MTTG
UTEK Corporation and Material Technologies, Inc. Complete Technology Transfer
Transfer Includes License to a Non-Destructive Method for Measuring Residual Stress in Structures
TAMPA, Fla. & LOS ANGELES & OXFORD, England, Feb 02, 2007 (BUSINESS WIRE) -- UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a specialty finance company focused on technology transfer, and Material Technologies, Inc. (OTCBB:MTTG), a company that engages in the research and development of technologies to monitor and measure metal fatigue, today announced that Material Technologies, Inc. has acquired Stress Analysis Technologies, Inc., a wholly owned subsidiary of UTEK, in a stock transaction.
Stress Analysis Technologies, Inc. holds an exclusive United States license for a non-destructive method to measure residual stress. Most manufacturing processes, from casting and forging to machining and finishing, induce residual stress in components. Further, most current methods of measuring stress are either destructive or rely on large facilities. Researchers at the University of Oxford have developed a portable, non-destructive method for measuring residual stress in structures.
Roger Welch, Ph.D., Project Manager of Isis Innovation, the technology transfer group of the University of Oxford said, "We look forward to the opportunity to work with Material Technologies, Inc. as they seek to commercialize this technology."
"Material Technologies, Inc. is focused on monitoring and measuring metal fatigue cracks in metal components across a wide variety of structures and equipment. We are enthusiastic about adding this technology to our product line," said Robert Bernstein, Chief Executive Officer of Material Technologies, Inc.
"UTEK is pleased to consummate this transfer with Material Technologies, Inc.," said Jennifer Willis, Manager of Technology Licensing at UTEK Corporation.
About Isis Innovation, Ltd.
Isis Innovation is Oxford University's technology transfer company. It provides researchers with commercial advice, funds patent applications and legal costs, negotiates exploitation and spin-out company agreements, and identifies and manages consultancy opportunities for University researchers. It is a subsidiary of Oxford University and has established itself as one of the best University technology transfer companies in the UK. For more information about Isis Innovation, Ltd., please visit its website at www.isis-innovation.com.
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 www.matechcorp.com.
About UTEK Corporation
UTEK(R) is a specialty finance company focused on technology transfer. UTEK's services enable companies to acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B(R). In addition, 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 www.utekcorp.com. |
