Crown Fiber Announces Commencement of Work in Oregon Across Four New Customers

Rhea-AI Summary

Crown Electrokinetics Corp (NASDAQ: CRKN), a leader in smart glass technology and fiber optic networks, announced the commencement of its Crown Fiber Optics division's work in Oregon. The projects involve both fiber construction and underground power infrastructure for four new customers. Crown anticipates generating up to $8 million in revenue from these contracts in 2024, with potential growth to $15 million in 2025. The projects will include directional drilling, excavation, micro trenching, and splicing. Corey Boaz, President of Construction for Crown Fiber Optics, highlighted the opportunities for diversification across the west coast and praised the team's efforts.

Positive

• Crown Fiber Optics has secured multiple prime contracts in Oregon, expected to generate up to $8 million in 2024 and potentially $15 million in 2025.
• The projects include diverse tasks such as directional drilling, excavation, micro trenching, and splicing, showcasing Crown's comprehensive capabilities.
• The new contracts provide a pathway for diversification across the west coast, enhancing Crown's market presence.

Negative

• None.

News Market Reaction – CRKN

-30.72%

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-30.72% News Effect

On the day this news was published, CRKN declined 30.72%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

LOS ANGELES, CA / ACCESSWIRE / June 25, 2024 / Crown Electrokinetics Corp. (NASDAQ:CRKN) ("Crown" or the "Company"), a leading smart glass technology company and an expert in constructing fiber optic networks, today announced that its Crown Fiber Optics division has commenced work in Oregon. The new opportunity is made up of both fiber construction, and underground power infrastructure.

Through multiple prime contracts, Crown expects this market to generate as much as $8 million in revenue in 2024, with the potential to reach $15 million in 2025. These prime contracts will consist of directional drilling, excavation, micro trenching, and splicing.

Corey Boaz, President of Construction for Crown Fiber Optics stated. "As Crown gains operational momentum, our team continues to rise the occasion. The opportunities with these new customers create a pathway for diversification across the entire west coast, and I couldn't be prouder of our team."

About Crown Electrokinetics

Crown is comprised of two divisions, Fiber Optics and Electrokinetics Film. The Electrokinetics Film division is a smart glass technology and the creator of our Smart Window Insert based on its patented electrokinetic film. Crown's Fiber Optics division is a builder of underground fiber optic networks as well as other utility infrastructure projects.

Safe Harbor Statement:

Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Crown Electrokinetic Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Crown Electrokinetics Contact:

IR Email: info@crownek.com

SOURCE: Crown Electrokinetics

View the original press release on accesswire.com

FAQ

What did Crown Electrokinetics Corp announce on June 25, 2024?

Crown Electrokinetics Corp announced that its Crown Fiber Optics division has commenced work in Oregon across four new customers.

What is the expected revenue from Crown Fiber Optics' new contracts in Oregon?

Crown Fiber Optics expects to generate up to $8 million in revenue in 2024, with the potential to reach $15 million in 2025.

What types of work will Crown Fiber Optics perform in Oregon?

The work includes fiber construction, underground power infrastructure, directional drilling, excavation, micro trenching, and splicing.

What is the potential impact of the new contracts on Crown's market presence?

The new contracts provide a pathway for diversification across the west coast, enhancing Crown's market presence.