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NEW YORK, NY, July 13, 2023 (GLOBE NEWSWIRE) — via NewMediaWire – Applied UV, Inc. (NASDAQ: AUVI), a top Smart Buildings Technologies provider (including food security), today shared its notable expansion in the hospitality and leisure sector. This growth, fueled by major investments in its 150,000 square foot domestic production, lessens the hospitality industry’s dependence on production from China.
The hospitality division is experiencing unprecedented growth, with current orders and orders in process totaling approximately $14 million-$15 million including an order in process of over $4 million with a leading hotel brand. This marks the largest backlog in the company’s history and over 300% year-over-year growth. This growth underscores the success of the company’s strategic expansion and its ability to meet the evolving needs of the hospitality and leisure industry.
“We are thrilled with the growth we’re seeing in our hospitality division,” said Munn, CEO of Applied UV. “This is a clear indication that our strategy is working, and we are confident that we will meet our $45 million-$50 million revenue projection for 2023.”
In addition to the company’s significant growth in the hospitality sector, Applied UV is also proud to announce a total company backlog of over $22 million. This impressive figure underscores the company’s robust demand and strong market position. Among the company’s prestigious clientele in the hospitality industry are renowned names such as Marriott, Hyatt, Hilton, and Wynn. These partnerships further validate Applied UV’s commitment to providing top-tier smart building technology solutions.
Applied UV’s strategic expansion of its product portfolio and domestic production capabilities has solidified its position as a preferred provider of comprehensive solutions within the hospitality industry. This broadened product offering has not only fortified Applied UV’s competitive edge but also led to a substantial increase in its market share.
The company’s commitment to innovation and quality continues to drive its growth and success in this sector.
About Applied UV
Applied UV, Inc. provides proprietary technology focused on global food security, air quality, and specialty building solutions for the commercial and hospitality industries., For information on Applied UV, Inc., and its subsidiaries, please visit https://www.applieduvinc.com.
The information contained herein may contain “forward‐looking statements.” Forward‐looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of Applied UV concerning its business strategy, future operating results and liquidity and capital resources outlook. Forward‐looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those contemplated by the forward‐looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward‐looking statements. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward‐looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
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