Applied UV signs non-binging LOI to acquire Airocide System

Applied UV announced that in addition to its exclusive Joint Distribution and Licensing Agreement with Akida Holdings that was announced in a press release on September 8, it has signed a non-binding letter of intent to explore the possibility of acquiring certain key assets of Akida, including Akida's rights to the manufacture and sale of the Airocide System of patented, air purification technologies, which may aid in the reopening of the global economy with applications in the hospitality, hotel, healthcare, nursing homes, grocer, wine, commercial buildings and retail sectors, for up to a maximum of $12M, subject to Akida Holdings obtaining significant EBITDA increases over the next two years, along with a clawback and a two year lockup of restricted Applied UV stock. Akida has agreed to cooperate with Applied UV's due diligence process and not actively pursue parallel alternative sale or financing alternatives until the earlier of the execution of a definitive agreement and March 2, 2021.