Sono-Tek: shareholders informed on business development program

Sono-Tek Corporation described the progress of its major business development program during the firm“s annual shareholders meeting on 21 August 2008 in Milton, New York, at which the results of fisc…

Sono-Tek Corporation described the progress of its major business development program during the firm“s annual shareholders meeting on 21 August 2008 in Milton, New York, at which the results of fiscal year 2008 ended on 29 February were also reported. Chairman and CEO Dr. Christopher L. Coccio said the business development program, which began in the 2H 2008 fiscal year, was aimed at increasing the company“s revenues by funding technology developments and sales presence in new markets for ultrasonic spraying and coating systems. The new markets are all associated with the company“s “green” direction, since ultrasonic spraying and coating has been shown to reduce the use of energy, liquids, chemicals, and environmental overspray for customers compared to conventional spraying systems. Dr. Coccio indicated that the company expected to show improved sales growth in the 1H of the 2009 fiscal year, compared to fiscal year 2008, as a result of the business development program. New products and applications were also highlighted, such as the entry into coating applications for solar energy and fuel cell energy devices, the first-of-a-kind textile finishing line, and new glass line coating customers.