Los Angeles, CA - May 2, 2007
-- In February, 2007, Material Technologies, Inc.
("MATECH" or "the Company") (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 Damage Assessment Technologies, Inc., a
wholly owned subsidiary of UTEK, a specialty finance company
focused on technology transfer, in a stock transaction
Damage Assessment Technologies, Inc. holds an exclusive worldwide
license for a structural damage assessment system, which was
developed at the University of South Carolina. The system utilizes
embedded ultra-sonic sensors connected to lightweight analyzers
to perform active structural monitoring. The sensors provide
data to analyzers, which is then compared to a database of past
structural characteristic data to determine potential flaws in
the structure.
"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
M. Bernstein, Chief Executive Officer of Material Technologies,
Inc.
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 UTEK Corporation
UTEK® is a specialty finance company focused on technology
transfer. UTEK’s services www.utekcorp.comenable 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 |
