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Posted: October 3, 2007
World Energy Solutions Acquires Hydrogen Safe Technologies, Inc. from UTEK Corporation
(Nanowerk News) UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a technology transfer company focused on open innovation, and World Energy Solutions (OTCBB:WEGY), a company engaged in the business of energy conservation and environmental sustainability, are pleased to announce that World Energy Solutions, Inc. has acquired Hydrogen Safe Technologies, Inc., a wholly owned subsidiary of UTEK Corporation, in a stock transaction.
Hydrogen Safe Technologies, Inc. contains an exclusive, worldwide license to a hydrogen sensor technology developed by researchers at the University of South Florida. Originally funded by NASA, this unique sensor uses nanowires and nanoparticles as the sensing element. We believe that coating these devices with nanostructure materials may allow hydrogen detection in near real time.
“World Energy Solutions is enthusiastic about this technology and its potential to help expand our proprietary position in the energy conservation field,” said Benjamin Croxton, Chief Executive Officer at World Energy Solutions.
"UTEK is pleased to consummate this technology transfer with World Energy Solutions," said Joel Edelson, Vice President of Technology Licensing at UTEK Corporation.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. is an energy services company and electronics manufacturer. WES's primary business focus is the development of technology for lowering electrical, gas and water usage for commercial, government and residential facilities. As a manufacturer of transient voltage surge suppressor systems, WES uses cutting-edge technologies and design standards to provide its customers with full lifetime warranties on its products. For more information about WES, please visit its website at www.wesinc.net.
About UTEK Corporation
UTEK® is a technology transfer company focused on open innovation. UTEK’s services enable companies to acquire externally developed technologies from universities and research laboratories worldwide. In addition, UTEK provides services to help companies create value from their intellectual property. UTEK is a business development company with operations in the United States, United Kingdom and Israel. 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 World Energy Solutions "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or World Energy Solutions 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 World Energy Solutions, 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 World Energy Solutions 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 both UTEK and World Energy Solutions 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 gains and losses, 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.