Los Angeles, CA-- May 31, 2006—Material Technologies, Inc. (OTC BB; MTNA.OB - News) ("MATECH") announced its support of the US Department of Transportation’s fiscal year 2007 budget request which continues funding for bridge safety. President Bush is requesting $65.6 billion in budgetary resources for the US DOT to support major investments in transportation nationwide including $4.2 billion for bridge replacement, rehabilitation and preventive maintenance. MATECH’s revolutionary metal fatigue detection technology can locate growing cracks in metal structures and equipment, critical information that can help state and federal agencies ensure bridge safety.
The Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU, enacted August 10, 2005) provides for increased transportation infrastructure investment, strengthens transportation safety programs and environmental programs, and continues core research activities. SAFETEA-LU, along with Title 23, U.S.C. ("Highways") and other supporting legislation, provides authority for the various programs of the Federal Highway Administration (FHWA) designed to improve highways throughout the nation.
The President's Budget for FY 2007 continues this transportation infrastructure investment, allocating $39.1 billion in obligation limitation to the Federal Highway Administration for major programs including the Highway Bridge Replacement and Rehabilitation Program and the Federal-Aid Highway Program (FAHP), which provides federal financial assistance to the states to construct and improve the National Highway System, urban and rural roads, and bridges. The FY 2007 budget request includes an obligation limitation of $31.9 billion for the FAHP.
“We applaud the Department of Transportation’s commitment to maintaining the safety of roads and bridges,” said MATECH CEO Robert M. Bernstein. “The 2007 budget request allocates $4.2 billion for states to improve the condition of their bridges through replacement, rehabilitation, and systematic preventive maintenance. MATECH’s patented Electrochemical Fatigue Sensor (EFS™) can accurately detect and measure growing cracks in metal, providing critical data on the integrity of metal structures. We believe our technology can help state and federal agencies accomplish their objective of improving our nation’s bridges.”
About Material Technologies, Inc. (MTNA.OB)
MATECH 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.
MATECH owns the only non-destructive testing technology able to find growing cracks as minute as 0.01 inches—critical information that allows structural engineers to isolate and repair the more than 100,000 steel bridges in the U.S. which have been classified as structurally deficient or functionally obsolete by the Federal Highway Administration. MATECH has exclusive rights to seven patents along with $8.3 million in already completed contracts from the US Government for research, testing and validation of its innovative solutions.
To hear more about MTNA from CEO/President Robert M. Bernstein go to:
http://www.publiccoreport.net/featured/MTNA/company.asp
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 |
