MTNA UTEK Corporation and Material Technologies, Inc. Announce Strategic Alliance
Business Wire - July 19, 2006 2:00 AM (EDT)
TAMPA, Fla. & LOS ANGELES, Jul 19, 2006 (BUSINESS WIRE) -- UTEK Corporation (AMEX & LSE-AIM: UTK), a specialty finance company focused on technology transfer, and Material Technologies, Inc. (OTC BB: MTNA), a company that engages in the research and development of metal fatigue detection, measurement, and monitoring technologies, are pleased to announce that they have signed a strategic alliance agreement.
Robert Bernstein, Chief Executive Officer of Material Technologies, Inc. said, "We are very pleased to form this alliance with UTEK. We believe it will provide promising new technology acquisition opportunities for us to consider."
"UTEK looks forward to working with Material Technologies, Inc. to identify potential technology acquisition opportunities that fit its strategic vision," commented Doug Schaedler, Chief Operating Officer of UTEK Corporation.
Through its strategic alliance agreements, UTEK assists companies in enhancing their new product pipeline with the acquisition of proprietary intellectual capital from universities and laboratory research centers. Strategic alliance agreements are generally cancelable by either party with thirty days advance written notice.
About Material Technologies, Inc
Materials 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 enables companies to acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and then finances the acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B(R). In addition to its U2B(R) service, 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
Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as UTEK or Material Technologies, Inc "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Material Technologies, Inc's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK or Material Technologies, Inc, as appropriate, and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK and Material Technologies, Inc believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both UTEK and Material Technologies, Inc do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
UTEK's operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized gains and losses, UTEK's dependence on the performance of companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of UTEK's future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in UTEK, please refer to UTEK's filings with the Securities and Exchange Commission.
SOURCE: UTEK Corporation
UTEK Corporation
USA
Tania Bernier, 813-754-4330 x 223
Consulting for Strategic Growth 1
Stan Wunderlich, 800-625-2236
or
UK
Bankside Consultants
Steve Liebmann or Simon Bloomfield
+ 44 (0) 20-7367-8883
Or
Material Technologies, Inc
Robert Bernstein, 310-208-5589
Copyright Business Wire 2006 ********************************************************************** As of Saturday, 07-15-2006 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated a DOWNTREND on 02-28-2006 for UTK @ $12.48. For more information on Comtex SmarTrend® Alert, contact your market data provider or go to CSTADirect.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright © 2004-2006 Comtex News Network, Inc. All rights reserved.
