Cision PR Newswire
Atmofizer Technologies Inc. Files Financial Statements and MD&A
News provided byAtmofizer Technologies Inc.
Jan 28, 2022, 7:32 PM ET
VANCOUVER, BC, Jan. 28, 2022 /PRNewswire/ - Atmofizer Technologies Inc. (formerly Consolidated HCI Holdings Corporation) (the "Company" or "Atmofizer") (CSE: ATMO) (Frankfurt: J3K) announced that it has filed its audited financial statements, related management's discussion and analysis and annual information form for the financial year ended September 30, 2021.
The financial year ended September 30, 2021 represented the Company's last annual fiscal period before the completion of its reverse takeover transaction with Vaxxinator Enterprises Inc., the completion of which was announced on November 15, 2021 (the "Reverse Takeover"). The Company conducted no operations prior to the completion of the Reverse Takeover other than to identify and evaluate businesses or assets with a view to completing a reverse takeover.
The Company and Steinbrenner Racing, LLC ("Steinbrenner Racing") have amended the terms of their sponsorship agreement granting Atmofizer the rights to sponsor an IndyCar and driver of the team. The amendments provide for additional sponsorship rights including becoming the official supplier sponsor of a Steinbrenner Racing team car for the "24 Hours of Daytona" race to be held in each of 2022 and 2023. In addition, Steinbrenner Racing will facilitate commercial introductions to stadium and arena owners and operators and aid with product testing and development. In consideration for the amendments, the Company issued 4,500,000 common shares in the authorized share structure of the Company ("Common Shares") at a deemed price of $0.26 per share to Steinbrenner Racing. The Common Shares issued to Steinbrenner Racing are subject to a statutory hold period that will expire four months and one day from the date of issuance in accordance with applicable Canadian securities laws.
"We are excited to expand our business relationship with Steinbrenner Racing, with the 2022 edition of 24 Hours of Daytona race being held Saturday January 29, 2022, to promote our brand and technology," said Atmofizer CEO, Olivier Centner. "Steinbrenner Racing will also be working collaboratively with us in this expanded commercial relationship to help bring our business into key U.S. stadiums and sports venues where clean air is a key focus. In addition, we are pleased to work with Steinbrenner Racing in applying our technology in the automotive industry to improve air quality."
Atmofizer has also entered into a debt settlement agreement ("Debt Settlement Agreement") with an arm's length business development and media consultant of the Company, for debt in the aggregate amount of US$396,730, equal to a deemed value of $500,000 (the "Debt"). To satisfy the debt, the Company issued an aggregate of 2,000,000 Common Shares to at a deemed price of $0.26 per share, pursuant to the terms and subject to the conditions of the Debt Settlement Agreement. The Common Shares issued are subject to a statutory hold period that will expire four months and one day from the date of issuance in accordance with applicable Canadian securities laws.
About Atmofizer Technologies Inc.
Atmofizer's consumer and industrial solutions are based on its patented technology for ultrafine particle agglomeration and neutralization. This capability creates a revolutionary and more efficient method for addressing the wide range of dangerous nano-scale particles, viruses and bacteria that are too small to be effectively managed by conventional HEPA filters and ultraviolet lights. Atmofizer plans to disrupt the air treatment industry by improving air safety and purification efficiency while lowering customers' operational costs.
Atmofizing air refers to the process of using ultrasonic acoustic waves to agglomerate (cluster together) small particles into a larger target that is then radiated by ultraviolet light to neutralize their harmful properties, making the air you breath less hazardous to your health. Using units that atmofize air in tandem with HEPA filters can make the HEPA filters work more efficiently, enable the use of a less-powerful filter and result in a cleaner and longer-lasting filter that reduces operating costs and is less of a health hazard to clean or replace.
Atmofizer is patent-pending and patent-protected sole source of technology to atmofize air and is applying its proprietary technology in consumer and industrial air purification products currently manufactured under the Atmofizer brand, as well as in retail and commercial devices produced by other companies that integrate Atmofizer technology into their own products under license. Atmofizer's owned and licensed product lines include wearable, portable and mobile use for personal air treatment, as well as larger systems to handle higher air volumes for commercial, industrial, institutional and residential applications.
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained herein includes, without limitation, the Company's partnership with Steinbrenner Racing, and the business and strategic plans of the Company.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including, without limitation: the Company's ability to comply with all applicable laws and governmental regulations relating to its commercial products; the ability of the Company to protect its intellectual property; impacts to the business and operations of the Company due to the COVID-19 pandemic; having only a limited operating history, the ability of the Company to access capital to meet future financing needs; the Company's reliance on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; and general economic, market or business conditions.
Additional risk factors can also be found in the Company's continuous disclosure documents, which have been filed on SEDAR and can be accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
SOURCE Atmofizer Technologies Inc.