C-Bond Systems Receives Purchase Order for C-Bond nanoShield in Excess of $100,000 from International Distributor
Distributor must purchase an additional $1.1 million of C-Bond nanoShield in 2021 to maintain exclusivity in more than 10 countries
HOUSTON, Nov. 11, 2020 (GLOBE NEWSWIRE) -- C-Bond Systems (the “Company” or “C-Bond”) (OTC: CBNT), a nanotechnology solutions company, announced today that it has received a purchase order in excess of $100,000 for C-Bond nanoShield™ from an international distributor. This is the first purchase order under the Company’s previously announced $1.2 million supply agreement with the distributor for its patented C-Bond nanoShield™ windshield strengthening solution. The distributor must purchase an additional $1.1 million of product in 2021 to maintain exclusivity in 10 countries.
The distributor has a diverse portfolio of products that collectively generates revenues in excess of $4 billion. With offices in Europe, the Middle East, and Asia, they have a global footprint of established brands.
The C-Bond nanoShield technology protects and strengthens windshields by permeating the glass surface and repairing the microscopic flaws and defects on the glass that ultimately initiate chipping and cracking. The strengthening process begins immediately upon application and continues while the material cures in the following days. The product provides long-lasting protection from the increasing windshield repair costs associated with advanced driver assistance system (ADAS) sensor technologies.
“We are very fortunate that in the midst of this global healthcare crisis, this distributor is forging ahead with their plans to roll out a private label of C-Bond nanoShield in countries around the globe to address the increasingly expensive problem of windshield repair and replacement,” said Scott R. Silverman, Chairman and CEO of C-Bond.
C-Bond nanoShield is tested and validated to strengthen glass through a patented nanotechnology emulsion that increases impact resistance. It is a cost-effective solution that reduces windshield repair and replacement, which is the number one insurance claim in the United States, estimated to cost insurers more than $5 billion annually in the U.S. alone.
C-Bond Systems, Inc. (OTC: CBNT) is a Houston-based advanced nanotechnology company and marketer of the patented C-Bond technology, developed in conjunction with Rice University and independently proven to significantly strengthen glass in key automotive and structural applications. The Company’s Transportation Solutions Group sells C-Bond nanoShield, a liquid solution applied directly to automotive windshields, sold through distributors. The Company’s Safety Solutions Group sells ballistic-resistant glass solutions and FN NANO Coating directly to private enterprises, schools, hospitals and government agencies. For more information, please visit our website: www.cbondsystems.com, Facebook: https://www.facebook.com/cbondsys/ and Twitter: https://twitter.com/CBond_Systems.
Statements in this press release about our future expectations, including the likelihood that the distributor must purchase an additional $1.1 million of product in 2021 to maintain exclusivity in 10 countries; the likelihood that this distributor is forging ahead with their plans to roll out a private label of C-Bond nanoShield in countries around the globe to address the increasingly expensive problem of windshield repair and replacement; 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, C-Bond’s ability to raise capital; the Company’s ability to successfully commercialize its products; the effect of the COVID-19 global pandemic on the Company’s ability to operate; 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 25, 2020, its Forms 10-Q filed on August 14, 2020, May 15, 2020, and November 14, 2019, 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.
6035 South Loop East
Houston, TX 77033
Brokers and Analysts:
Released November 11, 2020