CERTIFICATE OF COMPLETION, EQUITY INJECTION AND SOURCES AND USE OF FUNDS
CERTIFICATE OF COMPLETION, EQUITY INJECTION
AND SOURCES AND USE OF FUNDS
I, Joseph L. Florence, the duly authorized officer of KRONOS ADVANCED TECHNOLOGIES, INC., a Nevada corporation, and KRONOS ADVANCED TECHNOLOGIES WV, INC., a West Virginia corporation (collectively, the “Borrowers”), hereby certifies on this 7th day of April, 2022, to the West Virginia Economic Development Authority, a West Virginia public corporation (“WVEDA”), in connection with WVEDA’s loans to the Borrowers in the aggregate principal amount of $2,610,000 (the “WVEDA Loans”), the proceeds of which are to be used to permanently finance a portion of the costs of (i) acquiring the former facility at 2501 Garfield Avenue, Parkersburg, West Virginia, consisting of approximately 9 acres of land and three existing buildings situated thereon (the “Facility”) and making certain upgrades and renovations thereto, and (ii) acquiring certain machinery, equipment, furniture and fixtures at the facility (the “Project Equipment” and together with the Facility, the “Project”) :
1.The total cost of the Project was at least $5,800,000, which has been permanently financed by:
a.The WVEDA Loans in the aggregate principal amount of $2,610,000, and
b.An equity contribution from the Borrowers of at least $3,190,000.
2.Based upon the report of Anthony L. Baumgard, P.E., of Balsa Limited LLC, a copy of which is attached hereto as Exhibit A, the Project Equipment is in place and the Facility is structurally sound and fully operational.
WITNESS my signature effective as of the day and year first above written.
KRONOS ADVANCED TECHNOLOGIES, INC.,
a West Virginia corporation
By:____________________________________
Name:Joseph L. Florence
Its: Chief Operating Officer
KRONOS ADVANCED TECHNOLOGIES WV,
INC.,
a West Virginia corporation
By:____________________________________
Name:Joseph L. Florence
Its: Chief Operating Officer
Signature Page to Certificate of Completion
14773950 (1916.0939)
2
EXHIBIT A
