OREM, Utah, July 12, 2022 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (Symbol: RSCF), a provider of diverse products and services for the biotechnology, pharmaceutical, and transportation industries, announces the release of a letter to shareholders.
I thought it would be appropriate to update shareholders on the status of our work at Reflect Scientific. Our Company is based on a technology platform involving the innovative use of liquid nitrogen for temperature management across a wide range of industrial applications. We now have 30 patents to enable us to protect our market position. Previously we announced financial results for the fiscal year 2021 that showed positive earnings per share.
Our business can be looked at in three deployment areas: Processing, Storage, and Transportation (cold chain management).
In the processing area, we continue to sell our Cryometrix brand blast freezing equipment to Biotech and Pharmaceutical companies due to its superior performance over mechanical compressor units. The same is true for our line of solvent Chillers which are now widely used in the production of CBD oil and other applications that demand very high thermal efficiency, which cannot otherwise be economically achieved. Clearly, we have superior technology to address the applications mentioned above. In a previous announcement, we stated that Reflect Scientific received a patent for the use of our liquid nitrogen technology to replace HFC's in refrigerators and air conditioning units in household, institutional and industrial applications. We have demonstrated this initiative's efficacy and found it practical and cost-effective. The federal government has announced that they have a strong interest in eliminating green house gas contributors. It is worth noting here that the installed base is in the trillions of dollars. We plan to collaborate with appropriate parties to help us realize the potential of this enormous opportunity.
In the cryogenic storage area, we recently announced the suitability of our liquid nitrogen-based units in terms of their differentiation from mechanical units. Our reliability, temperature control, temperature uniformity, and indirect use of liquid nitrogen are compelling reasons to choose the Cryometrix brand equipment. Many existing freezer farms would greatly benefit from the features we offer, and it is noteworthy that Bio-preservation is a growth industry. We now have a new showroom for our product line for customer demonstration. One of the first visits will be a potential customer who is a significant player in the cryogenic processing and storage of blood and blood products.
In the Transportation area, we now have products that address temperature-controlled transportation by land, sea, or air. The Cryometrix S 90 shipper is a skid-mounted cryogenic freezer that can run off the grid for long periods and has a holding capacity equivalent to 200,000 1 ml vials. Our Cryometrix CB 40 reefer cooling system addresses the desire to convert older mechanically driven cooling systems which employ diesel and HFC's to reduce pollution and greenhouse gas emissions. The CB 40 systems produce no pollution or noise. With the current price of diesel fuel, there currently looks to be an even more compelling case for using our CB 40 systems, simply based on comparative economics. The California Air Resource Board (CARB) is interested in our system, and we are now actively pursuing opportunities.
Overall the outlook for us continues to be bright, and we remain optimistic about the future in terms of monetizing our ongoing R&D investments. The Company remains debt-free and profitable.
Thanks for your continued support.
Kim Boyce, CEO, Reflect Scientific Inc.
About Reflect Scientific, Inc.
Reflect Scientific, Inc., based in Orem, Utah, develops and markets innovative, proprietary technologies in cryogenic cooling for the biotechnology, pharmaceutical, medical, and transportation markets. Among Reflect Scientific's products are low-temperature freezers and refrigerated systems for laboratory, transportation, and computer server room uses. Visit https://reflectscientific.com/ for more information. See us on Twitter @ReflectSci and on LinkedIn www.linkedin.com/company/reflect-scientific.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of the disclosures contained in the filings of the Company that are contained in the OTC Markets Group, LLC under the trading symbol "RSCF" and related prior filings by the Company that are referenced therein and contained in the EDGAR Archives of the Securities and Exchange Commission under the heading "Disclosure," including those identified in such filings as "forward-looking statements."
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