KRONOS ADVANCED TECHNOLOGIES PLANS SHAREHOLDER MEETING AND TO BECOME AMERICA’S FIRST OTC PUBLIC BENEFIT CORPORATION, CITING PURPOSE, ACCOUNTABILITY AND TRANSPARENCY
Los Angeles, CA, July 15, 2020 (GLOBE NEWSWIRE) — Los Angeles, CA, July 15th, 2020 (GLOBE NEWSWIRE) – KRONOS ADVANCED TECHNOLOGIES, INC. (OTC MARKETS: KNOS) (“KNOS” or the “Company”), a product development and production company that has significantly changed the way air is moved, filtered, and sterilized, today announced that it has decided to transition into a Public Benefit Corporation, becoming one of very few publicly traded companies that have modified their obligations to public shareholders, committing to higher standards of purpose in their business practices. To put it simply, KNOS has committed to ensuring that the interest of consumers’ wellbeing is at the core of its corporate operating principles — as opposed to holding profits as its one and only end goal.
“Purpose, accountability, and transparency have become extremely important,” said Joseph Florence, Chief Transformation Officer of Kronos. “The move to transform into a Public Benefit Corporation is a critical part of our evolution as a publicly owned and traded company that puts people interest over profits. This transformation will allow us to create long-term value for all our shareholders, including investors, employees, and, most importantly, the consumers and communities we want to help.”
The Public Benefit Corporation (PBC) is a corporate governance model that broadens the perspective of traditional corporate law by incorporating values such as purpose, accountability and transparency into their business models. PBCs are for-profit companies that are obligated to consider the impact of their decisions on society, not only shareholders.
Kronos’s mission is to help people in any type of environmental distress navigate their way out of problems and back to general health, whether physical, mental, or financial. The Company offers unbiased product advice on its technology that makes decisions easier with helpful educational content and referrals to relief that is held to a higher standard of integrity and transparency. Three core values are at the heart of our operations and align with the mission-driven purpose of a PBC:
Trust: From educational content and high-tech know-how to partners who offer the best products and services at the lowest prices, Kronos empowers people to break free from stress of not knowing what is healthy and how to protect loved ones against pandemic.
Expertise: With decades of combined experience in safe air and business development, Kronos’ wide range of experts are committed to sharing their knowledge and expertise to help consumers choose their own path to a healthier indoor air quality environment, whether it be at home, on the road or at work.
Fairness: Unlike many traditional companies, Kronos operates with complete transparency — about pricing and about every available option to improve one’s situation.
Reconfiguring, as a public benefit corporation is both a strategic business decision for Kronos and a timely one for consumers, as stories from major online and print media outlets publicize hard truths about purely profit driven companies.
Due to our line of products that allow for a healthier and safer breathing environment, Kronos is a natural fit joining the ranks of a rising tide of companies that decided to become PBC . Both subsidiaries of high-profile companies and startups alike have become PBCs. To the best of our knowledge, Kronos is in the rarified atmosphere of only 4 companies that have their shares trading in the US Stock Market, such as the recent IPO, Lemonade, Inc., ETSY, Inc., and Laureate Education.
We will soon mail out a notice to all shareholders of record of the time and place of our annual meeting including instructions of how to cast your votes online as Nevada law requires 2/3rds of shareholder voting at the meeting or via proxy to approve our transition to a Public Benefit Corporation.
About Public Benefit Corporations (PBCs)
A PBC is a for-profit corporation with modified corporate governance provisions. PBCs make additional commitments to higher standards of purpose, accountability, and transparency:
Purpose: PBCs commit to creating public benefit and sustainable value in addition to generating profit. This sustainability is an integral part of their value proposition.
Accountability: PBCs are committed to considering the Company’s impact on those materially affected by its conduct as well as its stockholders’ economic interests and its social or environmental purpose.
Transparency: PBCs are required to report regularly to stockholders, which may be publicly available, on how the Company is considering and balancing these interests.
Visit www. Benefitcorp.net for more information.
About Kronos Advanced Technologies, Inc.
Kronos Advanced Technologies, Inc. began operations in 2002 as a product development company which invented and significantly changed the way air is moved, filtered and sterilized. Historically, Kronos has focused on developing, marketing, and selling the Company’s proprietary air movement and purification technology. Serving the Indoor Air Quality (IAQ) market, Kronos technology uses state-of-the-art high voltage processes without the use of traditional HEPA filters. Kronos-based products move air silently, filter and purify the air, and dramatically reduce energy consumption to half of a 60-watt light bulb. Kronos devices can be variable in shape or size, and, therefore, have the potential to be scaled down for air purification in cars or scaled up in size for industrial and hazardous gas destruction. The technology is currently being implemented in standalone products to move and filter air replacing HEPA and other filtration systems. There are broad ranges of additional markets for standalone and embedded Kronos CORE technology-based devices. Examples of immediately addressable markets include health care facilities, operating rooms, manufacturing clean rooms, and cabins of automobiles and commercial aircraft.
Currently, the Company is planning to file additional patents to improve its existing technology as well as enter into new market segments but will continue to market air purifiers and other consumer products. Recently the Company became the exclusive distributor and licensee of the latest generation of air purifiers based on the Company’s CORE technologies.Contact us via: [email protected] or visit www.kronosati.co or www.1800SAFEAIR.com
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Certain statements contained in this press release may constitute “forward-looking statements”. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the OTC Markets at OTCMarkets.com. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company’s ability to raise capital on acceptable terms, if at all, the Company’s successful development of its products and the integration into its existing products and the commercial acceptance of the Company’s products. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release, and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release.
SOURCE: KRONOS ADVANCED TECHNOLOGIES, Inc
For inquiries: 1-800-SAFE-AIR (option #4)