Sono-Tek Launches Emerging Market Development Program
September 09 2021 - 8:00AM
via NewMediaWire -- Sono-Tek Corporation (NASDAQ: SOTK), the
leading developer and manufacturer of ultrasonic coating systems,
today announced the launch of a new program to accelerate its
applications expertise to emerging markets that the Company has
identified to have significant growth opportunities.
The program has been created to focus on
identifying and developing application knowledge in key markets
where Sono-Tek’s full system coating solutions can prove that they
are superior to other coating technologies. The markets to be
explored will primarily be concentrated on next generation
technology-based products that need functional coatings.
Steve Harshbarger, President and Chief Operating
Officer of Sono-Tek, commented, “Establishing an emerging markets
development program was an easy decision for our
organization. Our applications engineering department is
fully engaged, serving our customers’ immediate needs to solve the
coating challenges they bring into our labs. This leaves our
team very little time to explore and develop new application
capabilities in areas that we believe will become significant
markets in 2-3 years. Dedicating application engineers to focus on
these new emerging markets is expected to enable us to capture new
opportunities early in our customer product development cycle.”
“To kick off the program, we will be adding
application engineering personnel and the necessary equipment to
explore these new markets as warranted. We expect this program to
expand over time as we uncover new opportunities for our machine
coating solutions,” concluded Mr. Harshbarger.
As previously disclosed, Sono-Tek is projecting
to reach record revenue in its fiscal year 2022, ending February
28, 2022.
About Sono-Tek
Sono-Tek Corporation is the leading developer
and manufacturer of ultrasonic coating systems for applying
precise, thin film coatings to protect, strengthen or smooth
surfaces on parts and components for the
microelectronics/electronics, alternative energy, medical and
industrial markets, including specialized glass applications in
construction and automotive.
The Company’s solutions are
environmentally-friendly, efficient, and highly reliable and enable
dramatic reductions in overspray, savings in raw material, water
and energy usage and provide improved process repeatability,
transfer efficiency, high uniformity, and reduced emissions.
Sono-Tek’s growth strategy is focused on
leveraging its innovative technologies, proprietary know-how,
unique talent and experience, and global reach to further develop
microscopic coating technologies that enable better outcomes for
its customers’ products and processes.
For further information, visit www.sono-tek.com.
Safe Harbor Statement
We discuss expectations regarding our future
performance, such as our business outlook, in our annual and
quarterly reports, press releases, and other written and oral
statements. These “forward-looking statements” are based on
currently available competitive, financial and economic data and
our operating plans. They are inherently uncertain, and investors
must recognize that events could turn out to be significantly
different from our expectations. These factors include, among other
considerations, general economic and business conditions;
political, regulatory, tax, competitive and technological
developments affecting our operations or the demand for our
products; the duration and scope of the COVID-19 pandemic; the
extent and duration of the pandemic’s adverse effect on economic
and social activity, consumer confidence, discretionary spending
and preferences, labor and healthcare costs, and unemployment
rates, any of which may reduce demand for some of our products and
impair the ability of those with whom we do business to satisfy
their obligations to us; our ability to sell and provide our
services and products, including as a result of continued pandemic
related travel restrictions, mandatory business closures, and
stay-at home or similar orders; any temporary reduction in our
workforce, closures of our offices and facilities and our ability
to adequately staff and maintain our operations resulting from the
pandemic; the ability of our customers and suppliers to continue
their operations as result of the pandemic, which could result in
terminations of contracts, losses of revenue, and further adverse
effects to our supply chain; maintenance of increased order
backlog, including effects of any COVID-19 related cancellations;
the imposition of tariffs; timely development and market acceptance
of new products and continued customer validation of our coating
technologies; adequacy of financing; capacity additions, the
ability to enforce patents; maintenance of operating leverage;
consummation of order proposals; completion of large orders on
schedule and on budget; continued sales growth in the specialty
glass and portable electronics markets; successful transition from
primarily selling ultrasonic nozzles and components to a more
complex business providing complete machine solutions and higher
value subsystems; the success of the emerging market development
program; and realization of increased annual revenues as
forecasted. We refer you to documents that the company files with
the Securities and Exchange Commission, which includes Form 10-K
and Form 10-Qs containing additional important information.
For more information, contact:
Stephen J. BagleyChief Financial OfficerSono-Tek
Corporationinfo@sono-tek.com
Investor Relations:Stephanie PrincePCG Advisory(646)
863-6341sprince@pcgadvisory.com
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