BELMONT, Mass., Aug. 15, 2006 (PRIMEZONE) -- Kronos Advanced Technologies, Inc. (OTCBB:KNOS) announced today that its wholly owned subsidiary, Kronos Air Technologies, Inc., a developer of proprietary air movement and purification technology, has secured royalty-free, exclusive U.S. and international production and distribution rights for air purification, disease destruction products that utilize the Kronos technology and have been developed by Kronos' Russian business partner, EOL, LLC.
EOL executed a non-exclusive license agreement with Kronos in December 2005 to produce, market and distribute commercial air purification products, bacteriological and virus destruction devices and space heaters that utilize Kronos' technology in Russia, Ukraine, Kazakhstan, Moldova and Byelorussia. The amended agreement provides Kronos with the exclusive license to manufacture, use and sell these products outside of these countries. Their first product is scheduled to launch in the fall of 2006.
EOL is working with Kronos on the development of a portfolio of standalone air purification products for the health care market. With a fall 2006 product launch contemplated, product tooling, electronics and other related components have been ordered by EOL. Simultaneously, EOL has delivered EOL products to the Russian Research Institute of Medical Equipment to obtain product certification for use of the products in medical facilities.
EOL's marketing continues to focus on government entities, including state and federally operated hospitals, medical clinics and research laboratories. Over the past year, successful technology and operational testing has been carried out at the Disinfection Research Institution Laboratory in Russia, the Institute of Veterinary Medicine in the Ukraine, the Siberian State Medical University in conjunction with the Public Health Care and Social Development Ministry of the Russian Federation, and the Municipal Preventive Medical Institution in Siberia.
"The results obtained make it possible to recommend with a high degree of confidence that the (EOL) device in question be used in institutions dealing with infectious diseases -- hospitals for infectious diseases, divisions for infectious diseases, divisions for pulmonary tuberculosis, specialized hospitals for tuberculosis -- and in clinical and diagnostic laboratories which diagnose infectious diseases," stated Dr. I. I. Ivanchuk, Head of the Molecular Biology Laboratory at the Siberian State Medical University.
Following further testing conducted in hospital rooms with bed-ridden patients in the Hospice Divisions and Nursing Home affiliated with the Municipal Preventive Medical Institution, Dr. T. N. Danchenko, Chief Physician, who oversaw the testing, concluded, "There is a great need for the (EOL) Air Purifiers in medical institutions where there are a lot of bed-ridden patients and patients with serious conditions in hospices, nursing homes and assisted living centers." The air purifiers "not only make the air in the rooms of the medical institutions comply with the sanitary and hygiene standards in terms of pathogenic microorganisms content per one item of volume" but also make "the medical staff in the medical institution more comfortable and pleasant."
About Kronos Advanced Technologies, Inc.
Through its wholly owned subsidiary, Kronos Air Technologies, Inc., Kronos Advanced Technologies has developed a new, proprietary air movement and purification system that utilizes state-of-the-art high voltage electronics and electrodes to silently move and clean air without any moving parts. Kronos is attempting to commercialize its technology for standalone and embedded products across multiple residential, commercial, industrial and military markets. Kronos' technology is versatile, energy- and cost-efficient and exhibits multiple design attributes, creating a broad range of applications. The Company's business strategy includes a combination of building internal capabilities, establishing strategic alliances and structuring licensing arrangements. Kronos Advanced Technologies is located in Belmont, MA. More information about Kronos Advanced Technologies is available at www.kronosati.com.
About EOL, LLC
EOL is a Russian corporation formed for the purpose of manufacturing, marketing and distributing air purification products based on technology licensed from Kronos Air Technologies, Inc. EOL is owned and operated by Dvorkina Evgenia. Dr. Dvorkina is an entrepreneur who has extensive production, marketing and sales experience with commercial products in Ukraine and the Russian Federation. EOL is financed by Sberbank (the largest Bank in Central and Eastern Europe) - www.sbrf.ru/eng/.
Forward Looking Statements
With the exception of historical information contained in this press release, this press release includes forward-looking statements and comments. Such statements are necessarily subject to risks and uncertainties, some of which are significant in scope and nature beyond the Company's control. Forward-looking statements, by their nature, involve substantial risks and uncertainties. As a result, actual results may differ materially depending on many factors, including those described above. The Company cautions that historical results are not necessarily indicative of the Company's future performance. Other risks are summarized under the caption "Factors Affecting Kronos' Business and Prospects" in the Company's Annual Report on Form 10-KSB for the year ended June 30, 2005 as filed with the Securities and Exchange Commission.