Order Expected to be Shipped in Current Fiscal Year
MILTON, NY, March 30, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Sono-Tek Corporation (Nasdaq: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced that it has received a new order exceeding $0.6 million from a customer in the clean energy sector, the first part of an expected multi-phase program for additional systems.
The clean energy customer initially purchased an R&D system from Sono-Tek for development and progressed to this order for a production scale system. Sono-Tek’s system applies a proprietary thin film on the customer’s product that is used in the green energy market. The order is scheduled to ship during Sono-Tek’s current fiscal year ending February 2024. Future orders from this customer are expected after the successful implementation of this first production system.
Steve Harshbarger, President and COO of Sono-Tek, commented, “We’re excited to announce this order from another clean energy company using a Sono-Tek R&D system and making the transition to production volumes. We anticipate additional orders from this customer in the future as it continues integrating Sono-Tek’s proprietary thin film application into its production process. Recent large government initiatives focused on expanding clean energy to reduce greenhouse gas emissions are accelerating the need for Sono-Tek machinery in this marketplace. Our experienced application engineers are working with a growing roster of clean energy customers using our ultrasonic coating systems for R&D in carbon capture, hydrogen generation, fuel cell, and advanced solar energy applications and we expect additional orders with higher average selling prices (ASPs) from some of these customers as they transition to production volumes.”
About Sono-Tek
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 thin film coating technologies that enable better outcomes for its customers’ products and processes. For further information, visit www.sono-tek.com.
Safe Harbor Statement
This news release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. 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 and could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions, including inflationary pressures; political, regulatory, tax, competitive and technological developments affecting our operations or the demand for our products; the continuing effects of the COVID-19 pandemic 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; further adverse effects to our supply chain and the related build-up of inventory; 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; maintenance of increased order backlog, including effects of any COVID-19 related cancellations; consummation of order proposals; completion of large orders on schedule and on budget; continued sales growth in the alternative energy market, including multiple system sales ton individual customers; 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 quarterly and annual revenues within the forecasted range of sales guidance. We undertake no obligation to update any forward-looking statement.
For more information, contact:
Stephen J. Bagley
Chief Financial Officer
Sono-Tek Corporation
info@sono-tek.com
Investor Relations:
Stephanie Prince
PCG Advisory
(646) 863-6341
sprince@pcgadvisory.com
