Sono-Tek Corporation (OTCQX: SOTK), the leading developer and manufacturer of ultrasonic coating systems, announced that it received orders from three new customers in the fuel cell industry for three ultrasonic coating solutions totaling approximately $0.7 million.
The first machine is a production-level system for coating the membrane in a PEM (proton exchange membrane) electrolyzer used to produce hydrogen for a fuel cell system. The machine shipped in October to the Companys new customer in China. The second and third machines are also systems designed for production for coating the membranes in PEM fuel cells. These machines are expected to ship by year end and will also be sent to two new customers in China.
These orders demonstrate the value our technology is bringing to the fuel cell industry, both in the production of the fuel cells and the production of hydrogen to fuel them. Our coating technology is proven to provide improved levels of efficiency in the membrane exchange process because of the quality of the surface modification in the distribution of the catalyst on the membrane. Importantly, we have created higher value, complex solutions that have the size and speed necessary for full production level processes for the fuel cell industry, commented Dr. Christopher L. Coccio, Chairman and CEO. These sales are to new customers in a market that is poised to show substantial growth as the industry continues to scale up from R&D prototype production to low rate production. To that point, our management team will be in China meeting with these customers as we discuss follow on opportunities.
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.
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The Companys 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-Teks 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 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; timely development and market acceptance of new products and paid coating services; adequacy of financing; capacity additions; the ability to enforce patents; maintenance of operating leverage; continued reduction in inventory requirements; maintenance of order backlog; consummation of order proposals; continued sales growth in the medical and alternative energy markets; successful transition from primarily selling ultrasonic nozzles and components to a more complex business providing complete machine solutions and higher value subsystems; effectiveness of CNC machining upgrade; and the ability to achieve increased sales volume at projected levels and continued profitability. 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.