An Update from the President and CEO of Angstrom Technologies
August 5th, 2020
Welcome to our Third 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 3rd Quarter 2020 were significantly lower compared to the 3rdnd Quarter of 2019. Business continued to decline domestically and overseas. The COVID 19 Pandemic continues to affect all of our customers. Customer Businesses continue to operate; however, demand for our products declined 45% in 3rd Quarter (a 5% improvement over last quarter) as in 2nd quarter demand dropped 50%. Delayed orders continue as businesses struggle to get back to normal operating levels. We have seen some countries in the EU lifting restrictions and business has picked up slightly there. We expect to see revenue increase gradually for Fourth Quarter as long as the restrictions are not reimplemented.
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-November and it will provide our 4th Quarter results for 2020.
President & CEO