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UTEK Completes Technology Transfer with Trio Industries Group, Inc.

Published on 2006-04-13. Author : SpecialChem

DALLAS, Texas & PLANT CITY, Fla. -- UTEK Corporation (AMEX:UTK - News; LSE-AIM:UTKA), the technology transfer company, and Trio Industries Group, Inc. (Pink Sheets:TRIG - News), a fully integrated manufacturer of finished household cabinet components and contract furniture, announced that Trio Industries Group, Inc. has acquired Natural Adhesive Technologies, Inc., a wholly owned subsidiary of UTEK Corporation, in a stock transaction.

The new modifier is thermally stable up to 280ºC. It is an amorphous polymer with a sub-zero glass transition temperature, resulting in good low-temperature flexibility. Unlike other Vamac® grades, Vamac® MR has no added chemicals, which can impact adhesive performance. Vamac® MR also has high polarity, making for excellent compatibility with polar resins. It is readily soluble in toluene, MEK, acetone and other solvents commonly used in adhesive and coating systems.

Natural Adhesive Technologies, Inc. holds an exclusive license to an innovative lignin-based wood adhesive technology developed at the University of New Brunswick. Lignin is a complex polymer, the chief non-carbohydrate constituent of wood that binds to cellulose fibers and hardens and strengthens the cell walls of plants. The main advantage of the invention is that it is not made from petroleum derivatives and contains no formaldehyde. A route for human exposure is inhalation of formaldehyde gas emitted from urea- and phenol-formaldehyde resins used as adhesives in engineered woods such as plywood and particleboard. Other potential advantages of the adhesive include: it has a long shelf life; it offers stable and reproducible curing reactions; and any type of lignin may be used in the formulation, so long as it is soluable in the solvent (organosolv and sulphonated lignins have been successfully used in the formulation).

Trio Industries Group, Inc.'s objective is to produce a high quality, formaldehyde free adhesive to be used in the production of various board products, such as particle boards, fiber boards, and flake boards. By using this patented, environmentally friendly process it is hoped that Trio Industries Group, Inc. can produce a waterproof, spot free, low cost adhesive.

"Preparation and initial testing of the adhesive with samples of solid wood have been conducted and the results were positive," said Marc Schneider, Ph.D., inventor of the technology at the University of New Brunswick. Dr. Schneider added, "The technology's formulation involves a novel approach that overcomes the obstacles inherent in the prior patent art and previous efforts to commercialize similar lignin-based adhesives."

"Trio Industries Group, Inc. is enthusiastic about this technology and its potential for being a suitable and environmentally safe natural adhesive for our wood and other cellulose-based materials. We are looking forward to expanding upon this technology," said Rob Gyemant, Chief Executive Officer of Trio Industries Group, Inc. "We believe that the application of this technology in natural adhesives for a variety of wood and wood-based products will be an important development for the building and construction industry because of the known environmental health problems of formaldehyde."

"UTEK is pleased to consummate this technology transfer with Trio Industries Group, Inc. and we look forward to continuing our efforts to identify additional technology acquisition opportunities for its consideration," said Joel Edelson, Vice President of Technology Alliances for UTEK Corporation.

About the University of New Brunswick

Tracing its origins to 1785, the University of New Brunswick (UNB) is one of the oldest public universities in North America. Located in Eastern Canada, UNB is a strong national university with fully-accredited programs and a strong research base. A comprehensive, multi-campus organization, UNB has the largest, most comprehensive academic base in New Brunswick, with more than 11,000 undergraduate students and nearly 1,400 graduate students from 90 countries. The university is committed to furthering its position as the Province's centre for research and graduate studies, playing a lead role in advancing the social and economic agenda of Atlantic Canada, strengthening our learning-centered environment and the advancement of a life-long learning agenda.

About Trio Industries Group, Inc.

Trio Industries Group, Inc. was formed in early 2000 to capitalize on disruptive new coatings technologies developed by DuPont, and Rohm and Haas Company, two leading specialty chemical firms which patented powder coating applications that provide an enhanced performance acrylic coating finish to wood products. Such coated wood products are used in a variety of industries, including leading starter homes and multi-family housing developments, office furniture components, and ready-to-assemble products being sold by today's "big box" retailers.

About UTEK Corporation

UTEK® is a leading, market-driven technology transfer company that enables companies to rapidly acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and then finances the acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B®. In addition to its U2B® service, UTEK offers both large and small capitalization companies the tools to search, analyze and manage university intellectual properties. UTEK has operations in the United States, United Kingdom and Israel.

Forward-Looking Statements

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 Trio Industries Group, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or Trio Industries Group, Inc.'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 Trio Industries Group, Inc., 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 Trio Industries Group, Inc. believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their 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 Trio Industries Group, Inc. 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 filing with the Securities and Exchange Commission.

Source: UTEK Corporation


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