Spectaire Announces Initial Delivery of a 500 AireCore Unit Order with $5 Million Annual Recurring Revenue Potential
Multi-billion-dollar market cap customer targets scope 1 emissions reduction
Combined with recent orders, this annual recurring revenue at full deployment has the potential to bring company to positive cash flow
WATERTOWN, Mass., July 22, 2024 (GLOBE NEWSWIRE) -- Spectaire Holdings Inc. (NASDAQ:SPEC) ("Spectaire"), a pioneer in environmental measurement technology, is pleased to announce initial delivery of AireCore units to its previously announced customer in the energy industry.
"When fully deployed this order, combined with orders received from our Logistics customers, has the potential to generate enough recurring revenue to bring our company to positive cash flow," said Brian Semkiw, CEO of Spectaire.
AireCore's patented and portable measurement technology features micro mass spectrometer hardware, enabling clients to directly sample their emissions in the field. The accompanying software both monitors the results and facilitates mandatory reporting requirements. The recurring revenue generating software simplifies accurate emissions reporting in parts per billion, regardless of the customers existing knowledge of mass spectrometry and emissions reporting. Scope 1 emissions, defined as direct emissions from owned or controlled sources, are a critical area for companies seeking to reduce their environmental impact and comply with regulatory standards.
Brian Semkiw, CEO of Spectaire continued, "With our subscription-based approach we not only provide measurement but the ongoing support and reporting to help clients achieve their targeted emissions reduction. Spectaire and our clients benefit from our ongoing participation in their emissions reduction journey."
The market opportunity for Air Quality Monitoring Systems (AQMS) was valued at $5 billion in 2021 and is growing rapidly as regulations tighten and industries seek sustainable solutions. Spectaire is well-positioned to capitalize on this expanding market by offering innovative solutions that meet the needs of a wide group of industries.
About Spectaire Holdings Inc.
Spectaire Holdings Inc. (NASDAQ:SPEC) stands at the forefront of air quality and emissions reduction technology. With a relentless focus on innovation and environmental sustainability, Spectaire is committed to helping industries monetize their investments in emissions mitigation to the benefit of their businesses, the economy, and the environment. For more information, please visit www.spectaire.com.
For additional information contact:
Dave Gentry
RedChip Companies Inc.
1-800-733-2447
1-407-491-4498
[email protected]
Forward-Looking Statements
This release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "would," "will continue," "will likely result," and similar expressions. The forward-looking statements are based on the current expectations of the management of Spectaire and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated.
Forward-looking statements reflect material expectations and assumptions, including without limitation expectations and assumptions. Such expectations and assumptions are inherently subject to uncertainties and contingencies regarding future events and as such are subject to change. Forward-looking statements involve a number of risks, uncertainties, or other factors that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include but are not limited to those discussed and identified in public filings made by Spectaire with the U.S. Securities and Exchange Commission (the "SEC") and the following: Spectaire's ability to operate as a going concern; Spectaire's requirement of significant additional capital; Spectaire's ability to remain listed on a stock exchange; Spectaire's limited operating history; Spectaire's history of losses; Spectaire's ability to attract qualified management; Spectaire's ability to adapt to rapid and significant technological change and respond to introductions of new products in order to remain competitive; the loss of or nonperformance by one or more significant customers; disruptions of Spectaire's manufacturing operation; changes in governmental regulations reducing demand for Spectaire's products or increasing Spectaire's expenses; the effects of global health crises on Spectaire's business plans, financial condition and liquidity; changes or disruptions in the securities markets; legislative, political, or economic developments; Spectaire's failure to obtain any necessary permits or comply with laws and regulations and other regulatory requirements; accidents, equipment breakdowns, labor disputes, or other unanticipated difficulties or interruptions; potential cost overruns or unanticipated expenses in development programs; potential legal proceedings; and Spectaire's failure to obtain or maintain insurance covering all of Spectaire's operations.
Should one or more of these risks or uncertainties materialize, or should any of the assumptions made by the management of Spectaire prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. All subsequent written and oral forward-looking statements concerning matters addressed herein and attributable to Spectaire or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Except to the extent required by applicable law or regulation, Spectaire undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
