FONON CORPORATION ANNOUNCES UPDATED STRATEGIC GOALS FOR 2018
Orlando, Florida, January 12, 2018 – Fonon Corporation (OTC: FNON), is announcing a shareholder update to its 2018 business strategy.
Increasing use of 3D metal printing as a mainstream production process in the industries such as aerospace & defense and medical & dental is driving the growth of the 3D printing metals market. Fonon Corporation believes laser metal printing as a process has matured enough to split the “quick prototyping” 3D metal printing equipment market into two primary segments; specialized low cost systems (research & prototyping) and specific high-end systems (aerospace & defense).
The Company intends to develop a small footprint (even desktop) 3D metal printer for the specialized low cost system segment (for prototyping and advanced engineering). The target price will be 3 times less than any current system on the market. The first prototype is expected to be demonstrated at the end of Q1 and book orders starting in Q2, 2018.
In the 3D metal printing high-end system segment, the Company is developing concepts using its BTS™ (Bulk to Shape™) laser metal printing technology. Currently, concepts using BTS are in development for large jet turbine components and military projects, such as war heads.
The global laser metal printing market is predicted to reach 9 billion (with the United States driving the market) by the year 2022. Metal 3D printing is now the fastest growing segment of the 3D printing industry. This represents an attractive opportunity for the company, particularly in partnership with Laser Photonics Corporation. Laser Photonics is proven and specialized in advanced laser material processing equipment design, manufacturing and commercialization.
The cost to successfully penetrate and develop the targeted markets is estimated to be hundreds of millions of dollars. Fonon Corporation expects to raise the necessary funds on the Stock Exchange through up list to NASDAQ.
About Fonon Corporation
Fonon designs laser-based material processing technologies for advanced industrial manufacturing and manufactures state of the art equipment utilizing those technologies. The company products empower manufacturers in the areas of application-specific 3D metal printing (additive manufacturing), and 2D and 3D laser cutting, laser marking and laser engraving applications (subtractive manufacturing). Our products and technologies are used today in every sector of any manufacturing industry from food and beverage to medical, aerospace and semiconductor. For more information about Fonon, visit www.fonon.us
Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving risks and uncertainties. Results, events and performances could vary from those contemplated. These statements involve risks and uncertainties which may cause results, expressed or implied, to differ from predicted outcomes. Risks and uncertainties include but are not limited to product demand, market competition and the company’s ability to meet current and future plans. Investors should study and understand all risks before making an investment decision. Readers are recommended not to place undue reliance on forward-looking statements or information. Fonon is not obligated to publicly release revisions to any forward-looking statement, to reflect events or circumstances afterward, or to disclose unanticipated occurrences except as required under applicable law.
FOR IMMEDIATE RELEASE
1/12/2018
PRESS CONTACT:
Kristina Shrider
Chief Marketing Officer
407-804-1000 x.1005