Crown Fiber Optics Announces New Long-Haul Dark Fiber Construction From Las Cruces, New Mexico to El Paso, Texas

Rhea-AI Summary

Crown Electrokinetics Corp. (NASDAQ:CRKN) has announced a new dark fiber construction project from Las Cruces, New Mexico, to El Paso, Texas.

The project, spanning approximately 250 miles, is anticipated to generate around $12 million in gross revenue. Crown Fiber Optics will serve as a turnkey general contractor, performing tasks including survey, construction, fiber placement, and splicing.

The project is scheduled to start in mid-June and is based on a time and materials contract, reducing risk and enabling margin control. This marks Crown's first project with Sequoia Associates and bolsters its position in the market.

CEO Doug Croxall expressed confidence in the scalability and revenue potential of this and other contracts.

Positive

• New $12M revenue-generating project.
• First turnkey general contractor project for Crown.
• Contract based on time and materials, mitigating risk.
• Project to start mid-June, indicating short-term revenue potential.
• Reinforces market confidence in Crown’s capabilities.
• Project spans 250 miles, demonstrating significant scale.
• CEO confident in scalability and operation efficiency.

Negative

• High dependency on project completion for revenue.
• Potential delays or cost overruns could impact margins.
• Single project does not guarantee long-term revenue stability.

News Market Reaction – CRKN

-36.83%

1 alert

-36.83% News Effect

On the day this news was published, CRKN declined 36.83%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

LOS ANGELES, CA / ACCESSWIRE / May 21, 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 it has secured a new long haul dark fiber construction project spanning approximately 250 miles from Las Cruces, New Mexico to El Paso, Texas.

Corey Boaz, President of Construction for Crown Fiber Optics stated. "We are pleased to announce today's new project with Sequoia Associates. This project represents an approximate $12M gross revenue opportunity and marks our first project as a turnkey general contractor. This contract was generated through existing relationships, affirming the trust and confidence that large organizations have in the Crown team."

The project is expected to commence mid-June and includes the construction and rehab of existing duct bank that runs from Las Cruces to El Paso. Crown will perform the survey, construction, fiber placement, and splicing.

Doug Croxall, CEO and Chairman stated, "We remain pleased at the pace with which we continue to secure opportunities which we expect to deliver near term revenue and positive cashflows. Importantly, the contract is based on time and materials, which helps mitigate risk and control margins." This contract, in combination with others, continues to reinforce our confidence in both our team and the scalability of our operations.

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 is the new project announced by Crown Electrokinetics with the stock symbol CRKN?

Crown Electrokinetics announced a new dark fiber construction project from Las Cruces, New Mexico, to El Paso, Texas, spanning approximately 250 miles.

How much revenue is expected from Crown’s new fiber optic project?

The project is expected to generate approximately $12 million in gross revenue.

When will Crown's new fiber optic project commence?

The project is expected to start in mid-June.

What kind of contract is Crown's new project based on?

The contract is based on time and materials, which helps mitigate risk and control margins.

Who are Crown's partners in the new dark fiber project?

Crown's new project is in collaboration with Sequoia Associates.