BELMONT, Mass., June 5 /PRNewswire-FirstCall/ -- Kronos Advanced Technologies, Inc. today announced that its Russian business partner, EOL, LLC, has successfully achieved the second milestone in developing Kronos-based air purification and disease destruction products for medical facilities. EOL reached the first milestone in April 2006 by completing product design and initiating product development ahead of schedule. These successes place EOL ahead of schedule for a fall 2006 product launch.
(Photo: http://www.newscom.com/cgi-bin/prnh/20060605/NEM023 )
EOL prototype devices have been shipped to the Russian Research Institute of Medical Equipment for product certification, which would enable the use of these Kronos-based devices in medical facilities. EOL has begun investing in the manufacturing process; orders for injection molds, electronic and other components, and circuit boards have been placed with vendors in Russia and China.
"We are pleased that EOL is working effectively to get a commercial product to market for the CIS medical community," said Kronos President and Chief Executive Officer Daniel R. Dwight. "EOL anticipates the product will be produced this summer for a fall launch and we are actively supporting their efforts."
Mr. Dwight noted that the development of the Kronos-based medical products comes amid rising concerns worldwide about poor air quality, increased rates of in-hospital infection and growing worldwide concern about the human-to- human transmission of Avian (Bird) Flu and its projected impact on business.
The EOL medical products utilize Kronos' proprietary air purification and sterilization technology, which destroys airborne viruses, diseases, allergens and pathogens. Recent studies by Russian scientific institutions have proven the technology is the most effective in terms of disinfecting and preventing the spread of infectious airborne disease in hospitals, airplanes, office buildings and other indoor environments. The effectiveness of the Kronos technology has been validated by several leading research institutions. The Disinfection Research Institute Sterilization Laboratory in Moscow found that the Kronos technology 100% decontaminated a room infected with strains of airborne bacteria spores (Staphylococcus aureus strain 906 (S. aureus) and Bacillus cereus strain 96 (B. cereus). The Institute for Veterinary Medicine in Ukraine found Kronos technology completely sterilized and destroyed Anthrax and E.Coli (Bac.anthracis K-79Z and E.coli M-17). According to studies published by the Moscow State Medical University, E.coli and S. aureus are the leading causes of in-hospital patient infection in Russia with as many as five percent of all admitted patients becoming infected. Based on these findings and additional ongoing testing, Institute scientists said they believe Kronos' devices are also capable of sterilizing air and destroying contaminates such as other microflora, including Avian Flu and Severe Acute Respiratory Syndrome associated corona virus (SARS-CoV).
In January 2006, Kronos licensed its technology to Korolev-based EOL, a Russian Federation corporation, to produce, market, and distribute commercial air purification products, bacteriological and virus destruction devices and space heaters in select CIS states including Russia, Ukraine, Kazakhstan, Moldova and Byelorussia. EOL plans to assemble the finished products in Russia from components supplied both locally and from contract manufacturers in China.
About Kronos Advanced Technologies, Inc.
Through its wholly-owned subsidiary, Kronos Air Technologies, Inc., Kronos Advanced Technologies has developed a new, proprietary air movement and purification system that utilizes state-of-the-art high voltage electronics and electrodes to silently move and clean air without any moving parts. Kronos is actively commercializing its technology for standalone and embedded products across multiple residential, commercial, industrial and military markets. Kronos' technology is versatile, energy- and cost-efficient and exhibits multiple design attributes, creating a broad range of applications. The Company's business strategy includes a combination of building internal capabilities, establishing strategic alliances and structuring licensing arrangements. Kronos Advanced Technologies is located in Belmont, MA. More information about Kronos Advanced Technologies is available at http://www.kronosati.com.
Forward Looking Statements
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 Prospects" in the Company's Annual Report on Form 10-KSB for the year ended June 30, 2005 as filed with the Securities and Exchange Commission.
PR Contact: IR Contact: Patty McDonough Kennedy Ron Stabiner Kennedy Spencer The Wall Street Group, Inc. 212-828-6266 212-888-4848
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20060605/NEM023AP Archive: http://photoarchive.ap.orgAP PhotoExpress Network: PRN2PRN Photo Desk, photodesk@prnewswire.comKronos Advanced Technologies, Inc.CONTACT: PR Contact: Patty McDonough Kennedy of Kennedy Spencer, +1-212-828-6266; or IR Contact: Ron Stabiner of The Wall Street Group, Inc.,+1-212- 888-4848
Web site: http://www.kronosati.com/