UAT Group Reduces Debt, Bolsters Shareholder Value and Commercializes Its Technology
Mon, 21 Aug 2017 13:00:00 GMT | MarketWired | Symbol: UATG
TAMPA, FL--(Marketwired - Aug 21, 2017) - Umbra Applied Technologies Group (OTC: UATG) - UATG is pleased to announce that it continues to make strides in commercializing its technologies. This is reflected in its Hygeia product line, which is expected to see further expansion within the textile sector and beyond. In addition, management is pleased to report that the company's debt has been significantly reduced with a continued effort towards debt reduction underway.
Chief Executive Officer, Alex Umbra stated on a shareholder's call, "We are considering various ways to further bolster shareholder value with efficiency being critical to controlling costs, favorable product margins and mitigated operational expenditures. We expect to make more specific comments on our progress in this area over the course of the next two months."
Mr. Crom, UATG's Chief Financial Officer commented. "UATG has significant intellectual property purchased at a cost of $35 million as detail in footnote 6 of our Financial Statements. Recent news on the Hygeia product line has demonstrated UATG's ability to commercialize that intellectual property into new areas."
Mr. Umbra elaborated on UATG's intellectual property, "We have made significant progress on commercializing our technology in several areas particularly advanced textiles, intelligence platforms and the application of artificial intelligence. There is still work to do in these areas however, we are at an exciting period of time for UATG which has already seen significant institutional investment, improved market metrics as well as the 2017 product launch and workforce expansion as result of these technologies."
Very nice.
$UATG
