Info on MTEY
Material Technologies Inc. (MTEY)
Material Technologies, Inc. is engaged in research and development of metal fatigue detection, measurement, and monitoring technologies. As such, the Company is developing a comprehensive system of monitoring devices for detecting structural stress and metal fatigue measurement, and monitoring technologies. Matech is a development stage company doing business as Tensiodyne Scientific Corporation.
In the recent past MTEY was awarded a $2 million contract by the U.S. Air Force.
The contract's focus is the development of a system for Military Aircraft Turbine Engine Assessment utilizing MATECH's proprietary Electrochemical Fatigue Sensor (EFS). This project is part of the Air Force's Nondestructive on-wing capability of evaluating interior parts of engines.
The award is a follow-on to the Phase 4 Development Contract issued in February 1999 to the team of MATECH and the University of Pennsylvania. The initial contract was for an Electrochemical Fatigue Sensor to improve the Air Force's capability to perform durability assessments of military aircraft engines. MATECH sub-contracted with Optim Inc. of Sturbridge, Mass., a recognized leader in optical technology, to provide a custom designed boroscope for this work. This follow-on effort will be conducted by MATECH and Optim Inc.
MATECH is engaged in research and development of metal fatigue monitoring technologies. The Company's "smart" Bridge Management Systems (sBMS) provides continuous real-time data and safety reporting services.
Prior to the US Air Force developments Material Technologies Inc. (Matech) (OTCBB:MTEY) announced that it would purchase Structural Integrity Monitoring Systems Inc. (SIMS) in exchange for 12.5 million common shares of the company.
This represents approximately 34% of the shares outstanding after the acquisition on a fully diluted basis. SIMS, a Danbury, Conn.-based company, developed a suite of optical sensors designed to continuously monitor the structural deterioration in the nation's bridges. The SIMS acquisition is subject to pending financing arrangements to provide working capital for the combined entities.
The acquisition positions Matech to address the $300 billion market that is the estimated repair bill for the rapidly aging U.S. bridges. According to Matech President Bob Bernstein, "Focusing on full-time structural assessment of the nation's 600,000+ highway bridges, Matech will now be in a position to precisely pinpoint the specific repair needs of those bridges. This approach will allow the engineering community to safely eliminate over-engineering, and save the taxpayer up to 50% of the already budgeted repair costs of the currently documented 240,000 structurally deficient bridges."
"Current bridge assessment protocols are inadequate to the task of precisely defining structural weak points, a situation which has led to excessive caution and deliberation over engineering by the authorities," added Bernstein. Now, with the availability of a full-time bridge monitoring system installed prior to the repair phase, precise assessment of the various structural components may be achieved, permitting authorities to safely limit their attention to specifically identified weak points. Continued real-time bridge monitoring will confirm the effectiveness of the specific repairs, and the system will continue to track performance and provide early maintenance alerts over the lifetime of structures using the SIMS optical technology.
Matech already holds the exclusive rights to the metal fatigue assessment and tracking technologies critical for the aging steel bridges in the U.S. Until now, inspectors relied on the visual detection of fatigue initiated cracks. The Matech Electrochemical Fatigue Sensor (EFS) conducts what may best be described as an EKG test on the part in question, indicating its proximity to the catastrophic fatigue level. This computerized system largely removes the human assessment element from the task of deciding if and when a suspect steel component should be reinforced or even replaced.
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