It has not been easy going for investors over the course of the past months due to the carnage unleashed on the markets by the coronavirus pandemic. Many stocks have recorded massive declines, and it has been difficult to identify viable plays. Amidst all that, some stocks have managed to go against the grain and record significant gains.
Kronos Advanced Technologies Inc. (OTCMKTS:KNOS) stock has been one of those, and since May 15, the stock has rocketed by as much as 1000%. Considering those gains, it could be worthwhile for investors to take a look at the company’s business and the latest events surrounding it.
Kronos was established back in 2002, and it was involved in the production as well as in product development. Its work helped in filtering, moving, and sterilizing air. Over the air, Kronos was involved in the selling and marketing of its air movement and purification products. Its products not only filter and purify the air but also reduce energy consumption. Towards the end of May, the company made an important announcement that must have come as a boost to investors. The company revealed that due to the heightened digitalization drive globally, it believes that Kronos can benefit once the coronavirus crisis is over.
Back in May, the company made another important announcement that could prove to be a highly forward-thinking move from Kronos. The company announced on May 18 that by virtue of the integration of the crypto exchange Coinbase, Kronos would be able to accept payments in Bitcoin and other cryptocurrencies. The company stated that interested consumers could pay with Bitcoin as well as other crypto tokens for the entire product that is offered by Kronos.
The addition of another payment method could be an excellent move if cryptocurrencies become more mainstream in the years to come. If that happens, then Kronos could enjoy the first movers’ advantage. These are highly important developments, and considering the fact that Kronos remains bullish about its long term prospects, the rally in the stock begins to make sense. Investors could keep an eye on it over the coming days.
Earlier on in March this year, Kronos made another major announcement that could contribute towards its future growth. The company announced that it entered into an agreement as an authorized dealer and is going to carry the ECOWASHER brand Ozone laundry systems.
The products in question are patented. It should also be mentioned that due to this agreement, Kronos now also sells a range of integrated Ozone laundry solutions. It will also include the comprehensive line of residential as well as commercial offerings from the EcoInventions brand. These are highly important developments, and considering the fact that Kronos remains bullish about its long term prospects, the rally in the stock begins to make sense. Investors could keep an eye on its over the coming days.
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