NRGE closes the CWT deal: NuElectric Corporation Acquires Clean Water Technologies, Inc.
TARPON SPRINGS, Fla., July 1 /PRNewswire/ -- NuElectric Corp. (OTC Bulletin Board: NRGE - news), a company dedicated to conserving energy and protecting the environment, today announced it has consummated a merger with Clean Water Technologies, Inc. (CWT). CWT is a UTEK, L.L.C. subsidiary containing new technology for removing arsenic from water. UTEK, L.L.C. is a leading technology merchant dedicated to building a strong bridge between university and commercial organizations.
As a result of the merger, NuElectric has acquired the worldwide exclusive license to an exciting new technology capable of removing arsenic from water. The technology was developed by Dr. Dagmar Bonnin while she was an Assistant Professor at the University of South Florida, College of Engineering.
According to Dr. Clifford Gross, UTEK's CEO, ''We are excited about the merger of Clean Water Technologies with NuElectric as we believe it will increase the opportunity to bring this important new technology to the marketplace. Dr. Bonnin's invention for removing arsenic from water using modified zeolites should improve the efficacy of removing arsenic from water. Further, this technology may also help municipal water companies meet potentially stricter Environmental Protection Agency (EPA) standards for the allowable concentration of arsenic in the drinking water supply.''
Now that arsenic has been labeled a human carcinogen, the EPA has proposed publishing more protective standards for the allowable concentration of arsenic in the US water supply. To learn more about the EPA's proposed guidelines regarding arsenic in water please visit epa.gov
According to Laurie Scala, ''NuElectric is very pleased to consummate this merger, and bring this important new technology to the marketplace. We believe Dr. Bonnin's work will help cost-effectively improve the safety of the drinking water in this country and around the world and result in helping to protect the population from developing arsenic-related cancers.''
NuElectric is a source for new technologies for conserving energy and protecting the environment. The company acquires, develops and markets emerging technologies that conserve energy and protect and enhance our natural resources. To learn more about NuElectric, please visit the Web Site at www.nrge.com .
UTEK is a leading technology merchant that acquires and finances university-based intellectual capital for public technology firms. To learn more about UTEK please visit their Web Site at www.utekcorp.com .
Except for any historical financial information contained herein, the statements made in this press release contain forward-looking statements that involve a number of risks and uncertainties, such as statements of the company's plans, objectives, expectations, intentions, the efficacy of any new technologies and anticipated changes in EPA standards. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from expected results.
SOURCE: NuElectric Corporation
--------------------------------------------------------------------------------
More Quotes and News: Nu Electric Corp (OTC BB:NRGE - news)
Related News Categories: environmental
--------------------------------------------------------------------------------
|
