visit https://www.applieduvinc.com.
Forward-Looking Statements
The
information contained herein may contain "forward-looking
statements." Forward-looking statements reflect the current view
about future events. When used in this press release, the words
"anticipate," "believe," "estimate," "expect," "future," "intend,"
"plan," or the negative of these terms and similar expressions, as
they relate to us or our management, identify forward-looking
statements. Such statements include, but are not limited to,
statements contained in this press release relating to the view of
management of Applied UV concerning its business strategy, future
operating results and liquidity and capital resources outlook.
Forward-looking statements are based on the Company's current
expectations and assumptions regarding its business, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict.
The Company's actual results may differ materially from those
contemplated by the forward-looking statements. They are neither
statements of historical fact nor guarantees of assurance of future
performance. We caution you therefore against relying on any of
these forward-looking statements. Factors or events that could
cause the Company's actual results to differ may emerge from time
to time, and it is not possible for the Company to predict all of
them. The Company cannot guarantee future results, levels of
activity, performance, or achievements. Except as required by
applicable law, including the securities laws of the United States,
the Company does not intend to update any of the forward-looking
statements. References and links to websites have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press
release.
For additional Company Information:
Applied UV Inc.
Max Munn
Applied UV Founder, CEO
& Director
Max.munn@applieduvinc.com
Investor
Relations Contact:
TraDigital IR
Kevin
McGrath
+1-646-418-7002
kevin@tradigitalir.com