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Applied Nanotech Holdings, Inc. (OTCQB: APNT) announced that it has received a contract from NYSEARCH - Northeast Gas Association (NGA), worth more than $500,000, to fund prototype development of a small, reliable, low-cost methane (natural gas) sensor for residential and industrial applications. The Pipeline and Hazardous Material Safety Administration (PHMSA) of the US Department of Transportation is cofunding this program.
Natural gas is predominantly made up of methane. The sensor will be used in detecting natural gas leaks and other safety and analytical tool applications. The sensor will be capable of measuring the methane concentration from 0% to 100% in air at different pressures, different relative humidity levels, and in a wide temperature range. As a safety sensor, the measurement range of primary interest corresponds to 0.25% to approximately 5% gas concentration in air. The sensor technology is designed to be sensitive only to methane, and will not respond to other hydrocarbons, thus reducing the occurrence of false alarms that plague other methane sensor technologies.
This contract follows up on earlier phases of the program funding development of engineering prototypes that demonstrated feasibility in field trials at NGA member companies. This contract will take the engineering sensor prototype to the next stage of design and fabrication of fully functional natural gas sensor commercial prototypes ready for manufacturing, working with strategic partners. The sensor is compatible with a mobile platform.
"We are very encouraged by the progress of this technology towards commercialization," said Dr. Zvi Yaniv, President and Chief Operating Officer of APNT. "This contract recognizes the importance of this technology to natural gas safety applications and demonstrates our progress in commercializing APNT core technologies."
About Applied Nanotech Holdings, Inc.
Applied Nanotech Holdings, Inc. (APNT) is an Austin, Texas-based global leader in nanotechnology research and development and has ongoing research programs and license agreements with product innovators around the world. APNT's team of Ph.D. level scientists and engineers works with companies and other organizations to solve technical impasses and create innovations that will create a competitive advantage.
About Northeast Gas Association
The Northeast Gas Association (NGA) is a trade association representing local distribution companies, interstate pipeline companies, LNG importers and associate companies, involved in supporting the natural gas industry in the seven-state region of Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont. The Northeast Gas Association's mission is to promote and enhance the safe, reliable, efficient, and environmentally responsible delivery of natural gas to customers in the region, and to advocate for the industry from production to delivery. NYSEARCH is a sub-organization within NGA that manages a voluntary RD & D program for (20) gas companies in North America. More information can be found at the NGA and NYSEARCH Websites: www.northeastgas.org and www.nysearch.org.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties concerning our business, products, and financial results. Actual results may differ materially from the results predicted. More information about potential risk factors that could affect our business, products, and financial results are included in our annual report on Form 10-K for the fiscal year ended December 31, 2012, and in reports subsequently filed by us with the Securities and Exchange Commission ("SEC"). All documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval System (EDGAR) at www.sec.gov or from our website listed above. We hereby disclaim any obligation to publicly update the information provided above, including forward-looking statements, to reflect subsequent events or circumstances.
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