C-Bond Systems Sells its C-Bond nanoShield Windshield Strengthener and Related Automotive Assets for More than $4 Million
Company pays off a substantial amount of its debt/convertible notes and will use remaining capital to grow its Patriot Glass Solutions division
HOUSTON, May 09, 2023 (GLOBE NEWSWIRE) -- C-Bond Systems (the “Company” or “C-Bond”) (OTC: CBNT), a nanotechnology solutions company, today announced that it has sold its C-Bond nanoShield™ windshield strengthener and related automotive assets for more than $4 million. The Company has used part of the proceeds to pay off a substantial amount of its debt/convertible note obligations and will use the remaining capital to grow its Patriot Glass Solutions division.
C-Bond’s Patriot Glass Solutions, which protects schools, businesses, hospitals, and other organizations with its security and ballistic window films, generated the majority of the Company’s revenue in 2021 and 2022.
“Given the growing opportunity with school safety initiatives and the evolving state mandates for security window film at schools, Patriot Glass Solutions is well positioned to grow the use of its best-of-breed C-Bond Secure and C-Bond BRS (bullet-resistant system) in Texas and nationwide,” stated Scott R. Silverman, the Company’s Chairman and CEO. “The working capital from this transaction will allow us to grow Patriot Glass Solutions faster and better. In addition, strengthening our balance sheet provides a significant benefit to the Company to prepare for future expansion.”
Patriot Glass Solutions offers two security film products: C-Bond Secure, which includes a liquid glass strengthening primer/window film mounting solution used in conjunction with security film to deter forced entry, and C-Bond BRS, a ballistic-resistant film system that includes C-Bond’s patented glass strengthening technology and security film to help stop bullets from penetrating glass. C-Bond’s patented technology and third-party certifications for its C-Bond BRS (ballistic-resistant film system) meet National Institute of Justice Level I, Level IIA, Level II, and Underwriters Laboratories (UL) 752 ballistic-resistant protection standards.
Earlier this year the Company announced that the Texas Education Agency (“TEA”) put forth a proposal requiring the installation of security window film, fencing, or walls at all Texas schools. More information about the TEA’s proposal can be found in this article in Window Film Magazine. Further, in October 2022, the State of Texas Legislative Budget Board approved $400 million in funding to help school districts replace or improve windows, doors, fencing, and other safety measures.
To see a demonstration of Patriot Glass Solutions’ security products, watch our video at: https://bit.ly/3l93oZV
Patriot Glass Solutions is led by President Michael Wanke, who is the principal operator of the Company’s majority-held A1 Glass Coating subsidiary, based in San Antonio. For more information about Patriot Glass Solutions’ products, please call 844-602-2663 or email Michael Wanke at mike@patriotglasssolutions.com.
About C-Bond
C-Bond Systems, Inc. (OTC: CBNT) is a Houston-based nanotechnology company and marketer of the patented and patent-pending C-Bond technology, which is independently proven to strengthen glass. The Company’s Patriot Glass Solutions sells ballistic-resistant glass solutions and forced entry deterrent solutions to private enterprises, schools, and government agencies, primarily through its majority-owned subsidiary, A1 Glass Coating. For more information, please visit our websites: www.cbondsystems.com, Facebook: https://www.facebook.com/cbondsys/ and Twitter: https://twitter.com/CBondSys and https://twitter.com/Patriot_Glass.
Forward-Looking Statements
Statements in this press release about our future expectations, including the likelihood that Patriot Glass Solutions is well positioned to grow the use of its best-of-breed C-Bond Secure and C-Bond BRS (bullet-resistant system) in Texas and nationwide; the likelihood that the working capital from this transaction will allow us to grow Patriot Glass Solutions faster and better; the likelihood that strengthening our balance sheet provides a significant benefit to the Company to prepare for future expansion; constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, the Company’s ability to successfully commercialize its products; the likelihood that the TEA’s proposal will be adopted; the Company’s and its customers’ ability to source materials; construction delays; the Company’s ability to raise capital; regulatory risks; as well as other risks. Additional information about these and other factors may be described in the Company’s filings with the Securities and Exchange Commission (“SEC”) including its Form 10-K filed on March 31, 2023, its Forms 10-Q filed on November 14, 2022, August 15, 2022, and May 16, 2022, and in future filings with the SEC. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
Contact: Allison Tomek C-Bond Systems atomek@cbondsystems.com
Released May 9, 2023
