Applied UV Announces $5 Million Secured Revolving Credit Facility By Jad Malaeb, Benzinga
Mount Vernon, NY
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December 27, 2022 08:00 AM Eastern Standard Time
Applied UV, Inc. (NASDAQ: AUVI), a pathogen elimination technology company, announced a $5 million secured revolving credit facility effective December 8, 2022.
Borrowings under the revolving credit facility will be used for general corporate purposes and to advance Applied UV’s organic and strategic growth initiatives. The facility currently has no outstanding balance.
Max Munn, Applied UV, Inc.’s President and Founder, said: "This facility further bolsters our near-term liquidity position and provides us with additional flexibility to execute our growth strategy including the timely delivery of products from an increasing backlog of orders in our hospitality business. Over the past few weeks, we have increased capital availability by $7.5 million with the closing of this new revolver and $2.5 million in an unsecured loan earlier this month. We are taking the steps necessary to ensure we have access to capital to support an acceleration in sales and deliver positive cash flow."
Additional details regarding the credit facility are available in a Current Report on the Form 8-K filed with the Securities and Exchange Commission.
About Applied UV
Applied UV, Inc. ("AUVI") develops and acquires proprietary infection prevention and control technology in the healthcare, commercial & public venue, food processing/storage, cannabis, and education, vertical markets.
The company has two wholly owned subsidiaries - SteriLumen, Inc. and Munn Works, LLC. Sterilumen owns and markets a portfolio of products with advanced pathogen elimination technology, branded Airocide® by Sterilumen, Scientific Air™ by Sterilumen, Airoclean™ 420 by Sterilumen, and Lumicide™ by Sterilumen.
Leading organizations globally rely on AUVI’s air purification systems to completely eliminate airborne and surface infections, mold, bacteria, allergens and other contaminants. Their customers include Kaiser Permanente, NY Health+Hospitals, Baptist Health South Florida, Boston Red Sox’s Fenway Park, JetBlue Park, France’s Palace of Versailles, Invited Clubs, Whole Foods, Del Monte Foods, U.S. Department of Veterans Affairs and more.
NASA used Airocide’s and Airoclean™ 420’s Photocatalytic Oxidation technology to sanitize its International Space Station.
Scientifically proven to reduce Healthcare Acquired Infections (HAI), Scientific Air™ offers a proprietary 3-stage technology integrating HEPA filters, ultraviolet germicidal light chamber and active carbon substrate.
For information on Applied UV, Inc., and its subsidiaries, please visit the following websites: https://applieduvinc.com/, https://sterilumen.com/ and https://airoclean420.com/.
Applied UV is focused on the development and acquisition of technology that addresses infection control in the healthcare, hospitality, commercial and municipal markets. The Company has two wholly owned subsidiaries - SteriLumen, Inc. (“SteriLumen”) and Munn Works, LLC (“Munn Works”). SteriLumen’s Airocide® air purification devices are research-backed, clinically proven, and developed for NASA with assistance from the University of Wisconsin. Airocide® is listed as an FDA Class II Medical device, utilizes a proprietary photo-catalytic (PCO) bioconversion technology that draws air into a reaction chamber that converts damaging molds, microorganisms, dangerous airborne pathogens, destructive VOCs, allergens, odors, and biological gasses into harmless water vapor and green carbon dioxide without producing ozone or other harmful byproducts. Airocide® applications include healthcare, hospitality, grocery chains, wine-making facilities, commercial real estate, schools, dental offices, post-harvest, grocery, cannabis facilities, and homes. SteriLumen’s connected platform for Data-Driven Disinfection™ applies the power of ultraviolet light (UVC) to destroy pathogens safely, thoroughly, and automatically, addressing the challenge of healthcare-acquired infections ("HAIs"). Targeted for use in facilities that have high customer turnover such as hospitals, hotels, commercial facilities, and other public spaces, the Company’s Lumicide™ platform uses UVC LEDs in several patented designs for infection control in and around high-traffic areas, including sinks and restrooms, killing bacteria, viruses, and other pathogens residing on hard surfaces within devices’ proximity. The Company’s patented in-drain disinfection device, Lumicide Drain, is the only product on the market that addresses this critical pathogen-intensive location.
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