Los Angeles, CA - February 2, 2007-
PRNewswire-FirstCall/ -- Material Technologies,
Inc. (OTC BB; MTTG.OB - News)
a company that engages in the research and development of technologies
to monitor and measure metal fatigue, today announced that
they have acquired Stress Analysis Technologies, Inc., a wholly
owned subsidiary of UTEK a specialty finance company focused
on technology transfer, 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.
"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.
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."
About Material Technologies, Inc. (MTTG.OB)
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 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 UTEK Corporation
UTEK® 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®. 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 .
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.
Contact:
Robert M. Bernstein
Material Technologies, Inc.
1.310.208.5589
matech@matechcorp.com |
