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Max Munn, CEO of AUVI, states: "We estimate that potential revenues from this project could total $250 Million to $300 Million over the next 3 to 6 years." AUVI subsidiaries (MunnWorks, SteriLumen & LED), in talks with the developer to supply UV disinfection, energy saving smart building control solutions and custom interiors.

NEW YORK, NY, Feb. 01, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – Applied UV, Inc. ("Applied UV" or the "Company") (Nasdaq: AUVI), a leader in smart building technology solutions, announced plans to develop case goods and smart building technologies for Larimar City & Resort, a new multi-use development under construction in the Dominican Republic. The Company expects to deliver prototype case goods, and the energy saving technology for the development beginning in the third quarter of 2024. To learn more about this exciting resort development, please visit: https://larimarcity.com/en/larimar/

The real estate development firm CLERHP, a Spanish listed multinational specializing in the promotion, design, engineering, and construction of large projects in Spain and Latin America, has commenced construction on the hotel properties and residences with completion of the first phase of Larimar City & Resort expected in late 2025. This development will also include several entertainment venues including a retail mall, several dining options, a fitness center, spa, country club with 18-course golf course, outdoor sports facility, and a kid-centric activity center.

Max Munn added, "We're invested in bringing new and innovative technologies designed to support the resort's mission to adopt environmentally friendly practices throughout its design, construction and operations. This development project represents a strategic opportunity for Applied UV to demonstrate the broad technical capabilities and deep product portfolio that we have assembled over the last few years. We can now provide our customers with a more diverse and holistic range of solutions, positioning us to capture greater economic opportunity on large-scale development projects similar to Larimar City & Resort. We believe, as the likely sole-source supplier for several key elements, on this project, there is a 3–6-year revenue opportunity in the range of $250 to $300 million."

Larimar City & Resort Pre-Construction Development Manager, Daniel Malky, in meetings with Christopher Kochuba a member of the AUVI board of directors, indicated that this is a once in a generation opportunity to contribute to the economic development of the Dominican Republic in a significant way. Larimar City & Resort is without question one of the most exciting projects under development in this area and will be an incredible addition to the thriving residential and visitor growth that the Dominican Republic is experiencing. Mr. Malky continued that they are excited about the opportunity to work with the Applied UV family of businesses, one of the premier providers of hospitality solutions as well as state-of-the-art smart building technologies. Providing this development's clientele with residential and hotel properties designed with world-class furnishings and the latest in energy saving lighting and air quality technologies will help them embrace both their environmental and sustainability goals.

Planned Product Portfolio to Support the Larimar City & Resort Sustainability Goals

• MunnWorks: Custom-made furnishings for the world's finest hotels and residences
• SteriLumen / PURO: Efficiency Gains from UV and Next Gen LED
• LED Supply Co.: Fusion of Aesthetic Design and Energy-Saving Technologies
• Sustainability Meets Innovation

About CLERHP
CLERHP, the Spanish listed multinational specializing in the promotion, design, engineering, and construction of large projects in Spain and Latin America, has commenced construction on Larimar City & Resort. CLERHP, with an extensive international record, operates in Latin America, including Paraguay, Bolivia and the Dominican Republic.

About Larimar City & Resort
Located 25 minutes from the Punta Cana airport and 15 minutes from the Bavaro beaches, on a cliff more than 100 meters above sea level and with a spectacular 180° breathtaking views, a garden city is being developed and is to be considered the first smart city in the Caribbean. This ambitious real estate project emphasizes renewable energy, reduced energy consumption and optimized water resources through technologies like AI, Big Data, and IoT. Larimar City & Resort anticipates a population of 35,000 to 55,000 residents and tourists, fostering socioeconomic growth in the region and revaluing investments. The project also prioritizes sports, nature, leisure and wellness experiences with amenities like a country club with golf course, healthcare clinics, wellness center and sports facilities.

About Applied UV
Applied UV, Inc. is dedicated to developing and acquiring smart building technologies for healthcare, hospitality, commercial and municipal markets. With Sterilumen, MunnWorks, LED Supply Co., and PURO, the company has a diverse portfolio that addresses various needs in the market. Applied UV Inc. is committed to innovation and excellence in providing solutions for a healthier and smarter world. More details about Applied UV, Inc., and its subsidiaries can be found at https://applieduvinc.com.

Forward-Looking Statements
The information contained herein may contain "forwardâ€�looking statements." Forwardâ€�looking statements reflect the current view about future events. When used in this press release, the words "anticipate," "believe," "estimate," "expect," "future," "intend," "plan," or the negative of these terms and similar expressions, as they relate to us or our management, identify forwardâ€�looking statements. Such statements include, but are not limited to, statements contained in this press release relating to its business strategy. Forwardâ€�looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forwardâ€�looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forwardâ€�looking statements. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. These forward-looking statements and factors that may cause such differences include, without limitation, the risks disclosed in the Company's Annual Report on Form 10-K filed with the SEC on March 31, 2023, and in the Company's subsequent filings with the SEC. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forwardâ€�looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

For Additional Company Information:
Applied UV, Inc.
Max Munn
Applied UV Founder, CEO & Director
Max.munn@applieduvinc.com

Investor Relations Contact:
TraDigital IR
Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com

Attachment

• Applied UV, Inc.

Applied UV, Inc.

A Rendering of Larimar City & Resort in the Dominican Republic