Nanotechnology Now - Press Release: "Nano Engineered Applications, Inc. Acquires Exclusive License to Patent Pending Technology From University of California, Riverside Company to Commercialize New Technology to Detect and Measure Chemical Agents"

Home > Press > Nano Engineered Applications, Inc. Acquires Exclusive License to Patent Pending Technology From University of California, Riverside Company to Commercialize New Technology to Detect and Measure Chemical Agents

Abstract:
Nano Engineered Applications, Inc. (NEA), a majority owned subsidiary of Avisio, Inc. (PINKSHEETS: AVIC), announced today that the company has acquired an exclusive license to a patent pending chemical detection technology from UC Riverside. NEA will be a new start-up company located in Riverside, California.

Nano Engineered Applications, Inc. Acquires Exclusive License to Patent Pending Technology From University of California, Riverside Company to Commercialize New Technology to Detect and Measure Chemical Agents

Riverside, CA | Posted on April 1st, 2010

UCR's technology is based on a novel cost-effective and scalable fabrication technique which can functionalize carbon nanotubes with desired sensing materials for creation of high density devices that can detect minute quantities of environmentally sensitive substances.

The technology makes use of carbon nanotubes, tubular carbon molecules that resemble a rolled up sheet of graphite 100,000 times finer than a human hair. Named in 1991, carbon nanotubes have a large surface-to-volume ratio and unique electrical properties, which make them promising materials for the development of the next generation of chemical gas sensors.

"Our goal is to deliver airborne chemical substrate detection and identification systems with superior sensing performance by utilizing novel and cost-effective manufacturing techniques," said Amro Albanna, CEO of Nano Engineered Applications, Inc. and Avisio, Inc. "We believe our chemical detection technology will enter the market as a disruptive technology, providing an array of customers with options not available today."

Funded in part by a grant from the U.S. Department of Defense and developed by Nosang Myung, Ph.D., an associate professor in the Department of Chemical and Environmental Engineering, the technology addresses the key chemical and gas detection needs of a broad spectrum of industries, including commercial, industrial, security and the military.

"This is an example of a great success story and partnership," said Craig Sheward, Assistant Vice Chancellor for Technology Commercialization at UCR. "A local commercialization company (Avisio), funding a start-up company (NEA) which will be located in Riverside, based on UCR's intellectual property, all for the benefit of bringing the technology to market and assisting in the economic development of Riverside. We are fortunate to have a company such as Avisio willing to take a chance on a new technology that could be the next big breakthrough in detecting chemicals quickly and safely."

Eric Tonui, the licensing officer for this technology at UCR, said, "NEA has identified a significant underserved niche market in the chemical detection space with enormous profit potential. The company is poised to capture a first mover advantage in this space."

Nano Engineered Applications and UC Riverside conducted a demonstration of the technology at a March 31 signing ceremony, which was attended by UC Riverside Chancellor Timothy P. White, Riverside Mayor Ronald O. Loveridge and executives from both NEA and Avisio.

Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based largely on expectations and projections about future events and future trends and are subject to numerous assumptions, risks and uncertainties, which change over time. Avisio's actual results could differ materially from those anticipated in forward-looking statements and you should not place any undue reliance on such forward-looking statements.

The forward-looking statements in this news release are made as of the date hereof, and Avisio does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date hereof.

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About Nano Engineered Applications
Nano Engineered Applications , Inc., is a majority owned subsidiary of Avisio formed to commercialize patent pending technnology that uses nano- and micro-electromechanical systems (NEMS/MEMS) to detect airborne chemicals.

About University of California, Riverside
The University of California, Riverside (www.ucr.edu) is a doctoral research university, a living laboratory for groundbreaking exploration of issues critical to Inland Southern California, the state and communities around the world. Reflecting California's diverse culture, UCR's enrollment of over 19,000 is expected to grow to 21,000 students by 2020. The campus is planning a medical school and has reached the heart of the Coachella Valley by way of the UCR Palm Desert Graduate Center. The campus has an annual statewide economic impact of more than $1 billion.

About Avisio, Inc.
Avisio, Inc. is a publicly traded technology commercialization company with a mission to unlock the value of high-potential assets and transform them into high-value businesses. Avisio creates a new majority-owned private subsidiary around each asset and supports each business with experienced management teams, best-of-breed commercialization processes and resources, and access to global capital sources. For more information, please visit www.avisioinc.com

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Contacts:
NEA, Inc./Avisio, Inc.:
Amro Albanna
(951) 786-9474 x221

UC Riverside:
Eric Tonui
(951) 827-4967

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