KronosMD Inc- New KNOS Medical Device manufacturing subsidiary
Parkersburg, WV, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Parkersburg, WV October 11 2022 /Globenewswire/ KRONOS ADVANCED TECHNOLOGIES, INC. (OTC MARKETS: KNOS) ("KNOS" or the "Company"), innovation-driven product development and production company that has significantly changed the way air is moved, filtered, and sterilized, announced today the formation of KronosMD Inc., a new medical manufacturing division which will focus on leveraging its expert capabilities in precision healthcare manufacturing to pursue manufacturing and technology acquisition opportunities in the Medical Devices and Precision Medical Component markets.
The KronosMD division will further continue growth and diversification in line with Kronos’ 2022 strategy. This investment, focusing on leading-edge technology in the medical electronic device industry, demonstrates Kronos’ commitment to the future of our company. With this announcement, Kronos further builds upon the electronics manufacturing diversification directives the company has launched over the past few years, including the “Transition to America” manufacturing plan focused initially on the domestic production of a highly successful line of advanced air purification/disinfection devices.
“The Kronos team has the expertise that is applicable beyond the markets in which the Company currently operates,” said Joseph Florence, Kronos’ COO and Chief Transformation Officer. “This announcement formalizes the creation of KronosMD™, a new division with a dedicated team to pursue medical device acquisitions and B2B manufacturing business opportunities”.
The medical device and new medical technologies market are growing exponentially. According to Grand View Research, The U.S. medical device manufacturers’ market size was valued at USD 176.7 billion in 2020 and is anticipated to exhibit a compound annual growth rate (CAGR) of 5.0% over the forecast period. The rising prevalence of chronic diseases and the increasing geriatric population in the country are the key market drivers. The United States remains the largest medical device market in the world.
This is an exciting new area of growth for Kronos operations. As part of our future initiatives, Kronos’ quality management and manufacturing systems have been developed to meet the required industry standards for the manufacturing of medical devices. A key strategy for KronosMD will involve the acquisition of, or the B2B manufacturing or design engagement with, innovative companies offering both (or either) currently developed products or strong R&D departments. To that point, Kronos is in current negotiations with our initial target matching this profile and offering a state-of-the-art medical imaging platform.
“Medical devices are a market where we believe we can add immediate shareholder value by leveraging our scale and manufacturing capabilities to bring innovative, high-quality solutions to the market. Kronos’ capabilities in electronics manufacturing, and our related supply chain management expertise, can be leveraged to offer medical equipment OEMs domestic contract manufacturing solutions for products designed to improve the health and well-being of today’s focused consumers. Our management’s history of successfully implementing innovative techniques and lean manufacturing principles indicates a strong future for KronosMD ™ and further serves to assure our ability to deliver value to our customers and shareholders.”- added Mr. Florence.
About Kronos Advanced Technologies, Inc.
The Company was initially founded in 2002 and funded by the U.S. military to develop electrostatic air movers. Eventually, the Company moved into the consumer air purification business. It began operations as a product development company that invented and significantly changed the way air is moved, filtered, and sterilized. Historically, Kronos has focused on developing, marketing, and selling the Company's proprietary air movement and purification technology. Serving the Indoor Air Quality (IAQ) market, Kronos technology uses state-of-the-art high-voltage patented processes without the use of traditional porous HEPA filters. Kronos-based products move air silently, filter, sterilize, and purify the air while dramatically reducing energy consumption to half of a 60-watt light bulb. Kronos devices can be variable in shape or size and, therefore, have the potential to be scaled down for air purification in cars or scaled up in size for industrial and hazardous gas destruction. The technology is currently being implemented in multiple standalone products for businesses, homes, and vehicles of all types -to move, sterilize and filter air, including removing allergens down to 14.6 nanometers, passing through our patented technology -replacing expensive outdated passive HEPA and other filtration type systems. There are broad ranges of additional markets for standalone and embedded Kronos CORE technology-based devices. Examples of immediately addressable markets include schools, universities, healthcare facilities, operating rooms, manufacturing clean rooms, and the cabins of automobiles and commercial aircraft.
Kronos published research about the effectiveness of Kronos Patented technology on air disinfection n (e.g., microorganism destruction) by demonstrating the high efficacy of Kronos® Technology-based air purifiers in capturing and destruction of various types of microorganisms (including Corona Viruses) in different environmental settings back in 2008. Results of this research showed that Electrostatic Air Filtration and Purification systems based on Kronos technology demonstrated high capturing and destruction efficiency for different types of microorganisms, bacteria, and viruses, and can be successfully used for disinfection of air in real word environmental settings, including hospital facilities both with and without the presence of people.
BusinessWeek called Kronos air purifiers "VIRUS KILLER" in 2005.
Kronos is the first publicly traded company that accepts DOGE coin as a form of payment for its products, as well as other cryptocurrencies.
Recently, the Company filed for a provisional patent involving an innovative protective face mask with antimicrobial and anti-cellphone radiation protection features. The Company is planning to file additional patents to improve its existing technology as well as enter into new market segments but will continue to market air purifiers and other consumer products. The Company is an exclusive distributor and licensee of the latest generation of air purifiers based on the Company's CORE technologies. The Company markets its products as Airdog® and KRONOS® brands. All Kronos products come with Kronos Promise ™ -Your Satisfaction is Guaranteed!
Company offices are located in Parkersburg, West Virginia.
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SOURCE: KRONOS ADVANCED TECHNOLOGIES, Inc
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