LAS VEGAS--(BUSINESS WIRE)--Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance,” or the “Company”), announced today that MTIX Ltd. (“MTIX”), a wholly owned subsidiary of the Company’s majority owned subsidiary, Avalanche International Corp., has entered into a license agreement for its patented Multiplexed Laser Surface Enhancement (“MLSE”) technology.
The MLSE technology employs several different process algorithms for digital scouring and post-dye cleaning to help reduce and eliminate water from processes that are historically water intensive.
The textile industry is the world’s second largest commercial source of pollution, surpassed only by the oil industry. Currently, the textile industry uses approximately 1.3 trillion gallons of water annually to dye fabrics. This water, which is loaded with harmful chemicals and dyes, can flow virtually untreated into rivers and streams around the world.
Installation of MTIX’s technical textile treatment system, which utilizes a proprietary, patented MLSE processing technology, is expected to be completed by year end. Currently, the system is scheduled to undergo final testing, configuration, and training, prior to becoming fully operational during Q1 2024.
Phil Mansour, CEO of MTIX stated, “We are excited for MTIX as it continues its path towards commercialization of the MLSE technology. This is a large step in the right direction for MTIX and we will continue to focus on the fine tuning of the MLSE technology and creating awareness around its wide array of applications throughout the textile industry.”
“Our support for MTIX remains steadfast and we will continue to assist MTIX management wherever practicable. We are optimistic about the advancements and future developments of the MLSE technology,” stated William Horne, CEO of Ault Alliance.
For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at www.Ault.com or available at www.sec.gov.
About Ault Alliance, Inc.
Ault Alliance, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, Ault Alliance owns and operates a data center at which it mines Bitcoin and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries, and provides mission-critical products that support a diverse range of industries, including metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, hotel operations and textiles. In addition, Ault Alliance extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Alliance’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.Ault.com.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8- K. All filings are available at www.sec.gov and on the Company’s website at www.Ault.com.