An Update from the President and CEO of Angstrom Technologies
May 5th, 2020
Welcome to our Second Quarter Update of 2020. We will continue to post an Angstrom News Update at the end of each quarter during every fiscal year. Our fiscal year is November 1st through October 31st.
In the first update of 2004, we affirmed Angstrom’s three core beliefs. They are:
- Responsiveness- to internal and external customers
- Respect for the Individual- internal and external
- Return to Shareholders
Angstrom purchased its own facility in 2009 and completed construction upgrades to the facility. We continue upgrading equipment as needed, dependent on process efficiency and product quality.
We have updated our website at www.angtech.com. The new website is easier to use, works on multiple platforms/devices and provides a better experience when reviewing our products and services.
To find our Shareholder letter on the new website: On the navigation bar, click or hover the cursor on “About” and then click on “News and Upcoming Events” on the menu that appears. On the “News and Upcoming Events” page, the Shareholder Update will appear under the timeline.
Results for our 2nd Quarter 2020 were significantly lower compared to the 2nd Quarter of 2019. Business sharply declined domestically and overseas for this quarter compared to the 2nd Quarter of 2019. The COVID 19 Pandemic has affected our customers domestically and worldwide. This has caused lack of demand for our products. Customer Businesses continue to operate, however, their demand for our products has declined over 50%. All have delayed placing orders until their businesses can operate in a normal manner. When the restrictions are lifted, we expect to see revenue increase but we are anticipating a gradual increase.
We continue to work towards securing new government and commercial business to expand and maintain our markets.
Angstrom continues to develop new UV chemical technologies for specialized high security applications. Our partner/customer has continued to request that the announcement of this technology product be delayed to the public until significant market penetration is developed to secure current and future opportunities.
We will post our next news update on our website in early to mid-August and it will provide our 3nd Quarter results for 2020.
President & CEO