Material Technologies, Inc. Completes Technology Transfer With UTEK
05 September 2006 - 11:30PM
PR Newswire (US)
Transfer Includes License to Method for Non-Destructive Monitoring
of Metal Structures Developed at NCA&T LOS ANGELES and TAMPA,
Fla. and GREENSBORO, N.C., Sept. 5 /PRNewswire-FirstCall/ --
Material Technologies, Inc. (OTC:MTNA) (BULLETIN BOARD: MTNA) , a
company that engages in the research and development of metal
fatigue, measurement and monitoring technologies, and UTEK
Corporation (Amex: UTK; LSE-AIM), a specialty finance company
focused on technology transfer, are pleased to announce that
Material Technologies, Inc. has acquired Materials Monitoring
Technologies, Inc. (MMTI), a wholly owned subsidiary of UTEK, in a
stock transaction. MMTI holds the exclusive worldwide license for a
sensor array system used for structural monitoring. The technology
utilizes commercially available sensors in a unique configuration
that enables the monitoring of structural integrity to detect and
remotely address standard flaws via acoustic emission signals. The
technology was developed at North Carolina Agricultural &
Technical State University (NCA&T) by Dr. Mannur Sundaresan for
the United States Air Force. Dr. Sundaresan is a professor in the
Department of Mechanical Engineering at NCA&T, and an
internationally recognized authority on structural monitoring.
"Material Technologies, Inc. is focused on monitoring and measuring
metal fatigue cracks and crack propagation in metal components
across a wide variety of structures and equipment. We are
enthusiastic about adding this valuable technology to our product
line," said Robert Bernstein, Chief Executive Officer of Material
Technologies, Inc. According to Dr. N. Radhakrishnan, Vice
Chancellor for Research & Economic Development at NCA&T,
"Our partnership with Material Technologies, Inc. is an important
opportunity for the university. Together, we plan to expand our
presence in structural health monitoring research and technology
development." Doug Speight, Director of Outreach & Technology
Transfer at NCA&T, adds, "We are keen about working with
Material Technologies, Inc. and leveraging the strength of our
intellectual property portfolio. Our partnership enables us to
leverage our sensor platform to access the civil infrastructure
markets, while enabling Material Technologies to achieve a leading
position in the structural monitoring space." "UTEK is pleased to
consummate this technology transfer with Material Technologies,
Inc. and we look forward to continuing our efforts to identify
additional technology acquisition opportunities," said Jennifer
Willis, Manager of Technology Licensing at UTEK Corporation. About
Material Technologies, Inc. Material Technologies, Inc. is an
engineering, research and development company specializing in
technologies to measure microscopic fractures and flaws in metal
structures and monitor metal fatigue in real time. The company's
leading edge metal fatigue detection, measurement and monitoring
solutions can accurately test the integrity of metal structures and
equipment including bridges, railroads, airplanes, ships, cranes,
power plants, mining equipment, piping systems and heavy iron. For
more information about Material Technologies, Inc., please visit
its website at http://www.matechcorp.com/ . About North Carolina
Agricultural and Technical State University North Carolina
Agricultural and Technical State University is a public, high
research activity, land grant University committed to fulfilling
its fundamental purposes through exemplary undergraduate and
graduate instruction, scholarly and creative research, and
effective public service. The University offers degree programs at
the baccalaureate, masters and doctoral levels, with emphasis on
engineering, science, technology, literature, and other academic
areas. As one of North Carolina's three engineering colleges, the
University offers three Ph.D. programs in engineering. Basic and
applied research is conducted by faculty in University centers of
excellence, in inter-institutional relationships, and through
significant involvement with several public agencies. The
University also conducts major research through engineering, arts
and sciences, and its programs in agriculture. For more information
about North Carolina Agricultural and Technical State University,
please visit its website at http://www.ncat.edu/ . About UTEK
Corporation UTEK(R) is a specialty finance company focused on
technology transfer. UTEK enables companies to acquire innovative
technologies from universities and research laboratories worldwide.
UTEK facilitates the identification and then finances the
acquisition of external technologies for clients in exchange for
their equity securities. This unique process is called U2B(R). In
addition to its U2B(R) service, UTEK offers companies the tools to
search, analyze and manage university intellectual properties. UTEK
is a business development company with operations in the United
States, United Kingdom and Israel. For more information about UTEK,
please visit its website at http://www.utekcorp.com/ .
Forward-Looking Statements Except for the historical information
contained herein, the matters discussed in this press release are
forward-looking statements. Such statements are indicated by words
or phrases such as "believe," "will," "breakthrough,"
"significant," "indicated," "feel," "revolutionary," "should,"
"ideal," "extremely" and "excited." These statements are made under
"Safe Harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those
described in forward-looking statements and are subject to risks
and uncertainties. See the Company's filings with the Securities
and Exchange Commission including, without limitation, the
Company's recent Form 10-K and Form 10-Qs, which identify specific
factors that may cause actual results or events to differ
materially from those described in the forward-looking statements.
Contacts: UTEK Corporation USA: UK: Tania Bernier Bankside
Consultants 813-754-4330 x 223 Steve Liebmann or Simon Bloomfield
Consulting for Strategic Growth 1 + 44 (0) 20-7367-8883 Stan
Wunderlich 800-625-2236 Material Technologies, Inc. North Carolina
Agricultural and 1-310-208-5589 Technical State University Doug
Speight http://www.matechcorp.com/ 336-334-7995 DATASOURCE:
Material Technologies, Inc. CONTACT: UTEK Corporation: USA, Tania
Bernier, +1-813-754-4330, ext. 223, or UK, Bankside Consultants,
Steve Liebmann or Simon Bloomfield, +44 (0) 20-7367-8883, or
Consulting for Strategic Growth 1, Stan Wunderlich,
+1-800-625-2236; or Material Technologies, Inc., +1-310-208-5589, ;
or Doug Speight of North Carolina Agricultural and Technical State
University, +1-336-334-7995 Web site: http://www.ncat.edu/ Web
site: http://www.utekcorp.com/ Web site: http://www.matechcorp.com/
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