News Article

Applied Energetics Announces Relocation of Corporate Headquarters to UA Tech Park
Date: Mar 17, 2021
Source: Yahoo Finance ( click here to go to the source)

Featured firm in this article: Applied Energetics Inc of Tucson, AZ

Applied Energetics, Inc. (OTCQB: AERG), today announced that it will relocate its corporate headquarters to UA Tech Park, a research and technology park owned and operated by the University of Arizona. The new strategic location will support the Company's anticipated future growth and provide greater capacity for research, product development and production activities. The move, expected to take place over the next 60 days, will provide the Company with an ITAR and laser safety compliant facility totaling approximately 13,000 square feet, of which approximately 4,800 square feet is dedicated to a Class 1000 (ISO 6) Cleanroom. Applied Energetics is benefiting from millions of dollars of capital investment made by the previous occupant which was a global provider of lasers and laser-based technology for scientific, commercial and industrial customers.

Applied Energetics joins over 60 other technology companies and organizations that call UA Tech Park home. The UA Tech Park provides the infrastructure for business, community and the University of Arizona to connect and advance leading edge technology, a place where emerging businesses and tech giants work side by side. Located in one of Arizona's fast-growing suburban settings on Tucson's southeast side at Rita Road, the Park's spacious campus encompasses 1,282 acres and has 2 million square feet of space for high-tech offices, R&D, and laboratory facilities.

Gregory J. Quarles, Ph.D., chief executive officer of Applied Energetics, commented, "Our new headquarters at UA Tech Park will enable Applied Energetics to grow to the next level, as we look to further our strategic plan of innovation, development and commercialization of our proprietary technologies in the field of ultra-short pulse lasers. This facility, with its research labs and state-of-the-art clean room, is perfectly suited and move-in ready to align with our defense industry and production roadmap. This move also eliminates the downtime of a buildout and nearly triples our floor space with a rent schedule that is aligned with our balance sheet but built for our long-term growth profile."

Quarles added, "The Tucson region, and specifically UA Tech Park, is home to many companies in the technology and defense industry and offers a professional, well-educated workforce that will allow us to recruit top scientific, engineering, and commercial talent with laser and defense industry expertise. We are excited to bring our headquarters to this dynamic and collaborative tech park."