Mr. Doug Croxall, CEO of Crown Electrokinetics, Shares First Quarter Company Update and Market Estimate

Los Angeles, California, March 23, 2022 (GLOBE NEWSWIRE) -- Crown Electrokinetics Corp. (NASDAQ: CRKN) ("Crown" or the "Company"),  a leading smart glass technology company, today released an update highlighting the company’s latest progress toward its 2022 objectives to include product delivery, business development, market size estimate and intellectual property valuation. The shareholder updates from CEO Doug Croxall are included in their entirety below.

Dear Shareholders:

Leading news headlines continue to impact investor sentiment and weigh on the overall market.  There is no need for me to review the news here. We all get enough of it elsewhere. 

Despite all the prevailing market headwinds, Crown is proceeding as planned.

The completion of Crown’s facilities in Corvallis and Salem will mark the company’s transition to manufacturing self-sufficiency, eliminating any dependency on contract manufacturers or partners. This will result in enhanced customer experience, stronger IP protection, and improved cost efficiencies.

Our Smart Window Inserts transform single-pane windows into energy efficient double-pane windows. Using our patented DynamicTint technology, buildings will be able to block out unwanted heat and light, therefore reducing reliance on HVAC systems and associated power use. We expect to achieve product launch in summer 2022.

As I outlined last week, our key product differentiators will include a less expensive bill of materials, extremely low power consumption (solar-powered), faster tinting speed and the ability to retrofit existing windows.
As a reminder, our initial target market is the existing US commercial office buildings. According to results from the U.S. Energy Information Administration’s (EIA) 2018 Commercial Buildings Energy Consumption Survey (CBECS). CBECS estimates that 5.9 million U.S. commercial buildings contained a total of 97 billion square feet as of 2018.

We continue to develop relationships in the US REIT's (“Real Estate Investment Trust”) market. We have held multiple presentations and I expect to announce additional agreements in the coming months.

Finally, we engaged an independent valuation services organization to perform an analysis on the fair market value of Crown’s intellectual property portfolio. A summary of the report’s findings will be released in the near future.

On behalf of all working here at Crown, we are grateful to our shareholders for their continued confidence and support as we continue steadfastly on our planned path for 2022.

We will also continue to report on our continued operational performance. Please join us on March 30^th 2022 in our Earnings Call, where we will present our 2021 annual report on Form 10k.