C-Bond CEO also discusses the elimination of the convertible features of the Company's only remaining convertible promissory note as filed in the Company's 8-K yesterday.
PHOENIX, AZ / ACCESSWIRE / December 7, 2023 / The Stock Day Podcast welcomed C-Bond Systems, Inc. (OTC PINK:CBNT)("the Company"), a San Antonio-based nanotechnology company and marketer of the patented C-Bond technology, which is proven to strengthen glass for architectural applications. CEO of the Company, Scott R. Silverman, joined Stock Day host Matthew Dunehoo.
Silverman began the interview by discussing the Company's most recent announcements. "We recently put out a press release that we have now installed our technology in over 162 schools and growing, just in the state of Texas," shared Silverman, adding that the state of Texas has mandated that all schools in Texas be equipped with security window film on certain glass doors and windows or fencing by August of 2025. "We continue to work with many different school systems, as well as new partners and distributors that are working with us in order to expand the reach of our technology and help save lives."
"We have also announced a new school that has issued a purchase order to us," continued Silverman. "Most relevantly, announced for the first time on this podcast, is that we have now received an add-on order for a very significant project in Texas for one of the world's largest oil companies," he shared. "We have been contracted by their general contractor to provide our Bullet Resistant Solution (BRS) throughout the majority of that facility, which is a large commercial facility." According to Mr. Silverman, the Company expects the final purchase order to be close to a half million dollars.
"The 8-K that we recently filed has to do with our balance sheet," said Silverman. "In May, we sold our automotive division for $4 million and we used the proceeds of that to pay off the majority of our debt and significantly strengthen our balance sheet," he explained. "The majority of those payments were to entities that held convertible promissory notes," said Silverman. "We only had one left and we announced last week that we have restructured that agreement to eliminate the convertible feature and start to make cash monthly payments of $15,000 per month in order to pay off the principal and interest of that debt."
"Overall, the business is very strong and revenue in the 3rd quarter as you know was over $800,000," said Silverman. "We hope to meet or beat those numbers in the 4th quarter," he added. "As a management team, we are looking to do everything we can to maximize shareholder value."
"Does the company still consider schools to be the primary market for its technology?", asked Dunehoo. "We have always had three main sectors in our Patriot Glass subsidiary: schools, commercial, and government," said Silverman. "We get business in all three sectors," he shared. "We believe it is important to go beyond Texas as other states begin to take notice of what we are doing," said Silverman. "We are in conversations with various representatives from the state of Florida and we have also put bids out in the state of Arkansas, while also reaching out to opportunities in Tennessee, Oklahoma, and other states," he said. "Through our dealer network, which is now up to 36 dealers across the country, we can receive bids from across the country as well."
"How is the 4th quarter shaping up?", asked Dunehoo. "It is shaping up well," said Silverman. "It is our goal to meet or exceed our 3rd quarter, which was by far a record quarter for us," he said. "All of that revenue came from our Patriot Glass subsidiary," added Silverman, before elaborating on the subsidiary's revolutionary, patented technologies. "
To close the interview, Silverman encouraged listeners and shareholders to keep up-to-date on the Company's current and upcoming projects as they continue to grow and expand across the country.
To hear Scott Silverman's entire interview, follow the link to the podcast here: https://audioboom.com/posts/8412577-c-bond-systems-inc-discusses-500-000-commercial-project-with-the-stock-day-podcast
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About C-Bond
C-Bond Systems, Inc. (OTC PINK:CBNT) is a San Antonio-based nanotechnology company and marketer of the patented C-Bond technology, which is proven to strengthen glass for architectural applications. The Company's Patriot Glass Solutions subsidiary sells ballistic-resistant glass solutions and forced entry deterrent solutions to private enterprises, schools, and government agencies. For more information, please visit our websites: www.cbondsystems.com, www.patriotglasssolutions.com, Facebook: https://www.facebook.com/cbondsys/ and Twitter: https://twitter.com/CBondSys and https://twitter.com/Patriot_Glass.
Forward-Looking Statements
Statements in this press release about the Company's future expectations, including the likelihood that we hope to meet or beat third quarter numbers in the 4th quarter; the likelihood that the Company will continue to grow and expand across the country; constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, the Company's ability to successfully commercialize its products; the Company's and its customers' ability to source materials; construction delays; film delays; the Company's ability to raise capital; regulatory risks; as well as other risks. Additional information about these and other factors may be described in the Company's filings with the Securities and Exchange Commission ("SEC") including its Form 10-K filed on March 31, 2023, its Forms 10-Q filed on November 14, 2023, August 14, 2023, and May 15, 2023, and in future filings with the SEC. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
CONTACT: Contact: Allison Tomek C-Bond Systems atomek@cbondsystems.com
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