Crown Fiber Optics Executes Agreement With The Twin Dolphin Club In Los Cabos, Mexico; Agreement Calls For A $1.2M Upfront Payment With A Total Value Of $3.5M And Is Expected To Lead To Other Projects Of A Similar Nature

Author: Benzinga Newsdesk | March 06, 2024 10:27am

Crown Electrokinetics Corp. (NASDAQ:CRKN) ("Crown" or the "Company"), a leading smart glass technology company and an expert in constructing fiber optic networks, today announced it has executed an agreement with the Twin Dolphin Club. Located in Los Cabos, The Twin Dolphin Club is a 1,400-acre resort master plan development.

Crown's Fiber Optics division, led by Corey Boaz, will construct slant wells for the desalination plant that provides fresh water from ocean water to the hotel and surrounding planned residential development.

The project is expected to start later this spring and conclude in the early fall time frame. The agreement calls for a $1.2 million upfront payment with a total value of $3.5 million and is expected to lead to other projects of a similar nature. This opportunity was generated, and will be managed by, the Company's new President of Construction, Corey Boaz.

Doug Croxall, CEO of Crown said, "This agreement illustrates Crown Fiber Optics personnel and equipment are able to expand beyond traditional fiber work and into complementary verticals like electrical and irrigation work. The new approach to building slant wells should lead to new revenue opportunities in Mexico, Central America, and the Caribbean. Importantly, the agreement generates upfront cash and is anticipated to lead to other opportunities of a similar nature. With this agreement closed and more in the pipeline, we anticipate providing financial guidance as early as next week."

Posted In: CRKN