Crown Electrokinetics expects smart window insert availability in mid-Q2

Crown Electrokinetics released a letter to its shareholders, which read in part, ” This letter is an update to our shareholders regarding Crown’s operational updates in both the Electrokinetic Film and Fiber Construction Divisions. Within the Electrokinetic Film division, we have reached a major milestone. In conjunction with our tooling vendor, we have created the largest and highest quality master in the company’s history. The “mastering” process is a critical step that creates the embossed microfluidic design within our film to hold our nano-particle based ink. The creation of the master for our production line is the last major hurdle or Crown to finalize prior to production of our generation 1.0 smart window insert. Each week, we have seen improvements in design and process that has allowed Crown and our vendor to produce an embossing master that measures seven inches by nine inches in size. Crown can produce negative pattern stamps from the master. Utilizing Crown’s proprietary and patent-pending stitching process, Crown is able to tile the master pattern to create the necessary tooling that we believe will allow us to produce 12-inch wide electrokinetic film sufficient for first product launch. With this significant step forward in our mastering capability, our current plan and schedule projects first-generation smart window insert will be availability in the mid-second quarter time frame. We appreciate the patience that our shareholders have had in this challenging, market changing process and are happy to report that with each passing week, we are closer to finally reaching the goal of production-quality electrokinetic film. We will have more to report on our mastering process in the coming weeks, as well as refining our schedule for product launch. Crown’s Fiber Optics division has been focused on growing its customer base in the Arizona market and specifically, the Phoenix region, including both Mesa and Chandler. Over the last few months, since entering the Arizona market, Crown has executed multiple MSA’s and been onboarded with four different customers and is expecting to be a prime contractor with our fifth customer in the coming days. This marks the first time that Crown has been selected as a prime contractor. Of our existing four customers, we have already started construction with three of them and expect to commence with our fourth customer and eventually our fifth customer within the next 30 days. While signing up customers has been an obvious goal of Crown Fiber, we have also been focusing on refining our approach to fiber construction with a goal of achieving profitability as quickly as possible by successful mixing our horizontal directional drills with our micro trenchers for our existing customers and revenue-generating projects. We remain highly focused on aligning our equipment and personnel with a process that ensures profitability on each project that we onboard at Crown Fiber. This optimization of our process is ongoing and these configuration changes are expected to impact both our revenue and margin levels…Within the next month or so, Crown will have an investor call, in which we will provide another shareholder update and also hope to be in a position to provide revenue guidance for the fiber business. We will provide details for the call in a press release approximately a week before the investor call is to occur.”