Klegg Electronics Inc (KLGG)

[TradingForWealth]

News; UTEK Corporation and Klegg Electronics, Inc. Complete Technology Transfer
Last update: 6/4/2007 2:00:24 AM
TAMPA, Fla. & LAS VEGAS, Jun 04, 2007 (BUSINESS WIRE) -- UTEK Corporation (UTK) (LSE-AIM:UTK), a specialty finance company focused on technology transfer, and Klegg Electronics, Inc. (Pink Sheets:KLGG), a manufacturer of wholesale and retail consumer electronic products, today announced that Klegg Electronics, Inc. has acquired a wholly owned subsidiary of UTEK Corporation, containing a storage technology, in a stock transaction.
The subsidiary of UTEK contains a license to a high performance network bridge chip that enables the host to attach one or more storage devices directly to a network. Research laboratories believe that there is an increasing need for high volume multimedia data storage as a result of the confluence of digital media and multimedia electronics. As this technology is designed to connect directly to the network, the data process path is less complex and should therefore be faster than other network storage devices.
"Klegg Electronics, Inc. is enthusiastic about this technology transfer and we are seeking to integrate this technology into our product line. Klegg is committed to innovation in consumer electronics and we believe the addition of this network bridge chip is consistent with this strategy," said Dennis Gentles, President of Klegg Electronics, Inc.
"UTEK is pleased to consummate this technology transfer with Klegg Electronics, Inc.," said Jennifer Willis, Manager of Technology Licensing at UTEK Corporation.