Applied UV’s Recently Acquired Subsidiary Secures Multi-Million Dollar Lighting and Controls Order from Leading Luxury Co-Living Developer
Applied UV announces purchase orders totaling $4.55 million consisting of $2.67M received and the balance of $1.88M assured by the end of the second quarter, from one of the country’s premier co-living rental property developers, The X Company
MOUNT VERNON, N.Y.–(BUSINESS WIRE)–Applied UV, Inc. (NasdaqCM: AUVI) (“Applied UV” or the “Company”), a global leading provider of patented, scientifically and clinically proven surface and air disinfection technologies (fixed, mobile, and HVAC), LED lighting products and premium hotel furnishings, announces today that its wholly owned subsidiary LED Supply Co., has secured a multi-million dollar purchase agreement from The X Company (“X Co.”), the country’s premier co-living rental property developer.
The $4.55 million of secured and assured orders for LED Supply Co. will provide back-lit mirrors, LED lighting and control systems for X Co.’s growing billion-dollar portfolio of properties. The orders will be fulfilled by LED Supply Co., in partnership with MunnWorks who will manufacture the backlit mirrors in its newly acquired 100,000 square foot Brooklyn, NY facility.
“We are pleased to continue our partnership with LED Supply Co. with these new orders,” said Ben Brichta, Partner X Co. “From a customer perspective, the merger between AUVI and LED Supply Co. creates efficiencies and allows for X Co. to build on an what is already a foundational supplier relationship. Having access to the MunnWorks’ high-end U.S. made decorative backlit mirrors and case goods, at competitive prices, allows us to provide a better-quality product to our residents while staying within our allotted budget on a project.”
According to X Co., they are currently active in six markets, with 5,000 beds in their current portfolio and over $1 billion in construction activity. X Co. is unique in that it is fully integrated — able to acquire, design, build and operate its real estate assets. X Co. buildings offer a high level of amenities and resident experiences in their unique combination of private rentals, co-living suites and co-working spaces. They also offer residents an unconventional club environment in support of the growing work from home segment with state-of-the-art gym and fitness studios, social activities and dramatic shared spaces.
The orders, secured through LED Supply Co., more than doubles X Co.’s previous orders with LED Supply Co. and expands to include backlit mirrors supplied by Applied UV subsidiary MunnWorks, with subsequent orders planned for later this year. The joint order is the first, in what the Company expects to be many collaborative sales efforts that were forecasted as part of the merger of Applied UV, LED Supply Co. and PURO Lighting announced in January of this year.
“AUVI is pleased that the synergies and growth in revenue that were anticipated as part of the merger with PURO Lighting and LED Supply Co. are already being realized,” said Max Munn, CEO of Applied UV Inc. “We believe both new and existing customers will take advantage of the diverse product lines of the merged entity offerings leading to larger purchase orders and increased revenue over time.”
About Applied UV Inc.
Applied UV, Inc. (“AUVI”) provides proprietary surface and air disinfection technology focused on Improving Indoor Air Quality (IAQ), specialty LED lighting and luxury mirrors and commercial furnishings all of which serves clients globally in both the commercial and retail segments.