Applied UV says wrote down part of COVID-19 investment, completes milestones

Applied UV announces shareholder letter. "I am writing to inform all of our shareholders of the Company’s accomplishments throughout 2022 and provide, to the extent possible, insights into our focus for 2023. We acquired Scientific Air late in 2021 with a mobile disinfection product suite that was client centric to one industry and distributor specific to COVID-19. Unfortunately, previous senior executive management’s focus did not timely re-position the Company to address this, a mistake which we corrected. Consequentially, we determined to write down a substantial portion of our investment and put it behind us. In addition, the Company has incurred significant one-time integration and acquisition related costs associated with the more successful acquisitions, thereby exiting 2022 with a Company better positioned to achieve improved results in 2023.Despite the global supply chain disruptions borne out of the COVID pandemic and the geo-political uncertainty caused by the Ukraine war that triggered an economic slowdown throughout Europe and the world for much of 2022, the company completed significant positive milestones that, in my opinion, are not being recognized in our valuation. Despite these disruptions, the steady stewardship put forth by our entire team and board, and what we have accomplished since the completion of our Initial Public Offering almost 28 months ago, has positioned the Company for continued accelerated growth in revenue and future profitability both organically and via accretive acquisitions…We strengthened the team with the recent addition of Messrs. Brian Stern and Lawrence Webb, both staying on as presidents of the PURO and LED divisions respectively. Brian Stern has also been appointed as a director, further strengthening our board," wrote Max Munn, CEO. Chief Executive Officer, President and Director