MHTX Manhattan Scientifics Acquires Teneo Technology As Oil Companies Increase
Exploration
NEW YORK, May 21, 2001 /PRNewswire via COMTEX/ -- Manhattan Scientifics, Inc.
(MHTX) said that its newly acquired oil discovery technologies could lead to
greater efficiency in the identification and development of oil reserves. The
technology was created by Teneo Computing, Inc., which was purchased by
Manhattan Scientifics last week just as major oil companies are increasing their
oil exploration and technology development in response to the strain on U.S.
energy demands.
Teneo is a leader in the development of touch-enabled computer applications for
oil and gas exploration. Teneo has previously worked with one of the world's
largest oil companies to develop the first haptic (touch- enabled) petroleum
data interpretation application, enabling geoscientists to use their sense of
touch as well as sight to interpret complex sub-surface data sets in the search
for oil reservoirs. The addition of the sense of touch to this activity offers
productivity enhancements for analysis and planning. Teneo and Novint
Technologies, Inc., another pioneer in touch software development in which
Manhattan is a significant shareholder, are working with two other major oil
companies to extend the benefits of touch interaction to other aspects of the
oil exploration and reservoir simulation process.
Manhattan Scientifics CEO Marvin Maslow said, "We see the increased activity of
the oil companies as a great opportunity, because we believe that our Teneo
technology will meet the needs of geoscientists to work more effectively and
productively with their exploration data. Using Teneo's 3D imaging and touch and
feel technology, companies could realize potential productivity enhancements of
as much as 1000% for some oil exploration operations. We are already working
with two major oil companies to extend the benefits of touch interaction to
other parts of the oil exploration and reservoir simulation process."
Tom Anderson, CEO of Novint Technologies, said, "Much of the challenge in
exploration lies in identifying the profitable oil prospects in masses of
complex, three dimensional data. Because of the conventional computer interface
available to them, geoscientists have been forced to work with a series of two
dimensional views of this data rather than being able to analyze and manipulate
the data as a three dimensional whole. This is like baking a loaf of bread one
slice at a time. We believe that Teneo's technology makes it possible to work
directly in three dimensions with their data, to precisely outline the extent of
a reservoir or to trace the path over which a well must be drilled. We believe
Teneo's three dimensional touch-enabled software allows scientists to reach into
their computer screens, significantly reducing the amount of time it takes to
identify a profitable prospect. We see significant opportunities here."
Manhattan Scientifics, Inc. is an investment and development company focused on
various technologies including alternative energy, holographic data storage and
computer and Internet enhancements. Manhattan Scientifics is a significant
shareholder in Novint and a contract partner. Manhattan's development
laboratories are located in Los Alamos, Albuquerque, NM and Passau, Germany. Its
executive office is in New York City at 641 Fifth Avenue, Suite 36F, New York,
10022. Copies of Manhattan Scientifics' press releases, current quotes, stock
charts and other information for investors may be found on the websites
www.mhtx.com and www.hawkassociates.com. Other information may be found at
www.novint.com.
The foregoing press release contains forward-looking statements, including
statements regarding the company's expectation of its future business. These
forward-looking statements are based largely on the company's expectations and
are subject to a number of risks and uncertainties, certain of which are beyond
the company's control. Actual results could differ materially from these
forward-looking statements as a result of a variety of factors. These include
but are not limited to, successfully completing the research and development
with respect to the micro fuel cells and other technologies, successfully
commercializing the fuel cells and holographic storage devices for mass
production, successfully protecting the company's patents, and effective
significant industry competition from various entities whose capabilities far
exceeds the company's. NovArs GmbH, ERDI and Novint Technologies, Inc. are
independent contractors to Manhattan Scientifics, Inc., which acquired and owns
certain intellectual property of these companies. In light of these risks and
uncertainties there can be no assurances that the forward-looking statements in
this press release will in fact transpire or prove to be accurate.
Executive Contacts:
John Ranta, V.P. Marketing, Novint Technologies, Inc.
505.559.9100
Email: jranta@novint.com
Marvin Maslow, CEO, Manhattan Scientifics
212.752.0505
Email: maslow@ix.netcom.com.
Tom Anderson, CEO, Novint Technologies, Inc.
505.559.9100
Email: tom@novint.com
Investor Relations Contact:
Frank Hawkins, (Hawk Associates)
305.852.2383
Email: fhawk852@aol.com
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SOURCE Manhattan Scientifics, Inc.
CONTACT: John Ranta, V.P. Marketing, 505-559-9100, or jranta@novint.co
,
or Tom Anderson, CEO, 505-559-9100, or tom@novint.com, both o
Novint
Technologies, Inc.; or Marvin Maslow, CEO of Manhattan Scient
fics,
212-752-0505, or maslow@ix.netcom.com; or Frank Hawkins of Ha
k Associates,
305-852-2383, or fhawk852@aol.com, for Manhattan Scientifics
URL: mhtx.com
prnewswire.com
(C) 2001 PR Newswire. All rights reserved.
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