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Kronos Advanced Technologies Buys Manufacturing Facility in West Virginia, USA.

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Vincent

MANews-(C)2009-2022

US-based product development and production company Kronos Advanced Technologies, Inc., (OTC: KNOS) has closed on the acquisition of an 85,000 square-foot manufacturing campus located in Parkersburg, West Virginia, the company said.

The facility, which for the past 25 years designed and produced advanced electronics containing high-density circuit boards for aviation, military, industrial, and medical products, will be modified to produce advanced air purification devices and other wellness products based on Kronos' Disease-Free living concept.

The new facility will become the company's first manufacturing plant in the US and is expected to bring about 300 new jobs to the area when production is planned to begin in June 2022.

As Kronos continues to expand its operations, it received financial help from and partnership with the WVEDA (West Virginia Economic Development Agency).

This acquisition was for a total amount of USD 5.8m.

The state of West Virginia provided USD 2.6m in financing under West Virginia Economic Development Direct Loan Program. The remaining financing came as an equity contribution that provided Kronos with...

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