Replies to post #79055 on Health Sciences Group Inc (HESG)

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Merger and Acquisition

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LOS ANGELES & PLANT CITY, Fla. -- Health Sciences Group, Inc. (OTCBB:HESG), an integrated provider of science-based products and ingredients to customers in the nutrition, skin care, food and beverage industries, and UTEK Corporation (AMEX:UTK), an innovative technology transfer company, announced today that Health Sciences Group has acquired Polymann Technologies, Inc. ("PTI"), a wholly-owned subsidiary of UTEK Corporation, in a stock transaction.

PTI holds the exclusive worldwide license (excluding Korea) to polymannuronic acid ("Polymann"), a proprietary nutraceutical derived, in part, from sea mustard and kelp using a patented extraction method. Polymann was designed to address health concerns relating to high cholesterol and triglyceride levels, as well as obesity and constipation. Products that may incorporate Polymann include capsules, beverages, candy and powdered drink mixes.

"We believe that the acquisition of this technology for a natural, non-prescription cholesterol reduction product will be synergistic with our current value-added products and ingredients in the areas of nutraceuticals and functional foods and beverages," says Fred E. Tannous, Co-Chairman and CEO of Health Sciences Group. "We seek to introduce this exciting cholesterol reducing technology to health conscious customers next year."

"UTEK is pleased to consummate this technology transfer with Health Sciences Group and we look forward to continuing our efforts to identify additional technology acquisition opportunities for their consideration," says Clifford M. Gross, Ph.D., Chief Executive Officer of UTEK.

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Innovaro, Inc. · Tampa, FL United States(NYSE Amex: INV)
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Innovaro (formerly UTEK) helps turn innovations into profitable ventures. The company provides consultation services to help develop new technologies created at universities and research labs around the world, primarily in the US and UK. It works with its clients to locate new markets and develop new platforms; it also facilitates the sale of licensing deals for potential commercial use. Areas of expertise include biotechnology, energy, geology, manufacturing, and electronics. Innovaro is expanding beyond the university market into the private sector. It elected to stop operating as a business development company (BDC) in 2009, giving it greater flexibility and allowing it to work with larger clients. To read the full description, subscribe now.

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Company Type Public - NYSE Amex: INV

Headquarters
Fiscal Year-End December
2009 Sales (mil.) $10.8
2009 Employees 61
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19 executives listed for Innovaro, Inc.'s Tampa, FL location.
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Chairman Charles Pope Email
Interim CEO Asa Lanum Email
CFO, Secretary, and Treasurer Carole Wright Email
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Demand is driven by the needs of businesses, nonprofit institutions, and government agencies for outside advice. The profitability of individual companies depends on the efficiency of their operations and their ability to maintain a steady flow of business. Large firms have advantages in being able to offer broad ranges of services and to take on more complex projects. Small firms can compete effectively by specializing.