LOS ANGELES and TAMPA, FL, and GREENSBORO, NC /PRNewswire-FirstCall/ -- Material Technologies Inc., a company that engages in the research and development of metal fatigue measurement and monitoring technologies, and UTEK Corp., a specialty finance company focused on technology transfer, are pleased to announce that Material Technologies Inc. has acquired Materials Monitoring Technologies Inc. (MMTI), a wholly owned subsidiary of UTEK, in a stock transaction.
MMTI holds the exclusive worldwide license for a sensor array system used for structural monitoring. The technology uses commercially available sensors in a unique configuration that enables the monitoring of structural integrity to detect and remotely address standard flaws via acoustic emission signals. The technology was developed at North Carolina Agricultural & Technical State University (NCA&T) by Dr. Mannur Sundaresan for the U.S. Air Force. Dr. Sundaresan is a professor in the department of mechanical engineering at NCA&T, and an internationally recognized authority on structural monitoring.
"Material Technologies Inc. is focused on monitoring and measuring metal fatigue cracks and crack propagation in metal components across a wide variety of structures and equipment. We are enthusiastic about adding this valuable technology to our product line," said Robert Bernstein, chief executive officer of Material Technologies Inc.
According to Dr. N. Radhakrishnan, vice chancellor for research & economic development at NCA&T, "Our partnership with Material Technologies Inc. is an important opportunity for the university. Together, we plan to expand our presence in structural health monitoring research and technology development."
Doug Speight, director of outreach & technology transfer at NCA&T, adds, "We are keen about working with Material Technologies Inc. and leveraging the strength of our intellectual property portfolio. Our partnership enables us to leverage our sensor platform to access the civil infrastructure markets, while enabling Material Technologies to achieve a leading position in the structural monitoring space."
"UTEK is pleased to consummate this technology transfer with Material Technologies Inc., and we look forward to continuing our efforts to identify additional technology acquisition opportunities," said Jennifer Willis, manager of technology licensing at UTEK Corp.
About Material Technologies Inc.
Material 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 Web site.
About North Carolina Agricultural and Technical State University
North Carolina Agricultural and Technical State University is a public, high research activity, land grant University committed to fulfilling its fundamental purposes through exemplary undergraduate and graduate instruction, scholarly and creative research, and effective public service. The university offers degree programs at the baccalaureate, masters, and doctoral levels, with emphasis on engineering, science, technology, literature, and other academic areas. As one of North Carolina's three engineering colleges, the university offers three PhD programs in engineering. Basic and applied research is conducted by faculty in university centers of excellence, in interinstitutional relationships, and through significant involvement with several public agencies. The university also conducts major research through engineering, arts and sciences, and its programs in agriculture. For more information about North Carolina Agricultural and Technical State University, please visit its Web site.
About UTEK Corp.
UTEK 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. In addition to its U2B service, UTEK offers companies the tools to search, analyze, and manage university intellectual properties. UTEK is a business development company with operations in the U.S., U.K., and Israel. For more information about UTEK, please visit its Web site.