Domo signs strategic collaboration agreement with AWS for AI solutions
FREDERICK, Md. - TOMI Environmental Solutions, Inc. (NASDAQ: TOMZ), a $16.61 million market cap company with impressive gross profit margins of 60%, has announced the effective application of its SteraMist technology at Algafeed, a leader in microalgae production for the aquaculture industry. Algafeed, which specializes in high-density microalgae cultivation, sought a solution to combat Protozoan ciliate contamination that was affecting its production. The implementation of SteraMist has significantly reduced contamination levels, ensuring production targets are met. According to InvestingPro analysis, analysts anticipate 38% sales growth for TOMI in the current year, suggesting potential market expansion opportunities.
SteraMist, developed by TOMI Environmental Solutions, utilizes Binary Ionization Technology® (BIT™) with ionized Hydrogen Peroxide (iHP™) to disinfect and decontaminate surfaces and facilities. This technology, originally created under a DARPA grant, has proven to be versatile across various industries, now including aquaculture.
James Rizzi, Chief Operating Officer of Algafeed, noted a substantial decrease in Protozoan ciliate contamination since the technology’s adoption. Algafeed plans to expand the use of SteraMist across its global operations, indicating the technology’s success and potential for broader application within the industry.
Elissa J. Shane, COO of TOMI Environmental Solutions, expressed enthusiasm for the ongoing partnership with Algafeed and the opportunity for SteraMist to further support the aquaculture sector.
TOMI’s product range, including SteraMist, is designed for a wide array of use sites, encompassing healthcare, laboratories, food processing, and public service facilities. The company’s commitment to innovation aims to provide effective environmental solutions for a safer world.
Algafeed’s adoption of TOMI’s technology underscores the importance of effective disinfection methods in maintaining the quality and efficiency of food production, particularly in sectors like aquaculture that are essential for global food supply.
This announcement is based on a press release statement and reflects the company’s current expectations and projections about future performance. It is important to note that forward-looking statements involve risks and uncertainties that could cause actual results to differ. TOMI’s SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, detail these risks. For deeper insights into TOMI’s financial health and growth prospects, InvestingPro subscribers can access comprehensive analysis, including 8 additional key ProTips and the detailed Pro Research Report, part of the platform’s coverage of over 1,400 US stocks.
In other recent news, TOMI Environmental Solutions has made significant advancements across various sectors. The company has deployed its SteraMist technology at NASA’s Johnson Space Center, supporting the Mars Perseverance Rover mission by meeting stringent planetary protection standards. This deployment highlights TOMI’s potential for broader applications in the aerospace industry. In addition, TOMI has successfully installed a Custom Engineered Solution at a pharmaceutical facility in the UK, representing a $500,000 investment and showcasing the demand for their advanced decontamination systems in critical environments.
TOMI has also achieved compliance with the Avetta platform, marking its third vendor management and compliance validation, which underscores the company’s commitment to health, safety, and environmental standards. Furthermore, TOMI has regained compliance with Nasdaq’s minimum bid price requirement, maintaining a closing bid price of $1.00 or greater for 10 consecutive trading days. CEO Dr. Halden Shane attributes this to the company’s financial discipline and strategic execution.
The company continues to focus on expanding partnerships in high-growth sectors like education and food processing, while also extending its international presence. These developments reflect TOMI’s ongoing efforts to innovate and meet evolving public health needs and regulatory standards.
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