I came across this I thought we purchased rights from the professsor and had 3 years to produce. Did we acquirer portion of a company?
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CSMG Technologies Acquires Carbon Capture Technologies, Inc. from UTEK Corporation
Fri Jun 27, 2008 8:20am EDT
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TAMPA, Fla. & CORPUS CHRISTI, Texas & OTTAWA--(Business Wire)--
UTEK Corporation (AMEX & LSE-AIM: UTK), an innovation services
company, and CSMG Technologies, Inc. (OTCBB: CTGI), a technology
management company, are pleased to announce that CSMG Technologies has
acquired Carbon Capture Technologies, Inc., a wholly owned subsidiary
of UTEK, in a stock transaction.
Carbon Capture Technologies Inc. holds a worldwide exclusive
license to a composition and method for use of a novel Carbon Dioxide
(CO2) adsorbent. Researchers at the University of Ottawa have
developed recyclable CO2 adsorbents based on surface modified
nanoporous silicas. The materials show high adsorption capacity that
is both fast and reversible, allowing it to be reused repeatedly in a
high throughput periodic cyclic adsorption process. The adsorbents can
be used in both wet and dry environments, potentially eliminating
significant engineering challenges. The potential uses for the
technology include capturing the bulk of C02 emissions from coal-fired
power plants in order that these greenhouse gasses could be
sequestered and thus reduce the carbon footprint of such facilities,
as well as surgical and mine rescue applications.
"Given the technology's ability to operate at lower temperatures
and pressures, the tolerance of the University of Ottawa's novel
materials to water vapors and their recyclability, we believe that
this technology is significantly more efficient than current liquid
amine based methods and other absorption systems for capturing a pure
stream of CO2," said Dr.Sayari, Professor of Chemistry and Chemical
Engineering at the University of Ottawa.
"We are very excited about working with CSMG as they work to
develop and commercialize our technology," said Mark Pearson,
Technology Transfer Officer at the University of Ottawa.
Commenting on the acquisition, President and CEO of CSMG
Technologies, Donald S. Robbins, said, "We are very excited about the
addition of this new CO2 gas separation technology to our stable of
products. There are a number of possible commercial applications for
the technology, the largest of which is an ability to capture a
relatively pure stream of CO2 from stack gasses emitted by coal-fired
utility plants. Thus we could enhance the ability of these utility
companies to efficiently dispose of, or sequester, this greenhouse
gas. Additional future applications CSMG will seek to develop and
market are for closed circuit re-breathing apparatus, such as are used
in hospital operating rooms; by fire and mine rescue personnel; and,
by U.S. Navy divers in covert operations."
"UTEK is pleased to consummate this technology transfer with
CSMG," said Joel Edelson, Vice President of Technology Licensing at
UTEK Corporation.
About the University of Ottawa
The University of Ottawa is one of Canada's leading
research-intensive universities - we are uncompromising in our
dedication to fostering excellence in research. Our university is
committed to its world-class researchers and to the people who benefit
from their ground-breaking research. For more information about the
University of Ottawa, please visit its website at www.uottawa.ca.
About CSMG Technologies, Inc.
CSMG Technologies, Inc. is a technology management company that
finances, owns, develops, licenses and markets innovative advanced
technologies and business opportunities, through a network of
scientific institutes and private organizations for large growing
markets. For more information about CSMG, please visit its website at
www.csmgtechinternational.com.
About UTEK Corporation
UTEK(R) is an innovation services company. UTEK's services enable
clients to become stronger innovators, rapidly source externally
developed technologies and create value from their intellectual
property. UTEK is a business development company with operations in
the United States and the United Kingdom. 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 CSMG "expects," "should,"
"believes," "anticipates" or words of similar import. Similarly,
statements that describe UTEK's or CSMG'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 CSMG, 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 CSMG believe the expectations reflected in any
forward-looking statements are based on reasonable assumptions, it
cannot give any assurance that its 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 UTEK or CSMG 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 and realized gains and losses of companies in its
portfolio, 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.
UTEK Corporation
USA:
Investor Relations Group
Emily Hanan or Susan Morgenbesser, 212-825-3210
or
BPC Financial Marketing
John Baldissera, 800-368-1217
or
UK:
Bankside Consultants
Steve Liebmann or Simon Bloomfield, + 44 (0) 20-7367-8883
or
CSMG Technologies, Inc.
ROI Group LLC
Michael Dodge, 212-495-0744
mdodge@roiny.com
or
CSMG Technologies, Inc.
Donald S. Robbins, 361-887-7546
President and CEO
or
K. Bruce Jones, 770-955-0409
or
University of Ottawa
Mark Pearson, 613-562-5800 x1246
Copyright Business Wire 2008sor and had three years.
AI
