Crown Electrokinetics Announces Execution of Non-Binding Definitive Term Sheet for Debt Capital to be Used to Purchase Two Production Lines and for Growth Capital
June 01 2022 - 8:30AM
InvestorsHub NewsWire
Los Angeles, California, May 31, 2022 -- InvestorsHub
NewsWire -- Crown
Electrokinetics Corp. (NASDAQ:
CRKN) ("Crown" or the "Company"), a
leading smart glass technology company, announced that it has
signed a definitive term sheet for debt financing. The debt
facility will be used to fund two purpose-built roll-to-roll lines
for production of Crown's DynamicTint™ film as well as to fund
working capital through end of calendar year 2023.
The new roll-to-roll lines will enable Crown to produce film at
any length and at widths of 12 inches up to 72 inches. Once
the new lines are producing at capacity, Crown expects Smart Window
Insert annualized revenues of approximately $220 million and EBITDA
of $40 million. Crown expects to receive both lines by Summer of
2023.
The transaction is subject to the parties'
execution of definitive agreements and customary closing
conditions. The terms of the debt financing will be disclosed after
the funding closes, which is expected to occur over the next two
months.
About Crown Electrokinetics
Crown is a smart glass technology company and the creator of
DynamicTint™ We Make Your Glass Smarter™. Originally invented by
Hewlett-Packard (HP, Inc.), our technology allows any glass surface
to transition between clear and dark in seconds. With applications
to a wide array of windows, including commercial buildings,
automotive sunroofs, and residential skylights, we partner with
leading glass and film manufacturers for mass production and
distribution. At the core of our technology is a thin film that is
powered by electrically charged pigment which not only replaces
common window tints but is also a more sustainable alternative to
traditional window treatments. With its unique ability to be
retrofitted to existing glass, DynamicTint™ offers myriad benefits
related to reducing carbon emissions. The company is supported by a
robust patent portfolio.
Safe Harbor
Statement: Statements in this news release may be
"forward-looking statements". Forward-looking statements include,
but are not limited to, statements that express our intentions,
beliefs, expectations, strategies, predictions, or any other
statements relating to our future activities or other future events
or conditions. These statements are based on current expectations,
estimates and projections about our business based, in part, on
assumptions made by management. These statements are not guarantees
of future performance and involve risks, uncertainties and
assumptions that are difficult to predict. Therefore, actual
outcomes and results may, and are likely to, differ materially from
what is expressed or forecasted in forward-looking statements due
to numerous factors. Any forward-looking statements speak only as
of the date of this news release and Crown Electrokinetic
Corporation undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
news release.
This press release does not constitute a public offer of any
securities for sale. Any securities offered privately will not be
or have not been registered under the Act and may not be offered or
sold in the United States absent registration or an applicable
exemption from registration requirements.
Crown Electrokinetics
IR Email: info@crownek.com
Source: Crown Electrokinetics: www.crownek.com
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