Sep 5 2006
Material Technologies and UTEK Corporation have 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 utilizes 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 United States 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 Corporation.
http://www.matechcorp.com