TAMPA, FL, & LOS ANGELES /BUSINESS WIRE/ -- UTEK Corp., a specialty finance company focused on technology transfer, and Material Technologies Inc., a company that engages in the research and development of technologies to monitor and measure metal fatigue, are pleased to announce that Material Technologies Inc. has acquired Damage Assessment Technologies Inc., a wholly owned subsidiary of UTEK, in a stock transaction.
Damage Assessment Technologies Inc. holds an exclusive worldwide license for a structural damage assessment system that was developed at the University of South Carolina. The system uses embedded ultrasonic sensors connected to lightweight analyzers to perform active structural monitoring. The sensors provide data to analyzers, which is then compared with a database of past structural characteristic data to determine potential flaws in the structure.
"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 technology to our product line," said Robert M. Bernstein, Chief Executive Officer of Material Technologies Inc.
"UTEK is pleased to consummate this technology transfer with Material Technologies Inc.," 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 UTEK Corp.
UTEK is a specialty finance company focused on technology transfer. UTEK's services enable companies to acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B. In addition, UTEK offers companies the tools to search and analyze university intellectual properties. UTEK is a business development company with operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its Web site.