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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 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 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 UTEK Corporation
UTEK® 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.
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.
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Investor Relations Group
Emily Hanan or Susan Morgenbesser, 212-825-3210
BPC Financial Marketing
Steve Liebmann or Simon Bloomfield
+ 44 (0) 20-7367-8883
CSMG Technologies, Inc.
ROI Group LLC
CSMG Technologies, Inc.
Donald S. Robbins
President and CEO
K. Bruce Jones
University of Ottawa
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