C-Bond Systems Reviews 2023 Highlights Including Record Revenue
Highlights include record revenue so far this year, asset sale of $4 million, strengthened balance sheet, elimination of convertible debt, and a strong pipeline for 2024
SAN ANTONIO, Jan. 04, 2024 (GLOBE NEWSWIRE) -- C-Bond Systems (the “Company” or “C-Bond”) (OTC: CBNT), a developer and marketer of glass strengthening solutions for enhanced safety, announced today its 2023 highlights. The Company also participated in an investor podcast to discuss 2023 achievements and 2024 goals, which can be heard here: https://www.youtube.com/watch?v=64_UULOJ3zM
2023 Highlights
Revenue was over $1.7 million for the first nine months of 2023, exceeding revenue for the first nine-month period of any prior year, even without the contribution of any revenue from our previously owned C-Bond nanoShield product, which we sold in the second quarter of 2023
C-Bond sold its C-Bond nanoShield windshield strengthener and related automotive assets for more than $4 million
Company strengthened its balance sheet, paid off debt, and restructured its last remaining convertible note to eliminate convertible features and stop accruing interest
C-Bond filed to officially establish Patriot Glass Solutions as a subsidiary as a result of expanding operations and strong revenue growth, with its products now installed in 162 schools in Texas as well as many other commercial facilities
Strong pipeline of purchase orders already received for 2024
“2023 was a transformational year for us as we sold the C-Bond nanoShield business, allowing us to strengthen our balance sheet and focus on our core Patriot Glass Solutions products,” stated Scott R. Silverman, Chairman and CEO of the Company. “Further growing our Patriot Glass Solutions subsidiary and our best-in-class products is our primary goal for 2024. We already have a solid pipeline of projects lined up to begin in 2024 and we will continue to expand by getting our ballistic and security film products specified by architects and growing our dealer network across the country.”
Patriot Glass Solutions protects personal, commercial and government property from looting, smash-and-grabs, break-ins, and gunfire. Its leading products are C-Bond BRS, a ballistic-resistant film system, and C-Bond Secure, a multi-purpose glass strengthening primer and window film mounting solution that deters forced entry.
To see a demonstration of Patriot Glass Solutions’ security products, watch our video at: https://bit.ly/3l93oZV
For more information about Patriot Glass Solutions’ products, please call 844-602-2663 or email Michael Wanke at mike@patriotglasssolutions.com.
About C-Bond
C-Bond Systems, Inc. (OTC: CBNT) is a San Antonio-based nanotechnology company and marketer of the patented C-Bond technology, which is independently proven to strengthen glass in architectural applications. The Company’s Patriot Glass Solutions subsidiary sells ballistic-resistant glass solutions and forced entry deterrent solutions to private enterprises, schools, and government agencies. For more information, please visit our websites: www.cbondsystems.com, www.patriotglasssolutions.com, Facebook: https://www.facebook.com/cbondsys/ and Twitter: https://twitter.com/CBondSys and https://twitter.com/Patriot_Glass.
Forward-Looking Statements
Statements in this press release about our future expectations, including the likelihood that we already have a solid pipeline of projects lined up to begin in 2024 and we will continue to expand by getting our ballistic and security film products specified by architects and growing our dealer network across the country; any forward-looking statements contained in the podcast interview; constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, the Company’s ability to successfully commercialize its products; the likelihood that schools will comply with the Texas Education Agency’s rule on school safety; the Company’s and its customers’ ability to source materials; construction delays; film delays; the Company’s ability to raise capital; regulatory risks; as well as other risks. Additional information about these and other factors may be described in the Company’s filings with the Securities and Exchange Commission (“SEC”) including its Form 10-K filed on March 31, 2023, its Forms 10-Q filed on November 14, 2023, August 14, 2023, and May 15, 2023, and in future filings with the SEC. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
Contact:
Allison Tomek
C-Bond Systems
atomek@cbondsystems.com
