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Growing Demand for Proton-Exchange Membrane Fuel Cells Driving Growth of Market
MILTON, NY, July 07, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Sono-Tek Corporation (OTCQX: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced the launch of a new program for the development of Roll-to-Roll coating equipment for the manufacturing of high volume proton-exchange membrane (PEM) fuel cells.
Development will be accelerated by a partnership agreement with a company that has a proven track record for successfully implementing the highest level of PEM production with premier fuel cell companies. In addition, there are several milestones of achievement written into the partnership agreement which are expected to allow for significant product enhancements to be released to the Sono-Tek customer base during the development process. The program is expected to take approximately 2 years to complete.
Steve Harshbarger, President of Sono-Tek, commented, “We’re very excited to add this new program to our portfolio of growth initiatives. Sono-Tek has built up substantial cash reserves and this is one of several major business development programs going forward that will benefit from our strong financial position. The expert organization that we’ve partnered with has a proven track record for successfully implementing the highest level of PEM production with premier fuel cell companies. Working together, we believe that our combined expertise will accelerate Sono-Tek’s ability to provide equipment with increased throughput speeds, which is becoming the required standard as fuel cell technology becomes more fully integrated into the world.”
“Although this program is primarily focused for our PEM Fuel Cell customer base, we anticipate that its achievements will be transferable to our equipment for coating membranes in CO2 reduction and carbon capture applications. This is an area that has recently gained a great deal of attention and investment by government and private industry around the world to facilitate the reduction of the global carbon footprint,” concluded Mr. Harshbarger.
As previously disclosed, Sono-Tek is projecting record revenue in fiscal year 2022, ending February 28, 2022.
Sono-Tek Corporation is the leading developer and manufacturer of ultrasonic coating systems for applying precise, thin film coatings to protect, strengthen or smooth surfaces on parts and components for the microelectronics/electronics, alternative energy, medical and industrial markets, including specialized glass applications in construction and automotive.
The Company’s solutions are environmentally-friendly, efficient and highly reliable and enable dramatic reductions in overspray, savings in raw material, water and energy usage and provide improved process repeatability, transfer efficiency, high uniformity and reduced emissions.
Sono-Tek’s growth strategy is focused on leveraging its innovative technologies, proprietary know-how, unique talent and experience, and global reach to further develop microscopic coating technologies that enable better outcomes for its customers’ products and processes.
For further information, visit www.sono-tek.com.
Safe Harbor Statement
We discuss expectations regarding our future performance, such as our business outlook, in our annual and quarterly reports, press releases, and other written and oral statements. These “forward-looking statements” are based on currently available competitive, financial and economic data and our operating plans. They are inherently uncertain, and investors must recognize that events could turn out to be significantly different from our expectations. These factors include, among other considerations, general economic and business conditions; political, regulatory, tax, competitive and technological developments affecting our operations or the demand for our products; the duration and scope of the COVID-19 pandemic; the extent and duration of the pandemic’s adverse effect on economic and social activity, consumer confidence, discretionary spending and preferences, labor and healthcare costs, and unemployment rates, any of which may reduce demand for some of our products and impair the ability of those with whom we do business to satisfy their obligations to us; our ability to sell and provide our services and products, including as a result of continued pandemic related travel restrictions, mandatory business closures, and stay-at home or similar orders; any temporary reduction in our workforce, closures of our offices and facilities and our ability to adequately staff and maintain our operations resulting from the pandemic; the ability of our customers and suppliers to continue their operations as result of the pandemic, which could result in terminations of contracts, losses of revenue, and further adverse effects to our supply chain; maintenance of increased order backlog, including effects of any COVID-19 related cancellations; the imposition of tariffs; timely development and market acceptance of new products and continued customer validation of our coating technologies; adequacy of financing; capacity additions, the ability to enforce patents; maintenance of operating leverage; consummation of order proposals; completion of large orders on schedule and on budget; continued sales growth in the specialty glass and portable electronics markets; successful transition from primarily selling ultrasonic nozzles and components to a more complex business providing complete machine solutions and higher value subsystems; and realization of increased annual revenues as forecasted. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.
For more information, contact:
Stephen J. Bagley
Chief Financial Officer